Market Trends of Africa Magnetic Resonance Imaging (MRI) Industry
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.
