Argentina MRI Market - Forecasts from 2024 to 2029

The Argentina MRI Market is evaluated at US$78.148 million for the year 2022 and is projected to grow at a CAGR of 3.24% to reach a market size of US$97.718 million by the year 2029.

Magnetic Resonance Imaging (MRI), as the name implies, is a medical imaging technique that uses magnetic fields and computer-generated radio waves to form detailed images of the tissues and organs of the patient. These machines are typically large, tube-shaped magnets. When a patient lies inside one of these, the magnetic field causes all the water molecules in the body to realign temporarily. The computer-generated radio waves cause these aligned molecules to emit light signals, which are then used to generate cross-sectional MRI images. Based on the architecture, MRIs are divided into closed and open MRI systems.  Based on field strength, the market is segmented into Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems. The increase in demand for healthcare is expected to fuel the market size in upcoming years.

MARKET DRIVERS:

The extensive applications of MRI in various fields like cardiology, oncology, and neurology are estimated to propel market growth.

MRI has a wide range of applications and could be used to diagnose and detect innumerable diseases. According to WHO (World Health Organisation), with the increase in age, the number of health abnormalities, such as cancer, obesity, diabetes, dementia, and Alzheimer's, is expected to increase. According to statistics reported by the World Data Bank, the geriatric population in Argentina has been steadily rising over the past few years and is expected to reach 11.37% in 2020. Furthermore, according to the International Agency for Research on Cancer, in 2020, 130,878 million new cancer cases were reported, of which breast cancer was observed to be the highest at 16.8%. Reportedly, about 70,074 citizens died from cancer that year. Additionally, the risk of mortality from cancer before 75 years of age was found to be 11.3%. According to the World Data Bank's (WDB) most recent statistics, 76.64% of deaths were caused by non-communicable diseases in 2019. Also, according to WDB, in 2021, the overall health expenditure was recorded at 9.5% of GDP in 2019. Subsequently, the need for an improvement in the quantity and quality of highly precise MRI equipment will also increase with time to tackle increasing diseases and populations. The advancements in innovations, technologies, research, and development across the country are bound to fuel the MRI market.

The investments and new development plans deployed by private companies in the healthcare sector are expected to propel the MRI market size in Europe during the forecasted period.

The increasing government's initiatives for the betterment of the healthcare sector are expected to drive the market size of MRI in the country. For instance, the approval of the World Bank's loan worth US$ 250 million to the government in March 2021 would be a key to strengthening Argentina's public health facilities through innovations and advancing technology. Furthermore, the advancements in research and technology and the various strategies and investments deployed by various competitors are enabling the market's growth. For instance, in February 2019, Canon Medical Systems introduced new features into MR software, making the workflow accurate and efficient for clinicians without compromising rising image quality and patients' comfort. The three software, SUREVOI Knee and KneeLine+, WFS DIXON, and Quick Star enable clinicians to make automated localized quick scans, take four contrasts with just one scan, and permit free-breathing image acquisition in areas where patients are typically required to hold their breath, respectively. Additionally, in November 2020, Konica Minolta Healthcare Inc. announced that Centro Rossi, an Argentine-based leading healthcare provider with 13 facilities across the capital of the country, will be implementing the former's Exa imaging platform across all of their facilities. The Exa platform, a zero-footprint web-based platform, employs server-side rendering to facilitate the rapid transfer of imaging reports, regardless of the speed of the internet. Also, in August 2021, Afga presented an online booth at ACDI (Argentina Congress of Diagnostic Imaging) to spread awareness among the public about their innovative solutions and the launch of the DR 100s mobile DR system' in Argentina.' DR 100s mobile DR system' has a user-friendly design that offers a swift, efficient workflow with the best image quality. Similar strategic expansions and acquisitions and growing demand for the healthcare sector are expected to fuel the market in the projected period.

Key Developments:

• November 2023- SyntheticMR has partnered with Philips to introduce SyMRI 3D, a next-generation imaging solution with isotropic resolution. The agreement allows SyMRI 3D to be included in Philips' global price book once regulatory clearance is obtained. This advanced imaging solution provides precise volumetric estimations of brain regions, enabling clinicians to gain deeper insights into brain structure and function. SyntheticMR AB develops and markets software solutions for Magnetic Resonance Imaging (MRI).
• July 2022- Canon Medical Systems has introduced its Vantage Fortian MRI system at ECR, offering innovative workflow solutions, image enhancement, and accelerated scan technology. The system includes a mobile interface for remote monitoring and in-room scan assist for automatic coil and patient position checks. It uses AI Clear-IQ Engine (AiCE) technology and compressed sensing and parallel imaging accelerated scan technologies.

Key Market Segments

By Type

• Close
• Open

By Application

• Screening
• Diagnosis
• Treatment Monitoring
• Research