Argentina Magnetic Resonance Imaging (MRI) Market Size

Argentina Magnetic Resonance Imaging Market Analysis

The Argentina Magnetic Resonance Imaging (MRI) Market size is estimated at USD 0.16 billion in 2023 and is expected to reach USD 0.20 billion by 2028, registering a CAGR of 4.85% during the forecast period.

The COVID-19 pandemic affected the overall healthcare industry in Argentina due to an immense burden on hospitals to focus on COVID-19 patients during the pandemic. A significant reduction was observed in the diagnostic imaging sector during the pandemic. For instance, as per the data published by Cancer Medical Science Journal in July 2021, around a 26% reduction in cancer diagnoses was seen in Argentina during the initial wave of the pandemic. However, MRI was used in detecting various chronic diseases during COVID-19. For instance, as per an article published in May 2021 in PubMed, a study demonstrated the COVID-19 presentation, course, and outcomes in multiple sclerosis patients in Argentina. An MRI was performed on the selected patients to understand the growth of lesions. Hence, these studies utilizing MRI significantly increased the demand for MRI scanning in the country during the pandemic. Besides, in the coming years, the market is expected to witness significant growth due to the increase in the installation of MRI equipment in hospitals and the emergence of key players in the country.

Factors contributing to the market's growth include the growing geriatric population and the increasing burden of chronic diseases. For instance, a study presented during the Argentine Congress of Cardiology 2021 stated that 1 out of every 10 heart attacks in Argentina are in people under 45. Of these, 4 out of 10 occur in women. Thus, the nation's large population affected by heart disease requires appropriate cardiovascular disease diagnosis. This creates demand for MRI devices in the country, fuelling the market growth over the study period.

Furthermore, the presence of key players and their strategic activities, like mergers, acquisitions, and collaborations in Argentina, is expected to bolster the market growth over the study period. For instance, in January 2021, Konica Minolta Healthcare Americas and Argentina's healthcare distributor AGIMED reported implementing Konica Minolta imaging solutions across 34 hospitals in Argentina. Similarly, in March 2022, Hospital El Cruce de Florencio Varela invested ARS 84.24 million (USD 30.16 million) to install a new nuclear magnetic resonator which replaced the low-field resonator and increased the capacity of imaging services.

Thus, owing to the increase in chronic diseases and the rise in strategic activities by the key players, the studied market is expected to witness significant growth in Argentina over the forecast period. However, the high cost of MRI equipment is expected to hinder the market growth over the study period.