South America MRI Market - Forecasts from 2024 to 2029

South America MRI Market - Forecasts from 2024 to 2029

The South American MRI market is projected to grow at a CAGR of 0.85% to reach US$685.533 million by 2029, from US$646.276 million in 2022.

Magnetic Resonance Imaging (MRI) is a non-invasive medical imaging technique that uses magnets, radio waves, and a computer to generate detailed images of the body's internal structures. Unlike X-rays or CT scans, MRI does not use ionizing radiation, making it a safer option. MRI is particularly useful for imaging soft tissues like the brain, spinal cord, muscles, and internal organs. The South American MRI market is experiencing growth due to increasing disease prevalence, growing healthcare infrastructure, and technological advancements. The market is diverse, with countries like Brazil, Argentina, and Colombia leading in healthcare infrastructure and technology adoption. The adoption of advanced medical imaging technologies may vary between urban and rural areas within each country. Government initiatives and policies related to healthcare can significantly influence the adoption of MRI technology, with subsidies, incentives, and funding impacting the accessibility of MRI services.

Factors such as improved healthcare infrastructure in emerging countries such as Argentina, Brazil, and Chile are expected to drive regional magnetic resonance imaging market growth. The high cost of investment and regular work repair can act as a major restraint on the overall market growth across the region. To tap the growing opportunities in developing markets across the region, companies such as GE and Philips are making significant developments in MRI systems, which are projected to have a positive impact on the overall market growth. The market is segmented by type, application, and by country.

MARKET DRIVERS:

The rising incidence of neurological disorders

MRI is a crucial diagnostic tool for neurological disorders, with its high-resolution images providing detailed information. The aging population in South America and global prevalence of neurological disorders like dementia and Parkinson's disease drive demand for advanced diagnostic tools, while improved healthcare infrastructure and availability support this growing demand. Factors contributing to the growth of the market across the region are the rising incidence of neurological disorders such as brain and spinal cord tumours, vascular abnormalities, and various types of infections that may lead to stroke. MRI detects the disorders and monitors the degenerative disorders such as multiple sclerosis and brain injury from trauma. The prevalence of multiple sclerosis in South America ranges from 0.83 to 38.2 cases per 100,000 inhabitants (Source: Edgardo Cristiano). The prevalence of neurological disorders has increased in the last five years, which is boosting the market growth.

Increasing healthcare spending

Higher healthcare spending enables the acquisition and continuous upgrading of medical equipment, including MRI machines, ensuring accurate diagnoses and improved patient care. It also provides access to advanced diagnostic services, meeting the growing demand for imaging procedures. Government initiatives and policies can positively impact the availability of MRI services, especially in underserved or remote areas, promoting a more equitable distribution of healthcare resources. Rising expenditure on healthcare services in countries like Brazil and Argentina is anticipated to drive market growth during the forecast period. Brazil is the largest healthcare market in Latin America. The country spends 9.1% of its GDP on healthcare. Brazil’s Unified Healthcare System provides healthcare services such as medical diagnostics and treatment to at least 70% of the country’s total population. Additionally, the Ministry of Health is regulating and encouraging the expansion of complementary and integrative practices in the public system, mostly at the municipal level, which is anticipated to have a positive impact on the overall market growth.

MARKET RESTRAINT:

High cost of MRI devices

MRI machines come in various sizes and magnetic strengths, with average sales prices varying based on field strength and architecture. 1.5T systems cost between USD 1-2 million, 1.5T systems with superconducting magnets from USD 1.5-3 million, and high-field (3T) systems from USD 2.5-5 million. The cost increases with features, limiting adoption among small end users with controlled budgets and relying on government and private insurance bodies for financing.

Key Developments:

November 2023- SyntheticMR has expanded its partnership with Philips to include SyMRI 3D, a next-generation imaging solution with isotropic resolution. The agreement allows SyMRI 3D to be included in Philips' global price book once regulatory clearance is obtained. This advanced imaging solution offers precise volumetric estimations of brain regions, enabling clinicians to gain deeper insights into brain structure and function. SyMRI 3D also facilitates comprehensive lesion analysis, ensuring more accurate and in-depth assessments of medical conditions. SyntheticMR AB develops and markets software solutions for Magnetic Resonance Imaging (MRI), offering multiple, adjustable contrast images and quantitative data from a single 5-minute scan.
July 2022- Canon Medical Systems has introduced its Vantage Fortian MRI system at ECR in Vienna, Austria. The system offers innovative workflow solutions, image enhancement, and accelerated scan technology, reducing the time required for MRI procedures. It features a mobile interface for remote monitoring and data integration, and in-room scan assist technology for automatic coil and patient position checks. The system uses AI Clear-IQ Engine (AiCE) technology, applicable to all anatomies and covering 96% of all MR procedures for 2D and 3D acquisition. Canon Medical has also integrated compressed sensing and parallel imaging accelerated scan technologies to address challenges in the MRI diagnostic workflow.
October 2023- Carestream Health, a global provider of medical imaging systems, X-ray imaging systems, and precision contract coating services, has partnered with EXAMION, a leading provider of medical imaging solutions. The alliance aims to enhance diagnostic imaging solutions, improve clinical outcomes, and streamline radiography workflows, while Carestream Health maintains a global service and support network.

Market Segmentation
By Type
Closed
Open
By Application
Screening
Diagnosis
Treatment Monitoring
Research
By Country
Brazil
Argentina
Others