Market Trends of South America MRI Industry
This section covers the major market trends shaping the South America MRI market according to our research experts:
Cardiology Segment Expected to Hold Significant Market Share During the Forecast Period
Cardiovascular MRI is a medical imaging technology for the non-invasive assessment of the function and structure of the cardiovascular system. Conventional MRI sequences are adapted for cardiac imaging using electrocardiography (ECG) gating and high temporal resolution protocols. Additionally, MRI systems are used for cardiology applications such as myocardial ischemia and viability, cardiomyopathies, myocarditis, iron overload, vascular diseases, and congenital heart disease. Thus, with the high burden of cardiovascular diseases (CVDs) in South America, the demand for MRI is increasing, thereby fueling segment growth.
The high number of CVD cases is expected to increase care for heart diseases, leading to increased adoption of MRI devices for diagnosing disorders. As per an article published in the European Heart Journal in August 2022, there was a more significant variation in mortality rates (per 1000 person per year) between countries in South America, with the highest in Argentina (5.98) and the lowest in Chile (4.07). At the same time, men had a higher incidence of CVD than women (4.48 vs. 2.60 per 1,000 population per year). This shows a high burden of CVD among the target population, which is further anticipated to drive the demand for cardiac MRI procedures, fueling the growth of the segment in South America. Therefore, owing to the factors above, the segment is anticipated to witness growth.
Brazil Anticipated to Witness Significant Growth During the Forecast Period
The magnetic resonance imaging (MRI) market in Brazil is expected to have healthy growth during the forecast period, owing to the increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and kidney diseases, the growing senior population in the country, and the rising awareness about various diseases.
Chronic diseases, especially cancer cases, are increasing in Brazil, increasing the demand for MRI scans for disease detection. According to the Globocan 2020 report, Brazil reported 592,212 new cancer cases in 2020, and the total number of five-year prevalent cancer cases was 1,563,761. The same report projected that cancer cases would reach 994,823 by 2040. With the rising prevalence of cancer in the country, the demand for MRI scanners is expected to increase for the detection and diagnostics of cases of cancer/tumor, which is expected to drive the growth of the market studied in Brazil.
Furthermore, the technological advancements in MRI systems and the launch of new products are expected to augment Brazil's market growth. For instance, in February 2021, Insightec received market approval from the Brazilian Health Regulatory Agency, ANVISA (Agência Nacional de Vigilância Sanitária), for its Exablate 4000 (Exablate Neuro) platform. The platform uses MR-guided focused ultrasound to precisely ablate tissue deep within the brain without incisions, enabling treatment for essential tremor and tremor-dominant Parkinson's disease.
Additionally, there is an increasing number of hospitals in Brazil which is fueling the demand for better healthcare equipment at the facilities and contributing to the market growth. Thus, owing to the factors mentioned above, the magnetic resonance imaging (MRI) market is expected to grow during the forecast period.
