Market Size of Mexico Magnetic Resonance Imaging (MRI) Industry
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 |
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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) 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 Size Summary
The magnetic resonance imaging (MRI) market in Mexico is poised for significant growth, driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular, and musculoskeletal disorders. The market's expansion is further supported by the strategic activities of key players, including product launches, equipment distribution, and acquisitions. The demand for MRI systems is bolstered by the aging population, which is more susceptible to chronic conditions, and the rising incidence of neurological disorders. Technological advancements in MRI equipment and the growing application of these systems in disease diagnosis are expected to contribute to the market's robust growth trajectory over the forecast period.
Despite the challenges posed by the high cost of MRI systems, the market is expected to thrive due to the presence of major players like Siemens Healthcare, GE HealthCare, Canon Inc., and Koninklijke Philips N.V., who hold significant market shares. The closed MRI segment, in particular, is anticipated to witness substantial growth, fueled by the high prevalence of chronic diseases and the advantages of advanced closed MRI systems in healthcare settings. The market's competitive landscape is characterized by strategic partnerships and technological innovations, which are likely to enhance the availability and adoption of MRI systems across Mexico, thereby driving market growth in the coming years.
Mexico Magnetic Resonance Imaging (MRI) Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Advancements in MRI Systems
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1.2.2 Growing Number of Chronic Diseases
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1.3 Market Restraints
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1.3.1 High Cost of MRI Systems
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Architecture
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2.1.1 Closed MRI Systems
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2.1.2 Open MRI Systems
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2.2 By Field Strength
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2.2.1 Low Field MRI Systems
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2.2.2 High Field MRI Systems
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2.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
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2.3 By Application
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2.3.1 Oncology
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2.3.2 Neurology
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2.3.3 Cardiology
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2.3.4 Gastroenterology
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2.3.5 Musculoskeletal
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2.3.6 Other Applications
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Mexico Magnetic Resonance Imaging (MRI) Market Size 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.