Market Trends of Middle East And Africa Magnetic Resonance Imaging (MRI) Industry
Oncology Segment is Expected to Show Significant Growth During the Forecasted Years
- Factors such as the increasing prevalence of cancer coupled with research studies are expected to drive market growth in the future. The oncology segment deals with the diagnosis and treatment of tumors and cancers. According to the International Agency for Research on Cancer (IARC) estimations, 36,096 new cancer cases are likely to be reported in Israel by 2030, expected to rise to 44,166 by 2040. Thus, with the rising incidence of cancer, the magnetic resonance imaging market in the Middle East and Africa region is estimated to witness healthy growth over the forecasted period.
- According to a research paper published in March 2022 in ASCO journal, 2.4% of all new cancer cases worldwide, or 463,675 cases, were predicted to occur in Arab nations. 52.9% of that total were malignancies in women, compared to 47.8% globally. Compared to the global average of 186 per 100,000 people, the age-standardized incidence rate (ASIR) for Arab women was 137.7 per 100,000 (WFCs). Therefore, it is anticipated that the increased frequency of cancer among Arab females relative to the global average will spur market expansion.
- In addition, advanced technologies and artificial intelligence in MRI systems are likely to make it possible to diagnose cases that haven't shown any significant symptoms so that patients can get the treatment they need in the early stages of the disease.
- For instance, in October 2021, Nizamiye Hospital Abuja, Nigeria, inaugurated a GE 1.5 Tesla state-of-the-art magnetic resonance imaging (MRI) machine to diagnose and monitor treatment for various conditions within significant body components. It is a newly commissioned MRI machine with a multifunctional machine capable of diagnosing various body parts, 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 are raising awareness among people about early diagnosis of diseases for prevention, and faster cure is expected to boost the segment growth over the forecast period.
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South Africa is Expected to Hold Significant Share of the Market Over the Forecast Period
- South Africa is expected to hold a major share of the studied market over the forecast period owing to factors such as the increasing prevalence of diseases and the increasing product launches by key players. For instance, in November 2021, Siemens Healthineers unveiled the Magnetom FreeStar whole-body MRI scanner with the intention of expanding access to magnetic resonance imaging globally, particularly in Africa.
- In addition, the demand for MRI scanners for the detection and diagnosis of cancer/tumor cases is anticipated to rise with the country's rising cancer prevalence. This is anticipated to fuel the country's market expansion. The burden of chronic diseases is anticipated to rise as the country's geriatric population rises, which is likely to stimulate the development of magnetic resonance imaging.
- For instance, the United Nations Population Fund's World Population Dashboard's Statistics 2021 shows that in South Africa, 65.8% of the population is between the ages of 15 and 64, while 5.6% of the population is 65 years of age or older. Thus, as the geriatric population increases, the utilization of MRI services is anticipated to rise, thereby promoting market growth over the forecast period.
- Furthermore, the presence of competitors, product launches, and collaboration in the field of MRI are anticipated to drive market growth in South Africa. 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 technology 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 increase in the geriatric population and the rise in MRI product launches, South Africa is anticipated to hold a major share of the studied market over the forecast period.
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