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

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

Mexico's Magnetic Resonance Imaging (MRI) Market was valued at USD 136.77 million in 2021 and is projected to register a CAGR of 5.67% during the forecast period (2022-2027).

During the initial wave of the COVID-19 pandemic, the market for MRI was majorly hampered. For instance, As per the Mexican Society of Radiology and Imaging (SMRI) 2020, due to the consequences of COVID-19, the Mexican government undertook a successful restructuring of the hospital system in which hundreds of public and private hospitals were modified and adapted to attend patients with COVID-19, thus successfully avoiding hospital saturation. However, as a result of insufficient protection materials, health personnel became infected, which in turn exacerbated the problem of the lack of medical staff and poor patient care. Health personnel, and in particular nurses and doctors, radiologists, account for 20% of the total reported infected patients in Mexico. Because of this, radiology personnel has had to adapt to new conditions, especially methods of protection, such as the use of special clothing and masks.

However, the significance of MRI proved useful during the pandemic. For instance, a study named ’Neurologic manifestations in hospitalized patients with COVID-19 in Mexico City a study in 2021,' suggests that the high frequency of neurologic manifestations during hospitalization in COVID-19 patients suggests a potentially high burden of short and long-term effects on these patients. So, for identifying more underlying effects, a precise monitoring strategy is needed for neurological outcomes in all populations. Therefore, there was a need for precise MRI imaging facilities needed in the country to further monitor the post covid effects. Thus, the Mexico MRI market was keeping its momentum during the COVID-19 pandemic.

Mexico is an emerging market in the region with a huge potential for the growth of the magnetic resonance imaging (MRI) market owing to the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and musculoskeletal diseases, along with lesser regulatory challenges in the country as compared with other countries in the region, the magnetic resonance imaging (MRI) market is expected to grow in Mexico over the forecast period.

Additionally, with the increasing application of the MRI systems in the diagnosis of various diseases along with the technological advancements and increasing adoption of the MRI systems, the studied market will further grow in Mexico during the forecast period of the study. However, factors such as the high cost of MRI systems are expected to hamper the growth of the MRI market over the years.

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

Magnetic resonance imaging (MRI) is an imaging test that can be used for the detection of tumor/cancerous cells in the body, and it can 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.

Cancer is one of the most prevalent forms of chronic disease in Mexico, and as MRI is used for the detection of cancer/tumor and also in the planning of the treatment such as surgery or radiation therapy for cancer patients, and thus, with the increasing burden of cancer cases in the country, the use of MRI systems is expected to increase which will fuel the growth of the studied market in Mexico. For instance, according to the report of Globocan 2020, about 195,499 people were diagnosed with cancer in 2020, and 90,222 died because of it. The most prevalent forms of cancer were breast (29,929), prostate (26,742), colorectum (14,901), thyroid (11,227), and cervix uteri 9,439) cancer. Also, as per the above-mentioned source, the incidence of cancer in Mexico is expected to reach 254,665 by 2030 and 323,432 by 2040, and with the increasing burden of cancer, the oncology segment is expected to grow over the forecast period.

According to the research study published in February 2020, titled “Recognition of Brain Metastases Using Gadolinium-Enhanced SWI MRI: Proof-of-Concept Study”, when added to T1-Gd and other common sequences, gadolinium-enhanced SWI (SWI-Gd) may improve the diagnostic yield of brain metastases with only a few extra minutes of scanning time and no further risk than that of a regular gadolinium-enhanced MRI. Thus, research studies like these further promote the use of MRI in combination with other techniques for enhanced accuracy, and this may have a positive impact on the growth of the studied market in the country.

Thus, owing to the above-mentioned factors, the oncology segment in the magnetic resonance imaging (MRI) market is expected to grow in Mexico.

Competitive Landscape

The Mexico 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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