Market Trends of Argentina Magnetic Resonance Imaging (MRI) Industry
Musculoskeletal Segment is Expected to Witness Strong Growth Over the Forecast Period
A powerful magnetic field and radio waves are used in magnetic resonance imaging (MRI) to provide exact pictures of bones, soft tissues, and joints. It is typically the best method for examining the body to look for degenerative disorders, tumors, and traumas. The musculoskeletal segment is expected to witness significant growth owing to the high prevalence of musculoskeletal diseases, a rise in the geriatric population, an increase in accidents and injuries, rapid technological developments, and the advantages MRI equipment offers in diagnosing different types of musculoskeletal diseases in Argentina.
The high prevalence of injuries and accidents in Argentina is expected to drive market growth since the MRI properly identifies fractures. For instance, as per an article published in Physical Therapy in Sport in December 2022, an observational study was conducted in Argentina to analyze match and training injury incidence rates and burden during pre-pandemic and post-pandemic seasons. The incidence rates for concussions and post-lockdown hamstring strain injuries (HSI) during matches were substantially greater compared to pre-pandemic season. Also, the lower limbs were the most affected area during both seasons, accounting for 60.8% of injuries in 2021. This showed that the injury rates among rugby players increased after the pandemic, which has increased the demand for MRI devices, which is anticipated to fuel the market growth in the country over the forecast period.
Furthermore, according to the United Nations Population Fund's World Population Dashboard 2021's Data in Argentina, a large proportion of the population is aged between 15-64 years and accounts for 64.2% and 11.5% of the country's population 65 years and above. Since the elderly population has an increased risk of various chronic diseases, the rising burden of the geriatric population is expected to drive the growth of the studied magnetic resonance imaging market in Argentina.
Thus, owing to the high prevalence of musculoskeletal diseases and injuries coupled with the rise of the geriatric population, the studied segment is expected to grow significantly over the forecast period.
Closed MRI Systems is Expected to Witness a Significant Growth Over the Forecast Period
A closed MRI machine has a form like a tube or a capsule where the patient may lie while having their body scanned. Signals are sent and received to and from the body using a powerful magnet and radio wave as part of the system.
The closed MRI segment is expected to witness significant market growth due to the rise in chronic diseases, product launches, and rapid technological advancements in closed MRI systems. For instance, according to an article published in Medicine Journal in December 2021, when an exploratory study was conducted in Argentina, 30.3% of the sample reported suffering from some chronic disease, among which 4.45% of people reported chronic cardiovascular disease (CVD). As chronic CVD cases often require better diagnosis and surgery for treatment, these cases are likely to create a demand for closed MRI imaging, thereby fueling segment growth over the forecast period. Furthermore, the government authorities' investment in healthcare is expected to bolster the segment growth over the forecast period. For instance, the National Ministry of Health transferred to all jurisdictions a total of ARS 23,008 million (USD 82,388) during the year 2022 to strengthen the health capacities of each province in Argentina. Thus, the high investment to support the healthcare sector in Argentina is expected to increase the utilization of closed MRI devices, thereby fueling the segment growth over the forecast period.
Therefore, due to the high prevalence of chronic diseases and investments by the government authorities, the studied segment is expected to grow significantly over the study period.
