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Latin America Closed MRI Systems Market Research Report – Segmented By Field Strength, Application and Country (Brazil, Mexico, Argentina, Chile and Rest of Latin America) - Industry Analysis on Size, Share, Trends & Growth Forecast (2022 to 2027)

Published: January, 2022
ID: 2234
Pages: 130

Latin America Closed MRI System Market Size (2022 to 2027)

The size of the Latin American closed MRI Systems Market was worth USD 0.36 Billion in 2022. It is further expected to grow and be worth USD 0.46 billion by 2027, showcasing a CAGR of 5.10% from 2022 to 2027.

Closed MRI systems use magnetic fields and radio waves that detect and diagnose various diseases, such as multiple sclerosis, spinal disorders, degeneration of the knee cartilage, cerebrospinal abnormalities, breast cancer, dementia, cancer of the prostate, and others. In addition, advances in magnetic resonance imaging techniques, such as superconducting magnets, high-field magnetic resonance imaging, and software applications, are attracting interest, increasing the demand for closed MRI systems in academic institutes, hospitals, and research centers.

The aging population and advancements and adoption of MRI systems are factors driving the growth of the Latin America closed MRI market. As of November 2020, around 8.2% of the Latin American population is aged 65 or over. By 2050, however, this single-digit figure is predicted to double to 17.7% and exceed 31% by the end of the century. Growing awareness about various diseases and their diagnostic techniques paves the way for growth opportunities in emerging markets; companies such as GE and Philips have developed MRI systems for customers in South America and Africa. In addition, countries such as Brazil and Mexico are becoming popular for medical tourism with skilled professionals with improving healthcare standards. These regions are estimated to become sources of revenue for MRI manufacturers.

With growing development in healthcare facilities, people with MRI-compatible pacemakers are becoming eligible for MRI procedures; this is anticipated to accelerate the growth rate in the Latin American market.

However, the high cost of MRI systems, declining reimbursement rates for MRI procedures, and reduced availability of helium that could force hospitals to replace expensive MRI magnets would hamper the market growth. Additionally, MRI systems can cause permanent dysfunction or damage implantable devices such as pacemakers, orthopedic implants, such as screws, plates, or artificial joints, produce distorted images on an MRI. Therefore, the incompatibility of MRI systems for implanted patients negatively affects the growth potential of this market. The shortage of skilled labor in the Latin American population will challenge Latin America closed MRI market.

This research report on Latin America closed MRI system market has been segmented and sub-segmented into the following categories.

By Application: 

  • Brain
  • Spine
  • Cardiac
  • Breast
  • Abdomen

By Field Strength: 

  • Low to midfield
  • High Field
  • Very High Field
  • Ultra-High Field

By Country: 

  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America

In 2020, the Brazilian regional market accounted for most of the Latin American closed MRI market share. The growth of this market can be attributed to the increase in the geriatric population, improving health infrastructure, growing awareness, and initiatives by the government, advancing disposable income and demand for high-field MRI equipment.

The increasing prevalence of chronic disorders and high cancer incidence are the main driving factors driving the growth of the regional markets in Argentina, Mexico, Columbia, Ecuador, and Chile. According to an article published in 2017 by Edgardo Cristiano, the prevalence of multiple sclerosis in the region ranges from 0.8 to 38.5 cases per 100,000 population. The study also noted that the prevalence and incidence of this disease have increased over the past five years. Furthermore, data collected from various sources suggest that the predicted cancer mortality rate in the Mexican region by 2022 will rise to 80 per 100,000 inhabitants.


Companies playing an influential role in the Latin American Closed MRI System Market profiled in the report are Hitachi Medical Corporation, Toshiba Medical Systems, Siemens Healthcare, GE Healthcare, Imris Inc., Fonar Corporation, Esaote S.P.A., Neusoft Medical System, Aurora Medical Imaging, and Philips Healthcare.


                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 Field Strength                            

                                5.1.1 Introduction           

                                5.1.2 Low to Mid Field   

                                5.1.3 High Field 

                                Very High Field 

                                5.1.5  Ultra High Field     

                                5.1.6  MY-o-Y Growth Analysis, By Field Strength              

                                5.1.7  Market Attractiveness Analysis, By Field Strength

                                5.1.8 Market Share Analysis, By Field Strength   

                5.2 Application                 

                                5.2.1 Introduction           

                                5.2.2 Brain          

                                5.2.3 Cardiac      

                                5.2.4 Spine         

                                5.2.5 Abdominal              

                                5.2.6 Breast       

                                5.2.7 Y-o-Y Growth Analysis, By Application         

                                5.2.8  Market Attractiveness Analysis, By Application      

                                5.2.9  Market Share Analysis, By Application       

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                       By Geographical Area

                                       By Field Strength

                                       By Application

                                6.1.4  Market Attractiveness Analysis     

                                       By Geographical Area

                                       By Field Strength

                                       By Application

                                6.1.5  Market Share Analysis      

                                       By Geographical Area

                                       By Field Strength

                                       By Application

                6.2 Brazil                             

                6.3 Mexico                         

                6.4 Rest of Latin America                             

7.Strategic Analysis                                        

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8.Market Leaders' Analysis                                         

                8.1 Hitachi Medical Corporation                

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Toshiba Medical Systems                     

                8.3 Siemens Healthcare                

                8.4 GE Healthcare                           

                8.5 Imris Inc.                      

                8.6 Fonar Corporation                   

                8.7 Esaote S.P.A                               

                8.8 Neusoft Medical System,                     

                8.9 Aurora Medical Imaging                        

                8.10 Philips Healthcare                  

9.Competitive Landscape                                            

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10.Market Outlook and Investment Opportunities                                          


                a) List of Tables                

                b) List of Figures                              

  1. Latin America Closed MRI Market, By Field Strength, From 2022 - 2027 (USD Billion)
  2. Latin America low to mid field Market, By Region, From 2022 - 2027 (USD Billion)
  3. Latin America High Field Market, By Region, From 2022 - 2027 (USD Billion)
  4. Latin America Very High Field Market, By Region, From 2022 - 2027 (USD Billion)
  5. Latin America Ultra High Field Market, By Region, From 2022 - 2027 (USD Billion)
  6. Latin America Closed MRI Market, By Application, From 2022 - 2027 (USD Billion)
  7. Latin America Brain Market, By Region, From 2022 - 2027 (USD Billion)
  8. Latin America Abdominal Market, By Region, From 2022 - 2027 (USD Billion)
  9. Latin America Cardiac Market, By Region, From 2022 - 2027 (USD Billion)
  10. Latin America Spine Market, By Region, From 2022 - 2027 (USD Billion)
  11. Latin America Breast Market, By Region, From 2022 - 2027 (USD Billion)
  12. Brazil Closed MRI Market, By Field Strength, From 2022 - 2027 (USD Billion)
  13. Brazil Closed MRI Market, By Application, From 2022 - 2027 (USD Billion)
  14. Argentina Closed MRI Market, By Field Strength, From 2022 - 2027 (USD Billion)
  15. Argentina Closed MRI Market, By Application, From 2022 - 2027 (USD Billion)
  16. Mexico Closed MRI Market, By Field Strength, From 2022 - 2027 (USD Billion)
  17. Mexico Closed MRI Market, By Application, From 2022 - 2027 (USD Billion)
  18. Rest of Latin America Closed MRI Market, By Field Strength, From 2022 - 2027 (USD Billion)
  19. Rest of Latin America Closed MRI Market, By Application, From 2022 - 2027 (USD Billion)

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