South America MRI Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South America MRI Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South American countries like Argentina, Brazil, and Chile have an emerging economy. The healthcare setup is improving and becoming more affordable, making advanced diagnostic procedures like MRI more affordable. Furthermore, an increase in technological advancements, such as the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiations, rising adoption of MRI in the region is boosting the market growth.

To tap the growth opportunities in emerging markets, companies such as GE and Philips have developed MRI systems with a smaller footprint to be installed in smaller hospitals and are simple, easy to use, and economical to install and maintain.

However, the overall cost of MRI is a huge investment for healthcare providers. With the high cost of investment and regular repair work is involved, very few companies can provide high-quality machines, restraining the market growth.

Key Market TrendsThe Neurology Segment Holds the Largest Market Share Currently and is Believed to Continue the Same Over the Forecast Period

The brain and neurological segment are expected to hold the largest market share owing to the increasing aging population and growing awareness of diagnosis. Increasing neurological condition in the region is the main driver for the segment growth. Neurological uses of MRI systems include the diagnosis of brain and spinal cord tumors, infections, and vascular irregularities, which may lead to stroke. MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, and it can even document brain injury from trauma.

According to an article published in 2017, by Edgardo Cristiano, the prevalence of multiple sclerosis in the region ranges from 0.83 to 38.2 cases per 100,000 inhabitants. the study also stated that the prevalence of this disease and incidence increased in the last five years The growing burden of these diseases is boosting the market growth.

Competitive Landscape

In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Siemens Healthcare GmbH
Koninklijke Philips NV
GE Healthcare
Fonar Corporation
Canon Medical Systems Corporation
Aurora Imaging Technology
Hitachi Ltd
Esaote SpA

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