Argentina Magnetic Resonance Imaging Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.85 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Argentina Magnetic Resonance Imaging Market Analysis
The Argentina Magnetic Resonance Imaging (MRI) Market size is estimated at USD 0.16 billion in 2023 and is expected to reach USD 0.20 billion by 2028, registering a CAGR of 4.85% during the forecast period.
The COVID-19 pandemic affected the overall healthcare industry in Argentina due to an immense burden on hospitals to focus on COVID-19 patients during the pandemic. A significant reduction was observed in the diagnostic imaging sector during the pandemic. For instance, as per the data published by Cancer Medical Science Journal in July 2021, around a 26% reduction in cancer diagnoses was seen in Argentina during the initial wave of the pandemic. However, MRI was used in detecting various chronic diseases during COVID-19. For instance, as per an article published in May 2021 in PubMed, a study demonstrated the COVID-19 presentation, course, and outcomes in multiple sclerosis patients in Argentina. An MRI was performed on the selected patients to understand the growth of lesions. Hence, these studies utilizing MRI significantly increased the demand for MRI scanning in the country during the pandemic. Besides, in the coming years, the market is expected to witness significant growth due to the increase in the installation of MRI equipment in hospitals and the emergence of key players in the country.
Factors contributing to the market's growth include the growing geriatric population and the increasing burden of chronic diseases. For instance, a study presented during the Argentine Congress of Cardiology 2021 stated that 1 out of every 10 heart attacks in Argentina are in people under 45. Of these, 4 out of 10 occur in women. Thus, the nation's large population affected by heart disease requires appropriate cardiovascular disease diagnosis. This creates demand for MRI devices in the country, fuelling the market growth over the study period.
Furthermore, the presence of key players and their strategic activities, like mergers, acquisitions, and collaborations in Argentina, is expected to bolster the market growth over the study period. For instance, in January 2021, Konica Minolta Healthcare Americas and Argentina's healthcare distributor AGIMED reported implementing Konica Minolta imaging solutions across 34 hospitals in Argentina. Similarly, in March 2022, Hospital El Cruce de Florencio Varela invested ARS 84.24 million (USD 30.16 million) to install a new nuclear magnetic resonator which replaced the low-field resonator and increased the capacity of imaging services.
Thus, owing to the increase in chronic diseases and the rise in strategic activities by the key players, the studied market is expected to witness significant growth in Argentina over the forecast period. However, the high cost of MRI equipment is expected to hinder the market growth over the study period.
Argentina Magnetic Resonance Imaging Market Trends
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.
Argentina Magnetic Resonance Imaging Industry Overview
The Argentina magnetic resonance imaging market is highly competitive and has several major players. A few of the major players currently dominate the market in terms of market share. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at lower prices. Companies like Siemens Healthcare GmbH, GE HealthCare, Canon Inc. (Canon Medical Systems Corporation), and Koninklijke Philips NV hold a significant market share in the magnetic resonance imaging market.
Argentina Magnetic Resonance Imaging Market Leaders
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Fujifilm Holdings Corporation
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Koninklijke Philips NV
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Siemens Healthcare GmbH
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GE HealthCare
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Canon Inc. (Canon Medical Systems Corporation)
*Disclaimer: Major Players sorted in no particular order
Argentina Magnetic Resonance Imaging Market News
- April 2023: The Garrahan inaugurated a new state-of-the-art magnetic resonator. The equipment has a 3 Tesla high-field magnet, which will optimize spatial resolution, improving the quality of the images. This technology reduces study time, a highly relevant feature for pediatric patients.
- October 2022: The Olivos Clinic of the Swiss Medical Group, located in the northern part of the Province of Buenos Aires, acquired the Philips MR5300 Resonator, the first with these characteristics in Latin America. It also has the VitalScreen system, which assists operators in conducting accurate patient examinations.
Argentina Magnetic Resonance Imaging 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
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4.2 Market Drivers
- 4.2.1 Increasing Prevalence of Chronic Diseases and Rise in Geriatric Population
- 4.2.2 Rise in Advancements in Magnetic Resonance Imaging Equipment
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4.3 Market Restraints
- 4.3.1 High Cost of MRI Systems
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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)
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5.1 By Architecture
- 5.1.1 Closed MRI Systems
- 5.1.2 Open MRI Systems
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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
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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
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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
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Argentina Magnetic Resonance Imaging Industry Segmentation
As per the scope of the report, magnetic resonance imaging is a medical imaging technique that is 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 Argentina Magnetic Resonance Imaging 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 |
Argentina Magnetic Resonance Imaging Market Research FAQs
What is the current Argentina Magnetic Resonance Imaging (MRI) Market size?
The Argentina Magnetic Resonance Imaging (MRI) Market is projected to register a CAGR of 4.85% during the forecast period (2024-2029)
Who are the key players in Argentina Magnetic Resonance Imaging (MRI) Market?
Fujifilm Holdings Corporation, Koninklijke Philips NV, Siemens Healthcare GmbH, GE HealthCare and Canon Inc. (Canon Medical Systems Corporation) are the major companies operating in the Argentina Magnetic Resonance Imaging (MRI) Market.
What years does this Argentina Magnetic Resonance Imaging (MRI) Market cover?
The report covers the Argentina Magnetic Resonance Imaging (MRI) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Argentina Magnetic Resonance Imaging (MRI) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Argentina Magnetic Resonance Imaging Industry Report
Statistics for the 2024 Argentina Magnetic Resonance Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Argentina Magnetic Resonance Imaging analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
