Saudi Arabia MRI Market - Forecasts from 2024 to 2029

Saudi Arabia MRI Market - Forecasts from 2024 to 2029

The Saudi Arabia MRI market is projected to attain a market size of US$118.312 million in 2029.

MRI is a non-invasive imaging technique that uses a strong magnetic field and non-ionizing electromagnetic radiation to map the interior structure and function of body parts. Factors such as the rising prevalence of cancer and other chronic diseases are expected to drive the overall MRI market growth in the country. Further technological advancements, such as PET or CT scans, and government incentives are expected to contribute to the market growth. The market is segmented into types and applications. MRI systems are increasingly used in research and clinical applications for detailed imaging of various body parts, including the brain, spine, and musculoskeletal system. Ultra-high-field systems, such as 7T or higher, provide more detailed images, making them valuable for neuroscience research and advanced clinical imaging. Multinuclear MRI uses nuclei other than hydrogen, providing information on tissue properties and metabolic processes. Perfusion MRI measures blood flow in tissues, assessing tissue viability and detecting vascular abnormalities. MRI spectroscopy provides information about tissue chemical composition, allowing for the detection of metabolites and biomarkers associated with diseases like cancer and neurodegenerative disorders. Real-time MRI enables dynamic imaging of moving structures, assessing cardiac function and musculoskeletal conditions. Advances in MRI technology have led to better methods for reducing artifacts and improving diagnosis accuracy. The development of the Saudi Arabia Magnetic Resonance Imaging Market will be facilitated by this factor. AI and machine learning algorithms are increasingly integrated into MRI systems for image reconstruction, interpretation, and automated detection.

MARKET DRIVERS:

The growing burden of chronic disease and the growth of the elderly population

Factors attributed to the growth of the market across the region include the rising prevalence of chronic diseases. Around 20% of people in the country will be aged over 65 years by 2050 (Source: National Institute of Health). Additionally, Saudi Arabia is one of the leading countries in the Middle East region that has a high prevalence of chronic diseases and their associated risk factors. According to the statistics published by the National Institute of Health, the prevalence of hypertension and coronary heart disease is around 25% and 6%, respectively. The growing burden of Saudi Arabia is increasing the demand for diagnosis, which is anticipated to drive the overall market growth during the forecast period. According to the WHO, 24,485 new cancer cases were diagnosed during the year 2018, which has increased the demand for diagnostic imaging to prevent and reduce cancer cases.

Higher penetration of organized health

High penetration of organized health coverage in the healthcare sector of Saudi Arabia is the key driver for the growth of the MRI market across the country. Health insurance and publicly funded healthcare schemes have become one of the major supporting factors for the diagnostic industry in Saudi Arabia. Moreover, government incentives also play a vital role in encouraging higher preventive testing among the population, which is anticipated to drive the overall market growth. Additionally, there are more than 250+ hospitals in Saudi Arabia. Medical facilities in big cities offer high-quality medical services that are offered by surgical and diagnostic gear, expatriates, etc. Such developments in the healthcare sector of the country are projected to drive the overall market growth in the coming years. The growth of the MRI market in Saudi Arabia is expected due to increased healthcare infrastructure development, improved access to services, government initiatives, digital health integration, increased health awareness, and improved insurance coverage and reimbursement policies. This growth is expected to boost the demand for advanced diagnostic technologies like MRI.

MARKET RESTRAINT:

Shortages of workforce

Saudi Arabia's population growth has led to a rise in demand for healthcare services, including diagnostic imaging, causing a shortage of skilled professionals. This shortage can impact the efficiency and quality of diagnostic services. Healthcare providers in Saudi Arabia often compete for talent, leading to staffing challenges. Building a skilled workforce requires investment in education and training programs. Retaining healthcare professionals can be challenging, as some may seek opportunities in other countries with better working conditions. Workforce shortages may vary by region, especially in remote and underserved areas.

Key Developments:

October 2022- Saudi Arabian firm AZDEF is launching an MRI safety awareness campaign, starting with The Advanced Safety Training Seminar in Dubai. The seminar, partnering with the Dubai Health Authority, covered risk assessment and patient management. It aims to improve patient safety, reduce patient screening time, and enhance the confidence of radiologists and radiographers. The initiative aims to reduce canceled exams, resolve patient concerns, and improve patient care decisions. AZDEF aims to continue organizing seminars for Gulf residents, saving time and effort from traveling abroad.
October 2022- Integrated Diagnostics Holdings (IDH), a leading consumer healthcare company, has signed a Joint Venture Agreement with Al Makhbaryoun Al Arab LLC and Izhoor Holding Medical Company LLC to launch a new diagnostic venture in Saudi Arabia. The joint venture will be owned 50% by IDH Group and 50% by Izhoor, a company owned by Fawaz Alhokair, chairman of the renowned Saudi retail group, Fawaz Alhokair Group.

Market Segmentation
By Type
Closed
Open
By Application
Screening
Diagnosis
Treatment Monitoring
Research