The Argentina magnetic resonance imaging (MRI) market is expected to grow at a CAGR of 2.52% over the forecast period to reach a market size of US$47.497 million in 2027, from US$39.903 million in 2020. Magnetic Resonance Imaging is a technique that is used in the healthcare sector that uses MRI Scanners to depict the anatomical processes inside the body. MRI uses radio waves and generates a magnetic field that results in the formation of pictures of internal body structure. MRI is widely used for processes like screening, diagnosis, research, and treatment monitoring in the case of cardiac, abdominal, breast, vascular, neurological, and musculoskeletal radiology processes.
Market trends
The key driving factor behind the Argentina Magnetic Resonance Imaging Market is the increasing geriatric population in the region coupled with the high prevalence of cardiac diseases. Besides that, the increasing healthcare expenditure is also expected to drive up the MRI market in Argentina. Being the second-largest economy in the South American region, high expenditure on healthcare facilities can be expected by the increasing disposable income in the country. This is likely to drive up the self-care routine check-ups thus increasing the need to use MRI in the region.
One of the major restraints to the Argentina Magnetic Resonance Market growth is the high investment associated with the technology.
Growth Factors
The key factor that is expected to contribute to the growth of Argentina’s MRI market is the growing geriatric population in the region. Data from 2019 available by the United Nations states that Latin America and the Caribbean are home to around 56.4 million people aged 65 or above and this statistic is expected to increase to 144.6 million by the year 2050 registering an increase of about 156%. The data also reveals that Argentina has the highest old-age population (65 years and above), only after Brazil in South America. As of 2020, the country had 5,157 thousand people under this category which is expected to touch 6,249 thousand by 2030. The World Bank Data shows that the population ages 65 and above have significantly increased in Argentina, from 10% of the total population in 2011 to 12% in 2021. With the inclining old age population, the need for healthcare facilities is also expected to rise over the years and thus Argentina’s Magnetic Resonance Imaging Market stands at a point of potential growth.
Chronic Diseases or Non-Communicable Chronic diseases such as cancer, hypertension, diabetes respiratory diseases, etc. are the leading causes of death in the region of Argentina. Magnetic Resonance Imaging is highly applicable in the diagnosis and treatment of these diseases. This factor is thus likely to serve as a major growth factor in the MRI Market in the region. According to Inter-American Development Bank, in the region of Argentina, Chronic diseases accounted for around 80.7% of deaths, and with lifestyle changes and an increasing dependency ratio in Argentina, the threat of these diseases is predicted to increase over the years. Besides that, Chronic diseases accounted for about 83.4% of the years lost due to premature deaths. These statistics thus depict the increasing prevalence of chronic diseases in the nation, and to keep a check on these growing numbers and treat the patients, the demand for MRI in Argentina is projected to surge.
Restraint
The major constraint to the growth in Argentina’s Magnetic Resonance Imaging market is the high price of the setup. The installation, management, and operation of MRI machines are complicated and expensive. The high cost associated with this is thus expected to cause a restrain towards its growth.
Key Developments
COVID-19 Insights
With the outburst of the pandemic in Argentina, the Magnetic Resonance Imaging market witnessed a positive impact. Initially, due to restrictions, the treatment of non-covid disease slowed down in hospitals due to lesser people visiting. However, several studies have shown that COVID-19 has an effect on vital organs like the heart and lungs. Consequently, there was observed an increased demand for the evaluation and scanning of these organs which accelerated the growth of the market in the country, due to an increased amount of people paying hospital visits.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2020 | US$39.903 million |
| Market Size Value in 2027 | US$47.497 million |
| Growth Rate | CAGR of 2.52% from 2020 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | Type, End-Use, Field Strength, And Application |
| Companies Covered | General Electric Company, Siemens Healthineers AG, Canon Medical Systems Corporation, Koninklijke Philips N.V., Esaote SpA |
| Customization Scope | Free report customization with purchase |
Segmentation: