Brazil Magnetic Resonance Imaging (MRI) Market Size

Brazil Magnetic Resonance Imaging (MRI) Market Analysis

The Brazil Magnetic Resonance Imaging (MRI) Market size is estimated at USD 304.63 million in 2023 and is expected to reach USD 393.06 million by 2028, registering a CAGR of 5.23% during the forecast period.

The COVID-19 pandemic affected the market studied extensively during the initial months of the pandemic. Due to the significance of MRI scans in diagnosing COVID-related neurological and cardiovascular ailments in Brazil, the market witnessed growth during the pandemic. For instance, according to a study published in MedRxiv in April 2021, patients with COVID-19 developed neurological symptomatology with consequent repercussions on imaging examinations. Different peripherical and central nervous system abnormalities were reported in patients with COVID-19, such as focal cerebral arteriopathy, acute ischemic infarct, hemorrhage, acute hemorrhagic necrotizing encephalopathy, and microhemorrhage. As per the study, 40% of COVID-19 patients from the brain scan group were abnormal on brain CT and MRI, around 22.9% of cases experienced bleeding or micro bleeding, and 8.6% encountered restricted diffusion lesions. The neurological complications were majorly identified in recovered patients through MRI findings; this created a huge demand for MRI in Brazil, which helped to keep the market studied steadily during the pandemic. In the coming years, the market is expected to witness significant growth owing to the increase in chronic diseases utilizing MRI devices and advancements in MRI equipment in Brazil.

Factors such as an increase in chronic diseases, a rise in the installation of MRI devices in hospitals, and rapid technological advancements in MRI devices are expected to drive market growth in Brazil. For instance, according to the Estimated Cancer Incidence in Brazil, 704,000 new cancer cases are estimated to be diagnosed in 2023 in Brazil. Excluding non-melanoma skin cancer, it is expected the occurrence of 483,000 new cases, 49.5% in males (239,000 new cases) and 50.5% (244,000 new cases) in females. Childhood and adolescent cancer (0 to 19 years) is expected to account for 7,900 cases, with a slight increase among males, with 4,200 new cases and 3,700 for females in 2023. Thus, owing to the high incidence rate of cancer in Brazil, the demand for MRIs is expected to rise, fuelling the market growth over the forecast period.

Additionally, rapid advancements and innovations in MRI equipment in Brazil are expected to propel market growth. For instance, in April 2021, Diagnostics da America SA (DASA), a medical diagnostics company in Brazil, developed an automated system for classifying brain MRI scans as either "likely normal" or "likely abnormal." The approach relies on a convolutional neural network (CNN), a sophisticated Artificial Intelligence (AI) type that allows the model to learn directly from the images. Technological advancements such as the deployment of AI in MRI scanning are expected to drive the growth of the MRI scanners market in Brazil.

Therefore, with the advantages of MRI in detecting various chronic ailments and the increasing technological advancements in the magnetic resonance imaging technique, the market studied is expected to witness substantial growth over the forecast period. However, the high cost of MRI equipment is expected to hinder the market growth over the study period.