Market Trends of Brazil Magnetic Resonance Imaging (MRI) Industry
Oncology is Expected to Witness Strong Growth Over the Forecast Period
MRI is an imaging test that can detect tumor/cancerous cells in the body and can also be used to look for signs that cancer may have metastasized (spread) from where it started to another part of the body. MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body, which doctors later use to diagnose cancerous cells/tissue. The oncology segment is expected to witness significant growth owing to the rise in cancer cases in Brazil, the increase in the adoption of MRI equipment for tumor diagnosis, and the rise in healthcare expenditure in Brazil. For instance, as per the Estimated Cancer Incidence in Brazil 2023-2025, Males in the South area are expected to have the highest incidence of lung cancer (24.19/100,000), double the rate for all other regions in Brazil during 2023-2025.
Furthermore, adopting MRI equipment in breast cancer diagnosis across Brazil is expected to drive market growth over the forecast period. For instance, as per the study published in March 2021 by Radiologia Brasileira, breast magnetic resonance imaging (MRI) is primarily used to screen high-risk individuals. The technique is still underutilized in Brazil for identifying high-risk females, staging the illness, and assessing how well it responds to neoadjuvant treatment. Additionally, the presence of key players and their strategic activities across Brazil is expected to bolster market growth. For instance, in January 2021, Hospital e Maternidade acquired an MRI machine, differentials of the 3 Tesla Signa Pioneer magnetic resonance equipment from the GE. The new acquisition at Hospital e Maternidade Brasil integrates the extensive radiology service with two other 1.5 Tesla magnetic resonance equipment.
Thus, owing to the rise in cancer cases and the adoption of MRI equipment in cancer detection, the studied segment is expected to witness significant growth over the study period.
Closed MRI Systems is Expected to Witness a Significant Growth Over the Forecast Period
A closed MRI machine is a capsule or tube-like space in which the patient can lie in the center while images are taken of their body. The system includes a large magnet and radio wave that sends and receives signals to and from the body. 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 the February 2023 update by the Ministry of Health Brazil, at least 25% of patients with epilepsy condition in Brazil are in severe stages. Thus, the increased risk and prevalence of chronic neurological disorders like epilepsy are expected to increase the demand for closed MRI systems, contributing to segment growth over the forecast period.
Additionally, the presence of key players and their strategic product launches, agreements, and market expansion in Brazil is expected to bolster the market growth over the forecast period. For instance, in August 2021, SyntheticMR entered a general software license agreement for distribution with Siemens Healthineers. The agreement enables Siemens Healthineers to market, sell, and distribute SyntheticMR's product package SyMRI NEURO to their customers in various markets, including Brazil. Similarly, in January 2023, hospital Nipo-Brasileiro invested in new diagnostic imaging technologies. Thus, an increase in the installation of MRI is expected to increase the demand to adopt closed MRI systems, fueling the market growth over the forecast period.
Therefore, due to the high prevalence of chronic diseases and strategic activities by the key players, the studied segment is expected to grow significantly over the study period.
