The South American MRI market is projected to grow at a CAGR of 0.85% to reach US$685.533 million by 2029, from US$646.276 million in 2022.
Magnetic Resonance Imaging (MRI) is a non-invasive medical imaging technique that uses magnets, radio waves, and a computer to generate detailed images of the body's internal structures. Unlike X-rays or CT scans, MRI does not use ionizing radiation, making it a safer option. MRI is particularly useful for imaging soft tissues like the brain, spinal cord, muscles, and internal organs. The South American MRI market is experiencing growth due to increasing disease prevalence, growing healthcare infrastructure, and technological advancements. The market is diverse, with countries like Brazil, Argentina, and Colombia leading in healthcare infrastructure and technology adoption. The adoption of advanced medical imaging technologies may vary between urban and rural areas within each country. Government initiatives and policies related to healthcare can significantly influence the adoption of MRI technology, with subsidies, incentives, and funding impacting the accessibility of MRI services.
Factors such as improved healthcare infrastructure in emerging countries such as Argentina, Brazil, and Chile are expected to drive regional magnetic resonance imaging market growth. The high cost of investment and regular work repair can act as a major restraint on the overall market growth across the region. To tap the growing opportunities in developing markets across the region, companies such as GE and Philips are making significant developments in MRI systems, which are projected to have a positive impact on the overall market growth. The market is segmented by type, application, and by country.
MARKET DRIVERS:
MRI is a crucial diagnostic tool for neurological disorders, with its high-resolution images providing detailed information. The aging population in South America and global prevalence of neurological disorders like dementia and Parkinson's disease drive demand for advanced diagnostic tools, while improved healthcare infrastructure and availability support this growing demand. Factors contributing to the growth of the market across the region are the rising incidence of neurological disorders such as brain and spinal cord tumours, vascular abnormalities, and various types of infections that may lead to stroke. MRI detects the disorders and monitors the degenerative disorders such as multiple sclerosis and brain injury from trauma. The prevalence of multiple sclerosis in South America ranges from 0.83 to 38.2 cases per 100,000 inhabitants (Source: Edgardo Cristiano). The prevalence of neurological disorders has increased in the last five years, which is boosting the market growth.
Higher healthcare spending enables the acquisition and continuous upgrading of medical equipment, including MRI machines, ensuring accurate diagnoses and improved patient care. It also provides access to advanced diagnostic services, meeting the growing demand for imaging procedures. Government initiatives and policies can positively impact the availability of MRI services, especially in underserved or remote areas, promoting a more equitable distribution of healthcare resources. Rising expenditure on healthcare services in countries like Brazil and Argentina is anticipated to drive market growth during the forecast period. Brazil is the largest healthcare market in Latin America. The country spends 9.1% of its GDP on healthcare. Brazil’s Unified Healthcare System provides healthcare services such as medical diagnostics and treatment to at least 70% of the country’s total population. Additionally, the Ministry of Health is regulating and encouraging the expansion of complementary and integrative practices in the public system, mostly at the municipal level, which is anticipated to have a positive impact on the overall market growth.
MARKET RESTRAINT:
MRI machines come in various sizes and magnetic strengths, with average sales prices varying based on field strength and architecture. 1.5T systems cost between USD 1-2 million, 1.5T systems with superconducting magnets from USD 1.5-3 million, and high-field (3T) systems from USD 2.5-5 million. The cost increases with features, limiting adoption among small end users with controlled budgets and relying on government and private insurance bodies for financing.
Key Developments:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$646.276 million |
| Market Size Value in 2029 | US$685.533 million |
| Growth Rate | CAGR of 0.85% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segments Covered |
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| Companies Covered | |
| Regions Covered | Brazil, Argentina, Others |
| Customization Scope | Free report customization with purchase |
Market Segmentation