Mexico Magnetic Resonance Imaging (MRI) Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.67 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mexico Magnetic Resonance Imaging (MRI) Market Analysis
The Mexico Magnetic Resonance Imaging (MRI) Market size is estimated at USD 0.14 billion in 2023 and is expected to reach USD 0.19 billion by 2028, registering a CAGR of 5.67% during the forecast period.
COVID-19 significantly impacted the Mexico MRI market during the initial wave since many imaging procedures were canceled or delayed due to the spread of COVID-19. However, the significance of MRI proved helpful during the pandemic. For instance, a study published in April 2021 in PlosOne journal demonstrated that COVID-19-infected patients experienced significant neurological complications in Mexico. So, to identify more underlying effects, MRI imaging facilities were utilized in the country, which created a demand for MRI equipment in Mexico during the pandemic. Thus, the Mexico MRI market kept its momentum during COVID-19. However, the market is expected to witness significant growth in the coming years due to the expansion of various key players in Mexico and technological advancements in MRI equipment.
Mexico is an emerging market with a vast potential for the growth of the magnetic resonance imaging (MRI) market owing to the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and musculoskeletal diseases, along with the presence of key market players and their strategic activities such as product launches, MRI equipment distribution, and acquisitions. For instance, according to the Government of Mexico's June 2023 update, 256 ischemic heart disease cases were reported from January 2021 to March 2021. The high prevalence of cardiac diseases within a short period in Mexico is likely to augment the demand for MRIs, fueling the market growth over the forecast period. Furthermore, the geriatric population is expected to fuel the market growth due to the high susceptibility of this population pool to developing chronic diseases. For instance, according to the World Bank 2022 update, the Mexican population aged 65 years and older was 10.3 million in 2021.
Additionally, the presence of key players and their strategic activities, like product launches, partnerships, and agreements, are expected to contribute to the market growth. For instance, in May 2021, K.A. Imaging signed a distribution agreement with Bio Scan S.A. de C.V. in Mexico. As the sole distributor in Mexico, Bio Scan was responsible for sales and support in full collaboration with K.A. Imaging territory-wide. Additionally, with the increasing application of MRI systems in the diagnosis of various diseases, along with the technological advancements and increasing adoption of the MRI systems, the studied market will further grow in Mexico during the forecast period of the study.
Thus, owing to the increase in chronic diseases and strategic activities by the key players, the MRI market in Mexico is expected to witness significant growth over the forecast period. However, factors such as the high cost of MRI systems are expected to hamper the growth of the MRI market over the years.
Mexico Magnetic Resonance Imaging (MRI) Market Trends
Neurology Segment is Expected to Witness a Significant Growth Over the Forecast Period
The neurology segment is expected to expand rapidly due to the rise in neurological disorders, the increasing aging population, and the rising healthcare expenditure in Mexico. For instance, according to the published in January 2021 in PubMed, in Mexico, traumatic brain injuries were ranked as the third leading cause of fatalities coupled with the rise in accidents. Furthermore, the presence of neurological diseases like parkinsonism, depression, etc., is expected to bolster market growth. For instance, according to the January 2023 update by the Government of Mexico, in Mexico, one in five people with a psychiatric disorder in the last 12 months received some care for this problem, and more than 75% of severe and moderate cases among adults did not receive medical or psychological care. Hence, due to the high burden of neurological diseases in Mexico, the demand for MRI equipment is likely to rise, thereby fueling segment growth over the forecast period.
Similarly, according to the July 2023 update by the Government of Mexico, it is estimated that every year in Mexico, 188 per 100,000 inhabitants suffer a stroke. Also, obesity-related metabolic dysfunction, dyslipidemia, and inflammation are factors in several illnesses and consequences on the neurological system. For instance, as per the World Obesity Atlas 2023, 47% of adults are likely to be obese in Mexico by 2035. Thus, a high percentage of obesity cases is expected to bolster the demand for MRI equipment over the forecast period.
Therefore, due to the rise in neurological diseases and the increase in the adoption of MRI in neurological studies, the studied segment is anticipated to witness significant growth over the forecast 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 in Mexico due to the rise in chronic diseases, product launches, and rapid technological advancements in closed MRI systems. For instance, according to the Non-Communicable Diseases Epidemiological Overview in Mexico, 2021, the national incidence rate of arterial hypertension was 157.6 cases per 100,000 inhabitants. The entity with the highest incidence until June 2021 was Baja California, with 517.6 cases per 100,000 inhabitants, followed by Chihuahua with 449.8 cases, Sinaloa with 419.6 cases, and Coahuila with 405 cases. Other states with high incidence rates were Zacatecas, Tamaulipas, Nayarit, and Veracruz. Thus, the high prevalence of chronic cardiac diseases is expected to increase the demand for closed MRI systems, contributing to segment growth over the forecast period.
Moreover, various advanced and multi-specialty healthcare centers in Mexico use closed MRI systems due to their benefits and accuracy. For instance, MRI scans at CMQ Hospitals in the Puerto Vallarta Region use advanced closed MRI systems for various disease identifications. Also, Canon's Mexican distributor, Tesa, distributes sophisticated Vantage Elan closed MRI systems with AI technology, noise removal, and compressed sensing scan acceleration technology. Thus, owing to the availability of closed MRI systems and their advantages in healthcare, the studied segment is expected to witness significant 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.
Mexico Magnetic Resonance Imaging (MRI) Industry Overview
The Mexico magnetic resonance imaging market is moderately competitive and has several major players. A few of the major players currently dominate the market in terms of market share. Companies like Siemens Healthcare GmbH, GE HealthCare, Canon Inc. (Canon Medical Systems Corporation), and Koninklijke Philips N.V. hold a significant market share in magnetic resonance imaging.
Mexico Magnetic Resonance Imaging (MRI) Market Leaders
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FUJIFILM Holdings Corporation
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Koninklijke Philips N.V.
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GE HealthCare
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Siemens Healthcare GmbH
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Canon Inc. (Canon Medical Systems Corporation)
*Disclaimer: Major Players sorted in no particular order
Mexico Magnetic Resonance Imaging (MRI) Market News
- December 2022: Universidad Nacional Autonoma de Mexico sponsored a clinical trial to understand the possible changes in motor function and the brain's functional connectivity through resting-state functional Magnetic Resonance Imaging (rs-fMRI) for subacute ischemic stroke outpatients associated with occupational therapy using interactive applications as a therapeutic complement, comparing with patients on conventional therapy.
- August 2022: Simon Hegele Healthcare Solutions launched a new service from its warehouse in Mexico City: cooling and storing magnetic resonance imaging instruments in a specially equipped cryo farm.
Mexico Magnetic Resonance Imaging (MRI) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Advancements in MRI Systems
4.2.2 Growing Number of Chronic Diseases
4.3 Market Restraints
4.3.1 High Cost of MRI Systems
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Architecture
5.1.1 Closed MRI Systems
5.1.2 Open MRI Systems
5.2 By Field Strength
5.2.1 Low Field MRI Systems
5.2.2 High Field MRI Systems
5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
5.3 By Application
5.3.1 Oncology
5.3.2 Neurology
5.3.3 Cardiology
5.3.4 Gastroenterology
5.3.5 Musculoskeletal
5.3.6 Other Applications
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Inc. (Canon Medical Systems Corporation)
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE HealthCare
6.1.4 Koninklijke Philips NV
6.1.5 Siemens Healthcare GmbH
6.1.6 Esaote SpA
6.1.7 Fonar Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mexico Magnetic Resonance Imaging (MRI) Industry Segmentation
As per the scope of the report, magnetic resonance imaging is a medical imaging technique 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. The Mexico Magnetic Resonance Imaging (MRI) Market is Segmented by Architecture (Closed MRI Systems and Open MRI Systems), Field Strength (Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Other Applications). The report offers the value (in USD) for the above segments.
| 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 | |
| Musculoskeletal | |
| Other Applications |
Mexico Magnetic Resonance Imaging (MRI) Market Research FAQs
What is the current Mexico Magnetic Resonance Imaging (MRI) Market size?
The Mexico Magnetic Resonance Imaging (MRI) Market is projected to register a CAGR of 5.67% during the forecast period (2024-2029)
Who are the key players in Mexico Magnetic Resonance Imaging (MRI) Market?
FUJIFILM Holdings Corporation, Koninklijke Philips N.V., GE HealthCare, Siemens Healthcare GmbH and Canon Inc. (Canon Medical Systems Corporation) are the major companies operating in the Mexico Magnetic Resonance Imaging (MRI) Market.
What years does this Mexico Magnetic Resonance Imaging (MRI) Market cover?
The report covers the Mexico Magnetic Resonance Imaging (MRI) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Magnetic Resonance Imaging (MRI) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Magnetic Resonance Imaging (MRI) Industry Report
Statistics for the 2024 Mexico Magnetic Resonance Imaging (MRI) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Magnetic Resonance Imaging (MRI) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
