Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Magnetic Resonance Angiography market.
Trusted Business Insights presents an updated and Latest Study on U.S. Magnetic Resonance Angiography Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Magnetic Resonance Angiography market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: U.S. Magnetic Resonance Angiography Market
The U.S. magnetic resonance angiography market size was valued at USD 1.9 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.8% from 2021 to 2027. 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 14.6 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.
Technique Insights: U.S. Magnetic Resonance Angiography Market
In 2019, the non-contrast enhanced magnetic resonance angiography segment lead the market with a revenue share of 73.7% 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 2021-2027. 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.
The others segment lead the market and held a 75.3% share of the overall revenue in 2019. 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 generate the demand for MRAs in the coming years.
End-use Insights: U.S. Magnetic Resonance Angiography Market
The hospital segment lead the market with a revenue share of more than 60.o% in 2019 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 2020 to 2027. Increasing demand for imaging centers can be attributed to the easy accessibility to the centers and outpatient procedures.
Key Companies & Market Share Insights: U.S. Magnetic Resonance Angiography Market
Companies such as Siemens & Philips have launched AI-based applications to increase productivity and streamline workflow. Philips offers SMartExam, an AI-based application that can assist in automatic planning. In December 2019, Siemens Healthcare GmbH launched two AI-based MRI assistants at the Radiological Society of North America (RSNA) to improve the quality of care and increase efficiency. Some of the prominent players in the U.S. magnetic resonance angiography market include:
Key companies Profiled: U.S. Magnetic Resonance Angiography Market Report
- GE Healthcare (General Electric Company)
- Neusoft Corporation
- Koninklijke Philips N.V.
- ESAOTE SpA
- Hitachi, Ltd.
- Canon, Inc.
- ASG Superconductors SpA
- Shenzhen Anke Hi-tech Co., Ltd.
- Time Medical Holding
- Shimadzu Corporation
- AllTech Medical Systems
This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the U.S. magnetic resonance angiography (MRA) market report based on technique, indication, and end use:
Technique Outlook (Revenue, USD Million, 2016 – 2027)
- Contrast Enhanced MRA
- Non-contrast enhanced MRA
- Indication Outlook (Revenue, USD Million, 2016 – 2027)
- Lower Extremities
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Imaging Centers
- Ambulatory Surgical Centers & Other Healthcare Settings
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