Latin America Magnetic Resonance Imaging (MRI) Systems Market Outlook (2021-2031)

The Latin America magnetic resonance imaging (MRI) systems market is projected to grow significantly, reaching an estimated US$ 1,106.8 million by 2031, up from US$ 803.8 million in 2024. This growth trajectory indicates a compound annual growth rate (CAGR) of 4.7% from 2025 to 2031.

Executive Summary and Market Analysis

The MRI market in Latin America is witnessing steady growth, primarily driven by the increasing prevalence of chronic diseases and heightened investments in healthcare. Key countries such as Brazil, Mexico, Argentina, and Chile are at the forefront of this growth, with both public and private sectors actively enhancing their diagnostic capabilities. The rising awareness of preventive healthcare and a notable increase in medical tourism are also contributing to the growing demand for MRI systems in the region.

Despite the positive outlook, the market faces several challenges, including the high costs associated with MRI equipment and a shortage of trained professionals, which restrict access to these technologies in public healthcare systems and rural areas. Nevertheless, advancements in technology, such as the integration of artificial intelligence (AI) and the development of helium-free MRI systems, are improving accessibility and operational efficiency, setting the stage for continued moderate to robust growth in the coming years.

Market Segmentation Analysis

The Latin America MRI systems market can be segmented based on type, field strength, mobility, application, and end user.

By Type: The market is divided into closed MRI systems and open MRI systems, with closed MRI systems dominating the market in 2024.
By Field Strength: MRI systems are categorized into low-field, mid-field, and high & ultra-high field systems. The mid-field segment was the largest in 2024.
By Mobility: The market is segmented into fixed and portable MRI systems, with fixed systems leading the market share in 2024.
By Application: The applications of MRI systems include neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and others, with neurology being the most significant segment in 2024.
By End User: The end users of MRI systems include hospitals, specialty clinics, diagnostic imaging centers, academic and research institutes, among others, with hospitals holding the largest market share in 2024.

Market Outlook

The Latin America MRI systems market exhibits considerable growth potential, although it is hindered by structural challenges such as affordability issues, limited reimbursement policies in certain countries, and disparities in healthcare access between urban and rural areas. A significant driver of growth is the expanding role of private diagnostic networks, particularly in urban centers, which are enhancing access to advanced MRI services for the growing middle-class population.

Refurbished and mid-field MRI systems are crucial for catering to cost-sensitive markets, while leading hospitals in Brazil, Mexico, and Argentina are increasingly upgrading to high-field 3T systems and digital platforms to enhance their capabilities in neurological, oncological, and cardiac imaging. The rising adoption of teleradiology and AI-driven tools is streamlining workflows, alleviating diagnostic backlogs, and extending MRI services to underserved regions. Additionally, government-supported healthcare reforms, collaborations with international manufacturers, and the emergence of training programs for radiologists are contributing to the establishment of a more sustainable market environment.

Country Insights

The Latin America MRI systems market is further analyzed by country, focusing on Brazil, Mexico, Argentina, Colombia, Chile, and Peru. In 2024, Mexico held the largest market share.

The MRI market in Mexico is experiencing moderate growth, driven by several factors. The increasing prevalence of chronic diseases, particularly neurological, cardiovascular, and oncological conditions, is a significant contributor to the demand for advanced diagnostic imaging. The growing and aging population in Mexico further fuels this demand.

Technological advancements play a pivotal role in this growth, with the rising adoption of AI-enabled systems and high-field MRI scanners enhancing image quality and reducing scan times. The expansion of private hospitals and the robust medical tourism sector in Mexico also significantly contribute to the market's growth, as the country is a favored destination for international patients seeking affordable MRI scans, especially in cities close to the US border. Furthermore, government initiatives aimed at modernizing public health infrastructure are enhancing access to advanced medical equipment.

Company Profiles

Key players in the Latin America MRI systems market include GE HealthCare, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Canon Inc., Koninklijke Philips N.V., HYPERFINE, INC., Esaote SPA, Shanghai United Imaging Healthcare Co., LTD, FONAR Corp., and Neusoft Medical Systems. These companies are employing strategies such as market expansion, product innovation, and mergers and acquisitions to maintain competitiveness and deliver innovative solutions to their customers. Show more