Argentina Magnetic Resonance Imaging (MRI) Market - Growth, Trends, and Forecasts (2022 - 2027)

The Argentina magnetic resonance imaging (MRI) market was valued at USD 142.64 million in 2021 and is projected to register a CAGR of 5.5% during the forecast period (2022-2027).

The COVID-19 pandemic has affected the overall healthcare industry in Argentina as a result of an immense burden on hospitals to focus on COVID patients during the pandemic. During the year 2020, there was a significant reduction observed in the diagnostic imaging sector. For instance, as per the data published by cancer Medical ScienceJournal in the year 2021, around a 26% reduction in the diagnosis of cancer was seen in Argentina when the pandemic was at its peak in the year 2020. Additionally, it was observed that the healthcare professionals were stressed during COVID-19 as their workload for them was hugely increased. This has impacted the care provided to non-emergency visits in the hospitals. However, several studies have revealed that COVID-19 affects vital organs such as the lungs and heart. As a result, there is an increasing demand for the evaluation of these organs which is accelerating the visits to hospitals for diagnostic purposes including CT scans and MRIs. Therefore, there has been an increasing demand for MRI scanning in the country.

Factors contributing to the growth of the market studied include the growing geriatric population and the increasing burden of chronic diseases. Furthermore, Argentina is involved in some crucial movements that will benefit the country in coping with the future challenges of any pandemic. For instance, as per the report published by National Health Executive in May 2022, the United Kingdom and Argentina have led a landmark resolution in which developing countries will be able to start their trials by encouraging more specific funding. Also, the country will be focusing more on the overall betterment of the healthcare industry in terms of diagnostic services as well as therapeutics. Hence, it is believed that with the focus of Argentina on advancing the diagnostic industry, the market studied will witness healthy growth over the forecast period.

Key Market Trends

Oncology is Expected to Witness Strong Growth Over the Forecast Period

Magnetic resonance imaging (MRI) is an imaging test that can be used for the detection of tumor/cancerous cells in the body and to look for signs that cancer may have metastasized (spread) from where it started to another part of the body. MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body, which are later used by doctors in the diagnosis of cancerous cell/tissue.

According to the Globocan 2020 report, Argentina reported 130,878 new cases of cancer in 2020, and the total number of five-year prevalent cases of cancer was 358,627. Also, the above-mentioned source projected that the cases of cancer will reach 185,606 by 2040 in Argentina. 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 will drive the growth of the studied market in the country.

According to an article published by Florencia Ballarino in February 2020 titled, 'Argentina's National Program for Control of Breast Cancer: Time 1, Patient Navigation, and Patient Cancer Education Experience,' in Argentina, 15 people are diagnosed with cancer every 60 minutes, and Argentina had the third-highest mortality rate in the Latin America due to cancer. To tackle this high burden of cancer, Argentina's National Cancer Institute (NCI) was to launch the "National Cancer Control Plan," a set of strategies that will be centered around the guidelines of the World Health Organization to help people prevent and cope with the disease, which will improve the cancer diagnostics services in the country, in turn boosting growth in the oncology segment of the Argentine MRI market.

Thus, owing to the above-mentioned factors, the oncology segment in the magnetic resonance imaging (MRI) market is expected to grow in Argentina.

Competitive Landscape

The Argentina magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at less prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the magnetic resonance imaging market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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