U.S. Magnetic Resonance Angiography Market Size to Surpass USD 5.39 Bn by 2032
The U.S. magnetic resonance angiography market size was estimated at USD 3.60 billion in 2022 and is expected to surpass around USD 5.39 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 4.11% during the forecast period 2023 to 2032.
Key Takeaways:
U.S. Magnetic Resonance Angiography Market Report Scope
| Report Attribute | Details |
| Market Size in 2023 | USD 3.75 Billion |
| Market Size by 2032 | USD 5.39 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 4.11% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Technique, indication, End use |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | GE Healthcare (General Electric Company); Neusoft Corporation; Koninklijke Philips N.V.; Siemens; ESAOTE SpA; Hitachi, Ltd.; Canon, Inc.; ASG Superconductors SpA; Shenzhen Anke Hi-tech Co., Ltd.; Time Medical Holding; Shimadzu Corporation; AllTech Medical Systems |
The market growth can be attributed to improving insurance coverage, supportive government regulations, and an increase in the adoption of magnetic resonance angiography (MRA) techniques. The growing geriatric population and artificial intelligence-based imaging solutions are expected to fuel the market growth in the coming years. An increase in FDA approvals is likely to propel the demand for MRI systems. Prior to marketing MRI systems in the U.S., manufacturers are required to submit a premarket notification or 510(k), the approval of which is required before introducing its device into interstate commerce. In November 2019, GE Healthcare (General Electric Company) announced FDA approval of Clariscan, an MRI contrast agent, for intravenous use. This approval is expected to aid the company in expanding its portfolio of contrast media products.
MRA is a diagnostic procedure useful for identifying diseases/disorders, such as tumors and lesions, impacting mainly the blood vessels and soft tissues. Demand for diagnostic imaging techniques is anticipated to witness steady growth over the coming years, especially in soft tissue imaging. In addition, with the increase in the geriatric population and incidence of chronic diseases, demand for MRA procedures is expected to register a significant growth.
In the U.S., population of people aged over 65 years has increased from 37.2 million in 2006 to 49.2 million in 2016, accounting for a 33% rise. Moreover, the population of people aged over 85 years was estimated at 6.4 million in 2016 and it is expected to reach 15.6 million by 2040. Rapidly growing elderly population leads to a higher incidence of chronic diseases, which is likely to drive the market for magnetic resonance angiography in the country.
The amount of radiological imaging data has grown significantly in the past decade, more than the availability of trained readers. AI can assist in detecting and segmenting normal and abnormal images. Automatic detection is expected to speed up reporting and improve the overall patient experience. As the image acquisition and reporting are expected to improve significantly due to the adoption of AI-based applications, the U.S. market for magnetic resonance angiography is expected to grow in the coming years.
echnique Insights
In 2022, the non-contrast enhanced magnetic resonance angiography segment dominated the market with a revenue share of 78.7% owing to an increase in demand for the diagnostic procedures without the use of contrast dyes. Non-contrast enhanced MRAs are recommended for patients who are either pregnant or suffering from kidney disorders. In addition, certain elderly patients are advised to undergo non-contrast enhanced MRA, which is the safer alternative as no contrast agent is injected into the body.
The contrast-enhanced MRA segment is likely to expand at the fastest CAGR over the forecast period. A contrast agent known as Gadolinium-based Contrast Agent (GBCA) is added during contrast-based MRAs, offering a more detailed image of blood vessels than the tissues or organs surrounding them. Contrast MRAs can also help in identifying tumors. Cancer diagnosis can be made easier by the introduction of Gadolinium in the system as it assists in spotting tumors.
Indication Insights
The others segment dominated the market and held a 80.6% share of the overall revenue in 2022. The abdominal magnetic resonance angiography segment is likely to expand at the fastest CAGR over the forecast period. According to the NCBI, around 8% of Emergency Department (ED) visits are due to acute abdominal pain. The use of MRAs in EDs is limited due to high cost and low availability. In the U.S., more than 5% of the population over 50 years of age or 10 million adults suffer from peripheral vascular disease, which is likely to drive the demand for MRAs in the coming years.
End-use Insights
The hospital segment dominated the market with a revenue share of more than 64.6% in 2022 owing to a significant number of scans performed in the hospital-owned emergency departments and imaging departments. On account of the increased demand for price transparency and affordable services, hospitals have started offering imaging services in outpatient facilities to offer various diagnostic services at affordable costs.
Imaging centers are likely to expand at the fastest CAGR over the forecast period from 2023 to 2032. Increasing demand for imaging centers can be attributed to the easy accessibility to the centers and outpatient procedures.
Some of the prominent players in the U.S. Magnetic Resonance Angiography Market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Magnetic Resonance Angiography market.
By Technique
By Indication
By End-use
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers