South America MRI Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

TThe South America MRI Market is segmented by Architecture (Closed MRI Systems, Open MRI Systems) Field Strength, Application and by Geography.

Market Snapshot

CAGR
Study Period: 2018 - 2026
Base Year: 2019
CAGR: 4.8 %

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Market Overview

South American countries like Argentina, Brazil, and Chile have an emerging economy. The healthcare setup is improving and becoming more affordable, making advanced diagnostic procedures like MRI more affordable. Furthermore, an increase in technological advancements, such as the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiations, rising adoption of MRI in the region is boosting the market growth.

To tap the growth opportunities in emerging markets, companies such as GE and Philips have developed MRI systems with a smaller footprint to be installed in smaller hospitals and are simple, easy to use, and economical to install and maintain. 

However, the overall cost of MRI is a huge investment for healthcare providers. With the high cost of investment and regular repair work is involved, very few companies can provide high-quality machines, restraining the market growth.

Scope of the report

Magnetic resonance imaging is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body. These pictures are further used to diagnose and detect the presence of abnormalities in the body.

By Architecture
Closed MRI Systems
Open MRI Systems
By Field Strength
Low Field MRI Systems
High Field MRI Systems
Very High Field MRI Systems and Ultra-high MRI Systems
By Application
Oncology
Neurology
Cardiology
Gastroenterology
Other Applications
Geography
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Neurology Segment Holds the Largest Market Share Currently and is Believed to Continue the Same Over the Forecast Period

The brain and neurological segment are expected to hold the largest market share owing to the increasing aging population and growing awareness of diagnosis. Increasing neurological condition in the region is the main driver for the segment growth. Neurological uses of MRI systems include the diagnosis of brain and spinal cord tumors, infections, and vascular irregularities, which may lead to stroke. MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, and it can even document brain injury from trauma. 

According to an article published in 2017, by Edgardo Cristiano, the prevalence of multiple sclerosis in the region ranges from 0.83 to 38.2 cases per 100,000 inhabitants. the study also stated that the prevalence of this disease and incidence increased in the last five years The growing burden of these diseases is boosting the market growth.

multiple sclerosis

Competitive Landscape

In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increased awareness of healthcare and early diagnosis and technological Developments

      2. 4.2.2 Increasing Burden of Chronic Diseases

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of MRI Systems and Decreasing Helium Availabilty

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Architecture

      1. 5.1.1 Closed MRI Systems

      2. 5.1.2 Open MRI Systems

    2. 5.2 By Field Strength

      1. 5.2.1 Low Field MRI Systems

      2. 5.2.2 High Field MRI Systems

      3. 5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems

    3. 5.3 By Application

      1. 5.3.1 Oncology

      2. 5.3.2 Neurology

      3. 5.3.3 Cardiology

      4. 5.3.4 Gastroenterology

      5. 5.3.5 Other Applications

    4. 5.4 Geography

      1. 5.4.1 South America

        1. 5.4.1.1 Brazil

        2. 5.4.1.2 Argentina

        3. 5.4.1.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Siemens Healthcare GmbH

      2. 6.1.2 Koninklijke Philips NV

      3. 6.1.3 GE Healthcare

      4. 6.1.4 Fonar Corporation

      5. 6.1.5 Canon Medical Systems Corporation

      6. 6.1.6 Aurora Imaging Technology

      7. 6.1.7 Hitachi Ltd

      8. 6.1.8 Esaote SpA

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The South America MRI Market market is studied from 2018 - 2026.

The South America MRI Market is growing at a CAGR of 4.8% over the next 5 years.

Siemens Healthcare GmbH, Koninklijke Philips NV, GE Healthcare, Hitachi Ltd, Canon Medical Systems Corporation are the major companies operating in South America MRI Market.

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