Brazil Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Brazil Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Brazil magnetic resonance imaging (MRI) market was valued at USD 268.86 million in 2021 and is projected to register a CAGR of 5.9% during the forecast period (2022-2027).

The COVID-19 pandemic affected the market studied greatly during the initial months of the coronavirus wave. However, with the significance of MRI scans in diagnosing COVID-related neurological and cardiovascular ailments, it is highly used in Brazil during the pandemic. For instance, according to a study published in Brazil named ‘Impact and Profile of COVID-19 Patients Who Are Indicated for Neuroimaging: in 2021', patients with COVID-19 may develop neurological symptomatology with consequent repercussions on imaging examinations. Different peripherical and central nervous system abnormalities were reported in patients with COVID-19, such as focal cerebral arteriopathy, acute ischemic infarct, hemorrhage, acute hemorrhagic necrotizing encephalopathy, and microhemorrhage. As per the study, 40% of COVID-19 patients from the brain scan group were abnormal on brain CT and MRI, around 22.9% cases experienced bleeding or micro bleeding, and 8.6% experienced restricted diffusion lesions. The neurological complications are majorly identified in recovered patients through MRI findings; this has created a huge demand for MRI in Brazil which helped to keep the market studied at a steady pace during the pandemic.

Additionally, increasing advancements in MRI equipment in Brazil are expected to propel market growth. For instance, in April 2021, Diagnostics da America SA (DASA), a medical diagnostics company in Brazil with the help of experts, developed an automated system for classifying brain MRI scans as either "likely normal" or "likely abnormal." The approach relies on a convolutional neural network (CNN), a sophisticated type of Artificial Intelligence (AI) that allows the model to learn directly from the images. Technological advancements such as the deployment of AI in MRI scanning are expected to drive the growth of the MRI scanners market in Brazil.

Therefore, with the advantages of MRI in detecting COVID-related ailments and the increasing technological advancements in the magnetic resonance imaging technique, the market studied is expected to witness strong growth over the forecast period.

Key Market TrendsOncology is Expected to Witness Strong Growth Over the Forecast Period

MRI is an imaging test that can be used to detect tumor/cancerous cells in the body and can also be used to look for signs that cancer may have metastasized (spread) from where it started to another part of the body. MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body which are later used by doctors in the diagnosis of cancerous cell/tissue.

Brazil has one of the highest prevalence of cancer in the South American region because of which there is a high demand for MRI scans that are driving the growth of the oncology segment in the market. For instance, as per the GLOBOCAN 2020 report, Brazil reported 592,212 new cancer cases in 2020, and the total number of five-year prevalent cases of cancer was 1,563,761. Further, the same report projected that cancer cases will reach 994,823 by 2040. Further, as per the source mentioned above, the major forms prevalent in the country were prostate, breast, colorectum, lung, and thyroid cancer.

As per the study published in March 2021, titled “Indications for breast magnetic resonance imaging at a referral center for the diagnosis and treatment of breast cancer in Brazil”, much evidence is supporting the use of breast magnetic resonance imaging (MRI), mainly for the screening of high-risk patients. However, the method is still underutilized in Brazil, not only for screening women considered to be at high risk but also for staging the disease and evaluating the response to neoadjuvant chemotherapy. Thus, with the country's rising awareness about breast MRI, the segment is further expected to grow over the forecast period.

Competitive Landscape

The Brazil magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at less prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the magnetic resonance imaging market.

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