Market Size of South Africa Magnetic Resonance Imaging Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 1.31 Billion |
Market Size (2029) | USD 1.63 Billion |
CAGR (2024 - 2029) | 4.45 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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South Africa Magnetic Resonance Imaging Market Analysis
The South Africa Magnetic Resonance Imaging Market size is estimated at USD 1.31 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of 4.45% during the forecast period (2024-2029).
COVID-19 impacted the magnetic resonance imaging market in South Africa. Thus, the pandemic had an adverse effect on the studied market's growth. As per the article published in May 2021 in Gauteng, South Africa, by the National Institute of Health, radiographers use chest computed tomography (CT), lung ultrasound, magnetic resonance imaging (MRI), and chest radiographs to aid in the diagnosis, management, and treatment of COVID-19. This contributed largely to the growth of the MRI device market in South Africa. However, the market has reached its pre-pandemic nature in terms of demand for MRI and is expected to witness healthy growth in the coming years.
Factors such as the increasing prevalence of diseases and research studies are expected to increase market growth. According to the study published in the BMJ Open Journal in February 2022, hypertension contributes to 6,100 new cases of chronic renal disease, 14,000 cases of ischemic heart disease, and 13,300 strokes annually. MRI is a safe and effective screening method for secondary causes of hypertension, which will increase the demand for MRI over the forecast period.
Additionally, according to a research study published in PLOS in February 2021, osteoarthritis is the most prevalent form of arthritis in South Africa. The same source also reported that the disease had a prevalence rate of 55.1% in urban settings and between 29.5% and 82.7% in adults over 65 in rural settings. Similarly, according to the PLOS research article published in January 2021, the remaining lifetime risk of hip fracture at 50 in men and women was 1.4% and 1.1%, respectively.
The rising incidence of hip fractures suggested that the estimated number nationwide of people over 50 in 2021 was 103. This number is predicted to increase by more than threefold, to 372, in 2050. Therefore, the rising prevalence of chronic diseases among the geriatric population and increasing orthopedic disorders may propel the demand for MRI, driving market growth over the forecast period.
Thus, all the factors above, such as the high burden of chronic diseases, are expected to propel the market's growth over the forecast period. However, it is anticipated that market expansion in South Africa will be constrained by inadequate reimbursement and the high equipment cost.
South Africa Magnetic Resonance Imaging 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. South Africa 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, and 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 |
South Africa Magnetic Resonance Imaging Market Size Summary
The magnetic resonance imaging (MRI) market in South Africa is poised for steady growth over the forecast period, driven by an increasing prevalence of chronic diseases and advancements in MRI technology. The market, which experienced a temporary setback due to the COVID-19 pandemic, has rebounded to its pre-pandemic demand levels and is expected to expand further. Factors such as the rising incidence of hypertension, osteoarthritis, and other orthopedic disorders, particularly among the geriatric population, are anticipated to boost the demand for MRI scanners. Additionally, the growing need for effective cancer and neurological disease diagnostics is expected to fuel market growth, as MRI serves as a crucial tool in the detection and management of these conditions. The introduction of ultra-high-field MRI systems, which offer enhanced spatial resolution and image quality, is also likely to contribute to the market's expansion.
The competitive landscape of South Africa's MRI market is characterized by the presence of major players like GE Healthcare, Siemens Healthineers AG, and Philips NV, alongside emerging mid-size and small companies introducing innovative devices. The market's growth is further supported by strategic partnerships and product launches aimed at improving access to advanced MRI technologies. For instance, collaborations such as the one between the International Atomic Energy Agency and GE Healthcare are focused on enhancing medical imaging training across Africa. Despite challenges like high equipment costs and inadequate reimbursement, the market is expected to benefit from ongoing technological advancements and the increasing demand for MRI in diagnosing a wide range of medical conditions.
South Africa Magnetic Resonance Imaging 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 Increasing Prevalence of Chronic Diseases
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1.2.2 Growing Technological Advancements
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1.3 Market Restraints
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1.3.1 Lack of Proper Reimbursement and Stringent Regulatory Approval Procedures
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1.3.2 High Cost of Equipment
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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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South Africa Magnetic Resonance Imaging Market Size FAQs
How big is the South Africa Magnetic Resonance Imaging Market?
The South Africa Magnetic Resonance Imaging Market size is expected to reach USD 1.31 billion in 2024 and grow at a CAGR of 4.45% to reach USD 1.63 billion by 2029.
What is the current South Africa Magnetic Resonance Imaging Market size?
In 2024, the South Africa Magnetic Resonance Imaging Market size is expected to reach USD 1.31 billion.