Market Size of South America MRI Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 615.18 Million |
| Market Size (2029) | USD 815.13 Million |
| CAGR (2024 - 2029) | 5.79 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America MRI Market Analysis
The South America MRI Market size is estimated at USD 615.18 million in 2024, and is expected to reach USD 815.13 million by 2029, growing at a CAGR of 5.79% during the forecast period (2024-2029).
The COVID-19 pandemic impacted the market due to the reduction in surgical and diagnostic procedures across the region. However, currently, the pandemic situation is normalized throughout South America, and diagnostic imaging procedures such as MRI are increasing at a steady pace. Various research is also undergoing to find the benefits of MRI for several other diseases. For instance, as per a research article published in SciELO in June 2022 by a group of researchers from Brazil, in the preoperative assessment of femoral and acetabular versions in cases of dysplastic hips (DDH), MRI plays an important role. MRI can preclude the need for routine femoral de-rotation in surgical management. Such research indicated that the pandemic had a significant impact on the market studied. However, currently, the market has reached its pre-pandemic nature in terms of demand for MRI and is expected to witness healthy growth in coming years.
Factors such as increased awareness of healthcare, early diagnosis, technological developments, and the increasing burden of chronic diseases in South America are anticipated to contribute to the market growth during the forecast period.
According to an article published in BMC Urology in June 2022, prostate cancer (PCa) cases were increasing in Brazil, and nearly 65,000 new cases were reported in 2020. This burden of PCa increases the demand for MRI for cancer diagnosis. Additionally, the same data reported that in Brazil, 9.2% of urologists have access to an MRI of the pelvis without a specific prostate protocol (multiparametric MRI (mpMR), while 1.5 and 3.0 Tesla mpMRI is available for 40.9% and 34.2% of urologists, respectively. Thus, while the burden of cancer is driving awareness about early diagnosis, the availability of technically advanced devices is fuelling the demand for MRI scanners in the region. This is further expected to contribute to the overall market growth.
Therefore, the market studied is expected to grow significantly over the analysis period due to the above-mentioned factors. However, the high cost associated with MRI systems and decreasing helium availability are expected to restrain the market growth.
