Africa Magnetic Resonance Imaging Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Africa Magnetic Resonance Imaging Market Analysis
The African Magnetic Resonance Imaging Market is expected to register a CAGR of 5.2% over the forecast period.
The COVID-19 pandemic has rendered a severe impact on the African magnetic resonance imaging (MRI) market. The article published in Springer Journal in March 2022 mentioned that during the COVID-19 outbreak in Africa, there were limited human resources, patient overload, and outdated equipment in Africa. The article also mentioned that limitations for infection prevention and control measures coupled with lower vaccine coverage and uptake, efficiency timeliness, and equitability of imaging services had been compromised in Africa. Thus, the COVID-19 pandemic had a notable impact on the MRI market in Africa during the initial stages of the pandemic. However, the relaxation of the strict lockdowns in Africa is expected to regain the pace of Africa's MRI market growth over the forecast period.
The key factors propelling the growth of the African magnetic resonance imaging market are increasing chronic disorders among the African population and rising technological advancement, such as the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiation. For instance, the article published in Global Heart Journal in January 2021 mentioned that the overall prevalence of multimorbidity from chronic conditions in the Sub Saharan Africa was 28.7%, and the most prevalent diseases were HIV (12.1%), tuberculosis (10.9%) and diabetes (1.8%). Additionally, the article published in NCBI in June 2021 mentioned that the overall prevalence of coronary heart disease and stroke in South Africa was 1.29% and 4.29%, respectively. Such prevalence of chronic diseases among the African population is expected to drive the demand for effective and early diagnosis with MRI, thereby boosting the market's growth.
Moreover, increasing market strategies such as collaborations and partnerships by various key market players to provide advanced diagnostics are also expected to contribute to the market's growth. In August 2022, the Institute of Human Virology in Nigeria (IHVN) entered into a partnership with Fujifilm, and Qure.ai, to help optimize Tuberculosis (TB) screening outreach in Nigeria using imaging diagnostic services. Thus, such developments and partnerships lead to technological developments in the region, thereby fuelling the studied market.
Thus, due to the aforesaid mentioned factors, such as increasing chronic disorders and rising demand for effective and advanced diagnosis, the market is expected to witness significant growth over the forecast period. However, the high cost of magnetic resonance imaging (MRI) systems may slow down its growth over the studied period.
Africa Magnetic Resonance Imaging Market Trends
This section covers the major market trends shaping the Africa MRI Market according to our research experts:
Oncology Segment is Expected to Witness a Significant Growth Over the Forecast Period.
The oncology segment is expected to witness significant growth over the forecast period due to the increasing number of cancer cases reported in the region and also due to the technological developments by the key market players contributing to this segment's growth. Furthermore, with the growing awareness among the population and rising demand for early and effective diagnosis, the segment is expected to hold a significant share in the market share in the forecast period.
The increasing prevalence of cancer cases among the African population is expected to play a vital role in the growth of the studied segment. For instance, the article published in Springer Journal in March 2022 mentioned that the most prevalent cancer in Egypt was breast (61,160), liver (28,977), bladder (26,986), Non-Hodgin Lymphoma (19,096), leukemia (14,274), brain and Central nervous system (11,470) and prostate (10,523). Such a high prevalence of cancer among the African population is expected to contribute to the growing demand for MRI owing to the effective diagnosis, thereby fueling the segment growth.
Furthermore, advanced technologies integrated with artificial intelligence will enable the effective and advanced diagnosis of cancer cases that have not yet shown symptoms, ultimately fueling the segment growth; for instance, in October 2021, Nizamiye Hospital Abuja, Nigeria, established a GE 1.5 Tesla state-of-the-art magnetic resonance imaging (MRI) machine to undertake diagnosis and monitoring of treatment for various conditions within significant body components. It was a newly commissioned MRI machine with a multifunctional machine capable of carrying out diagnoses on various parts of the body, including a multiparametric MRI of the prostate gland and the breast and MR spectroscopy. Thus, the high incidence of cancer cases and recent developments for better diagnostic facilities raising awareness among people about early diagnosis of diseases for prevention and faster cure is expected to show better growth in the forecast period.
Egypt is Expected to Witness a Significant Growth in the Market Over the Forecast Period
Egypt is expected to propel the region's magnetic resonance imaging (MRI) market. Factors such as the high burden of chronic diseases, the increasing geriatric population, and rising demand for early and effective diagnosis are expected to drive the growth of the market in this country.
The growing burden of chronic diseases, along with the launch of new products, is expected to boost the segment growth. As per the article published in the European Heart Journal in October 2021, the prevalence of premature atherosclerosis (ACS) was 51% among the Egyptian population in 2021. The report also stated that the prevalence of ACS was 45% in Males and 69.6% in females in 2021. Therefore, the high incidence of cardiovascular diseases among the Egyptian population is expected to contribute to the growing demand for MRIs, ultimately boosting market growth.
Moreover, establishing various diagnostic facilities in the country is also expected to drive the market in the country. For instance, in October 2021, Integrated Diagnostics Holdings launched Al-Borg Scan's third branch in Egypt. The branch is equipped with the latest state-of-the-art radiology available on the market and offers a full suite of radiology services. Thus, such technological advancements are providing better diagnostic options to the people in the country, thereby driving the market.
Thus, due to the aforesaid mentioned factors, such as the high incidence of chronic diseases, the rising geriatric population, and frequent developments in the country, it is expected to witness significant growth, which can drive the studied market over the forecast period.
Africa Magnetic Resonance Imaging Industry Overview
The Africa Magnetic Resonance Imaging Market is consolidated in nature. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well-known as Canon Medical Systems Corporation, Stryker Corporation, GE Healthcare, Hitachi Ltd, Koninklijke Philips NV, Neusoft Corporation, Siemens AG, Analogic Corporation, Shimadzu Corporations, Mindray Medical International Limited, and Hologic Inc.
Africa Magnetic Resonance Imaging Market Leaders
Canon Medical Systems Corporation
GE Healthcare
Siemens AG
Koninklijke Philips N.V
Hitachi Ltd.
*Disclaimer: Major Players sorted in no particular order
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Africa Magnetic Resonance Imaging Market News
- July 2022: the International Atomic Energy Agency (IAEA) partnered with GE Healthcare to train professionals from Africa in medical imaging that will focus on PET-CT and PET-MRI, imaging techniques that provide a more accurate diagnosis of diseases such as cancer under the training program named- Rays of Hope.
- July 2022: medical services in Kilifi County received a fund of Sh 1.5 billion (USD 12.2 million) from the government of the country, for the construction of equipped cancer screening and treatment facilities as well as radiology facilities that included Computerized Tomography Scan (CT-Scan) and Magnetic Resonance Imaging (MRI) facilities.
Africa Magnetic Resonance Imaging Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Chronic Diseases and Rising Geriatric Population
4.2.2 Technological Advancements in MRI Systems
4.2.3 Increasing Adoption of MRI Systems
4.3 Market Restraints
4.3.1 High Cost of MRI Systems
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Architecture
5.1.1 Closed MRI Systems
5.1.2 Open MRI Systems
5.2 By Field Strength
5.2.1 Low Field MRI Systems
5.2.2 High Field MRI Systems
5.2.3 Very High and Ultra High MRI Systems
5.3 By Application
5.3.1 Oncology
5.3.2 Neurology
5.3.3 Cardiology
5.3.4 Gastroenterology
5.3.5 Other Applications
5.4 Geography
5.4.1 South Africa
5.4.2 Egypt
5.4.3 Nigeria
5.4.4 Kenya
5.4.5 Rest of the Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Stryker Corporation
6.1.3 GE Healthcare
6.1.4 Fujifilm Healthcare
6.1.5 Koninklijke Philips NV
6.1.6 Neusoft Corporation
6.1.7 Siemens AG
6.1.8 Analogic Corporation
6.1.9 Shimadzu Corporations
6.1.10 Fonar Corporation
6.1.11 Mindray Medical International Limited
6.1.12 Hologic Inc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Africa Magnetic Resonance Imaging Industry Segmentation
As per the scope of the report, magnetic resonance imaging is a medical imaging technique used in radiology to produce pictures of the anatomy and the physiological processes of the body in both health and disease. These pictures are further used to diagnose and detect the presence of abnormalities in the body.
The African Magnetic Resonance Imaging (MRI) Market is segmented by Architecture (Closed MRI Systems and Open MRI Systems), Field Strength (Low Field MRI Systems, High Field MRI Systems, Very High and Ultra High MRI Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, and Other Applications), and Geography (South Africa, Egypt, Nigeria, Kenya, and Rest of Africa). The report offers the value (USD million) for the above segments.
| By Architecture | |
| Closed MRI Systems | |
| Open MRI Systems |
| By Field Strength | |
| Low Field MRI Systems | |
| High Field MRI Systems | |
| Very High and Ultra High MRI Systems |
| By Application | |
| Oncology | |
| Neurology | |
| Cardiology | |
| Gastroenterology | |
| Other Applications |
| Geography | |
| South Africa | |
| Egypt | |
| Nigeria | |
| Kenya | |
| Rest of the Africa |
Africa Magnetic Resonance Imaging Market Research FAQs
What is the current Africa Magnetic Resonance Imaging (MRI) Market size?
The Africa Magnetic Resonance Imaging (MRI) Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in Africa Magnetic Resonance Imaging (MRI) Market?
Canon Medical Systems Corporation, GE Healthcare, Siemens AG, Koninklijke Philips N.V and Hitachi Ltd. are the major companies operating in the Africa Magnetic Resonance Imaging (MRI) Market.
What years does this Africa Magnetic Resonance Imaging (MRI) Market cover?
The report covers the Africa Magnetic Resonance Imaging (MRI) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Magnetic Resonance Imaging (MRI) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Africa MRI Industry Report
Statistics for the 2024 Africa MRI market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Africa MRI analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
