Mexico Magnetic Resonance Imaging (MRI) Market Size

Mexico Magnetic Resonance Imaging (MRI) Market Analysis

The Mexico Magnetic Resonance Imaging (MRI) Market size is estimated at USD 0.14 billion in 2023 and is expected to reach USD 0.19 billion by 2028, registering a CAGR of 5.67% during the forecast period.

COVID-19 significantly impacted the Mexico MRI market during the initial wave since many imaging procedures were canceled or delayed due to the spread of COVID-19. However, the significance of MRI proved helpful during the pandemic. For instance, a study published in April 2021 in PlosOne journal demonstrated that COVID-19-infected patients experienced significant neurological complications in Mexico. So, to identify more underlying effects, MRI imaging facilities were utilized in the country, which created a demand for MRI equipment in Mexico during the pandemic. Thus, the Mexico MRI market kept its momentum during COVID-19. However, the market is expected to witness significant growth in the coming years due to the expansion of various key players in Mexico and technological advancements in MRI equipment.

Mexico is an emerging market with a vast potential for the growth of the magnetic resonance imaging (MRI) market owing to the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and musculoskeletal diseases, along with the presence of key market players and their strategic activities such as product launches, MRI equipment distribution, and acquisitions. For instance, according to the Government of Mexico's June 2023 update, 256 ischemic heart disease cases were reported from January 2021 to March 2021. The high prevalence of cardiac diseases within a short period in Mexico is likely to augment the demand for MRIs, fueling the market growth over the forecast period. Furthermore, the geriatric population is expected to fuel the market growth due to the high susceptibility of this population pool to developing chronic diseases. For instance, according to the World Bank 2022 update, the Mexican population aged 65 years and older was 10.3 million in 2021.

Additionally, the presence of key players and their strategic activities, like product launches, partnerships, and agreements, are expected to contribute to the market growth. For instance, in May 2021, K.A. Imaging signed a distribution agreement with Bio Scan S.A. de C.V. in Mexico. As the sole distributor in Mexico, Bio Scan was responsible for sales and support in full collaboration with K.A. Imaging territory-wide. Additionally, with the increasing application of MRI systems in the diagnosis of various diseases, along with the technological advancements and increasing adoption of the MRI systems, the studied market will further grow in Mexico during the forecast period of the study.

Thus, owing to the increase in chronic diseases and strategic activities by the key players, the MRI market in Mexico is expected to witness significant growth over the forecast period. However, factors such as the high cost of MRI systems are expected to hamper the growth of the MRI market over the years.