South Africa Magnetic Resonance Imaging Market Size

South Africa Magnetic Resonance Imaging Market Analysis

The South Africa Magnetic Resonance Imaging Market size is estimated at USD 1.31 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of 4.45% during the forecast period (2024-2029).

COVID-19 impacted the magnetic resonance imaging market in South Africa. Thus, the pandemic had an adverse effect on the studied market's growth. As per the article published in May 2021 in Gauteng, South Africa, by the National Institute of Health, radiographers use chest computed tomography (CT), lung ultrasound, magnetic resonance imaging (MRI), and chest radiographs to aid in the diagnosis, management, and treatment of COVID-19. This contributed largely to the growth of the MRI device market in South Africa. However, the market has reached its pre-pandemic nature in terms of demand for MRI and is expected to witness healthy growth in the coming years.

Factors such as the increasing prevalence of diseases and research studies are expected to increase market growth. According to the study published in the BMJ Open Journal in February 2022, hypertension contributes to 6,100 new cases of chronic renal disease, 14,000 cases of ischemic heart disease, and 13,300 strokes annually. MRI is a safe and effective screening method for secondary causes of hypertension, which will increase the demand for MRI over the forecast period.

Additionally, according to a research study published in PLOS in February 2021, osteoarthritis is the most prevalent form of arthritis in South Africa. The same source also reported that the disease had a prevalence rate of 55.1% in urban settings and between 29.5% and 82.7% in adults over 65 in rural settings. Similarly, according to the PLOS research article published in January 2021, the remaining lifetime risk of hip fracture at 50 in men and women was 1.4% and 1.1%, respectively. 

The rising incidence of hip fractures suggested that the estimated number nationwide of people over 50 in 2021 was 103. This number is predicted to increase by more than threefold, to 372, in 2050. Therefore, the rising prevalence of chronic diseases among the geriatric population and increasing orthopedic disorders may propel the demand for MRI, driving market growth over the forecast period.

Thus, all the factors above, such as the high burden of chronic diseases, are expected to propel the market's growth over the forecast period. However, it is anticipated that market expansion in South Africa will be constrained by inadequate reimbursement and the high equipment cost.