The size of the MRI Market in Latin America is estimated at USD 1.19 billion in 2022 and is forecasted to exhibit a CAGR of 6.5% and reach USD 1.63 billion by 2027.
MRI with a smaller footprint has been developed by companies such as GE and Philips to be deployed in smaller facilities and is simple, easy to use, and economical to install and maintain because of the growing potential in emerging markets.
Advanced diagnostic treatments such as MRI are becoming more accessible as the healthcare system improves and becomes more affordable. Argentina, Brazil, and Mexico are examples of developing economies in Latin America. Furthermore, technical innovations such as incorporating MRI with PET or CT to provide imaging options with less exposure to dangerous radiations and increased MRI use in the region are expected to fuel the MRI market growth in the Latin American region during the forecast period.
Y-O-Y growth in the incidence of neurological conditions in Latin American is one of the primary factors driving the market growth. MRI systems are used in neurology to diagnose malignancies in the brain and spinal cord, infections, and vascular abnormalities that lead to stroke. MRI can also detect problems, monitor degenerative diseases like multiple sclerosis, and document brain injuries after trauma.
Furthermore, due to the growing aging population and the frequency of chronic disorders, the MRI market in Latin America is booming. Furthermore, rising healthcare spending is expected to boost market growth over the forecast period. Likewise, expanding research efforts will give the potential for market expansion during the forecast period and beyond.
The overall cost of an MRI, however, is a significant expenditure for healthcare providers. Due to the high cost of investment and the need for frequent maintenance, only a few businesses can produce high-quality machinery, which is expected to limit the expansion of the MRI market in the Latin American region. In addition, the lack of proper equipment and infrastructure in remote areas will hamper the growth of the MRI market. Government should introduce policies for the market environment according to the population. Creating awareness on the MRI market and for under privileges is essential to raise the growth trend of the Latin American MRI Market.
This research report on the Latin America MRI Market has been segmented and sub-segmented into the following categories:
In 2020, the Latin American region accounted for a moderate share in the global market and is forecasted to register a healthy growth rate from 2022 to 2027 due to the rising prevalence of chronic diseases in this area, such as breast cancer, cardiovascular disease, and neurological disease, is driving up demand for imaging analysis. In addition, rapidly growing Latin American countries with rising per capita income and well-defined healthcare policies, such as Mexico, Brazil, and Argentina, are seeing increased demand for advanced diagnostic imaging modalities. Furthermore, the region's ongoing technical improvement and massive investments in healthcare research are projected to fuel growth.
Brazil is expected to be the most prosperous Latin American country during the forecast period, and the region is likely to maintain its supremacy. During the forecast period, technological advancements, together with an increase in the incidence of chronic diseases, are expected to drive market expansion. Furthermore, with the fast-increasing healthcare service industry, qualified healthcare workers, and advanced healthcare facilities and services at a lower cost than industrialized countries, countries like Brazil, Mexico, and Argentina provide growth potential.
KEY MARKET PLAYERS:
Companies playing a dominating role in the Latin American MRI market 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.
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