Brazil MRI Market - Forecasts from 2024 to 2029

Brazil MRI Market - Forecasts from 2024 to 2029

The Brazil MRI Market is projected to grow at a CAGR of 3.83% during the forecast period.

Magnetic Resonance Imaging (MRI), as the name implies, is a medical imaging technique that uses magnetic fields and computer-generated radio waves to form detailed images of the tissues and organs of the patient. These machines are typically large, tube-shaped magnets. When a patient lies inside one of these, the magnetic field causes all the water molecules in the body to realign temporarily. The computer-generated radio waves cause these aligned molecules to emit light signals, which are then used to generate cross-sectional MRI images. Based on the architecture, MRIs are divided into closed and open MRI systems. Based on field strength, the market is segmented into Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems.

Market Drivers

The extensive applications of MRI in various fields like cardiology, oncology, and neurology are estimated to propel market growth.

MRI has a wide range of applications and could be used to diagnose and detect innumerable diseases. According to WHO (World Health Organisation), with the increase in age, the number of health abnormalities, such as cancer, obesity, diabetes, dementia, and Alzheimer's, is expected to increase. As per the Brazilian Institute of Geography and Statistics (IBGE), the geriatric population comprises about 30.1 million people, about 14.3% of the entire population. IBGE estimates that this proportion will steadily increase to 3.6% per year, and by 2060 it will rise to 73.4 million elderly people, comprising 32.2% of the overall population. Furthermore, according to the Internal Agency for Research on Cancer, the number of new cases of cancer in 2020 was found to be 592, 212, of which prostate cancer was observed to be the highest at 16.4%. Reportedly, about 258,949 Brazilians died from cancer that year. Additionally, the risk of mortality from cancer before 75 years of age was found to be 9.5%. According to statistics reported in Cardiovascular Statistics, in Brazil in 2020, 72% of deaths were caused by non-communicable diseases, of which 30% were due to cardiovascular diseases, 16% were caused by neoplasms, and 6% were due to respiratory diseases. With the increase in the proportions of diseased and aged people, the need for improvement in the health sector is becoming more prominent. Subsequently, the need for an improvement in the quantity and quality of highly precise MRI equipment will also increase with time to tackle increasing diseases and populations. The advancements in innovations, technologies, research, and development across the country are bound to fuel the MRI market.

Furthermore, according to the Organisation of Economic Co-operation and Development (OECD), healthcare spending was recorded at 9.6% of GDP in Brazil in 2019. And this statistical value is forecasted to increase to 12.6% of GDP. Additionally, as per the statistics reported by the International Trade Administration, in 2020, the market size for medical equipment was approximately US$ 11.1 billion. In the same year, US medical device exports to Brazil reached US$ 947 million, corresponding to 80% of the country's share.
The investments and new development plans by private companies in the healthcare sector

The investments released by government bodies to enhance the digital healthcare system in the country are expected to prove opportunistic for the growth of the healthcare sector in the upcoming years. For instance, the Ministry of Health released a fund of US$ 83 million in 2020 for healthcare IT. The main objective was to digitalize the public basic care facilities of the Brazilian Unified Health System. Furthermore, the growing healthcare demand and rising strategic investments and acquisitions by various companies are bound to propel the MRI market size in Brazil. For instance, in August 2020, Varian, an innovative cancer care technology manufacturer, announced their merger with Siemens Healthieneers for US$ 1.4 billion. Varian extensively works on providing extensive treatment and solutions for oncology and opened its new facility in Brazil in 2017. This combination is anticipated to create a comprehensive cancer care portfolio in the healthcare industry. By combining cutting-edge diagnostic tools, radiotherapy, imaging, and artificial intelligence, the two companies will lead the digital transformation of oncology healthcare, enabling efficient diagnosis, improved treatment quality, and customized accurate cancer care for patients worldwide. Also in February 2021, Fujifilm Corporation announced its acquisition plans of Hitachi Diagnostic Imaging to expand its medical system market. Similar strategic expansions and acquisitions and growing demand for the healthcare sector are expected to fuel the market in the projected period.

Key Developments:

October 2022- SyntheticMR AB is a Swedish company that specializes in developing and marketing software solutions for Magnetic Resonance Imaging (MRI). SyntheticMR has obtained regulatory approval for their quantitative imaging software solution, SyMRI MSK, for knee and spine imaging, allowing it to be sold and distributed in Brazil. The SyMRI MSK package offers a fast-imaging workflow and improved capabilities for viewing tissue properties on an absolute scale in a short scan time.
July 2022- Canon Medical Systems has introduced the Vantage Fortian MRI system, which offers rapid scan technology, workflow solutions, and picture enhancement to reduce treatment time. It features in-room scan assist technology, a mobile interface for remote monitoring, and AI Clear-IQ Engine (AiCE) technology for 96% of all MR operations for 2D and 3D acquisition. The system is suitable for all anatomies and includes parallel imaging rapid scan and compressed sensing technology to address diagnostic issues.

Key Market Segments
By Type
Closed
Open
By Application
Screening
Diagnosis
Treatment Monitoring
Research