South and Central America Magnetic Resonance Imaging (MRI) Systems Market Outlook (2021-2031)
Description
The magnetic resonance imaging (MRI) systems market in South and Central America is projected to grow significantly, with an expected market size of approximately US$ 807.29 million by 2031, up from US$ 608.40 million in 2024. This growth translates to a compound annual growth rate (CAGR) of 4.2% from 2025 to 2031.
Executive Summary and Market Overview
The MRI systems market in South and Central America is on a steady upward trajectory, fueled by an increasing demand for advanced diagnostic tools, a rise in chronic diseases, and enhanced investments in healthcare. Key players in the market include Brazil, Argentina, Colombia, and Chile, which are leading the way in MRI adoption. In contrast, countries like Costa Rica, Panama, and Guatemala are still facing challenges in developing modern imaging infrastructure.
Despite the existing disparities in access to MRI technology between urban and rural areas, the market is witnessing growth due to the expansion of private hospitals, government reforms aimed at improving healthcare, and collaborations with international technology firms.
Market Segmentation Analysis
The MRI systems market can be segmented based on various criteria, including type, field strength, mobility, application, and end user.
1. Type: The market is divided into closed MRI systems and open MRI systems. As of 2024, closed MRI systems are the dominant segment due to their widespread use and advanced imaging capabilities.
2. Field Strength: MRI systems are categorized into low-field, mid-field, and high & ultra-high field systems. The mid-field MRI systems segment led the market in 2024, offering a balance between image quality and cost.
3. Mobility: The market is further segmented into fixed and portable MRI systems, with fixed systems holding the largest share in 2024, primarily due to their established presence in hospitals and diagnostic centers.
4. Application: The applications of MRI systems include neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and others. The neurology segment was the largest in 2024, reflecting the high demand for imaging in neurological diagnostics.
5. End User: The end users of MRI systems include hospitals, specialty clinics, diagnostic imaging centers, academic and research institutions, among others. Hospitals accounted for the largest market share in 2024, driven by their need for comprehensive diagnostic capabilities.
Market Outlook
The MRI systems market in South and Central America is poised for steady growth, supported by increasing healthcare investments and the rising burden of chronic and neurological diseases. Brazil is at the forefront of this growth, with hospitals and diagnostic centers expanding their imaging capabilities to cater to the growing patient population. The increasing incidence of conditions such as cancer and neurological disorders is driving the demand for advanced diagnostic tools like MRI.
Collaborations between global manufacturers and local healthcare providers are crucial in expanding access to MRI systems, particularly in underserved areas. For example, in November 2024, AIRS Medical, known for its AI solutions in medical imaging, partnered with IOSEI, a prominent operational outsourcing provider for radiology services in Brazil. This partnership aims to enhance the reach of SwiftMR, an AI-powered technology designed to improve the quality and efficiency of MRI scans.
While challenges such as limited budgets, infrastructure gaps, and unequal access persist, ongoing collaborations and government initiatives aimed at enhancing healthcare infrastructure are expected to bolster market growth further.
Country Insights
The South and Central America MRI systems market can be analyzed by country, with Brazil, Argentina, Chile, Colombia, Peru, and other nations included in the assessment. Brazil stands out as the largest market for MRI systems in the region, thanks to its robust healthcare infrastructure and increasing demand for advanced diagnostic imaging.
The rise in chronic diseases, including cardiovascular issues, cancer, and neurological disorders, has led to a greater adoption of MRI systems across hospitals, diagnostic centers, and research institutions. Investments in modernizing healthcare, including upgrades to both public and private imaging facilities, have significantly contributed to market growth.
Additionally, government initiatives aimed at improving healthcare access, along with favorable reimbursement policies for advanced imaging procedures, are facilitating the adoption of MRI technology. Technological advancements, such as the introduction of high-field MRI systems and AI-assisted imaging, are becoming more prevalent, solidifying Brazil's position as the regional leader in MRI deployment and utilization.
Company Profiles
Key players in the South and Central 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 actively pursuing strategies such as market expansion, product innovation, and mergers and acquisitions to maintain competitiveness and deliver cutting-edge products to their customers.
Executive Summary and Market Overview
The MRI systems market in South and Central America is on a steady upward trajectory, fueled by an increasing demand for advanced diagnostic tools, a rise in chronic diseases, and enhanced investments in healthcare. Key players in the market include Brazil, Argentina, Colombia, and Chile, which are leading the way in MRI adoption. In contrast, countries like Costa Rica, Panama, and Guatemala are still facing challenges in developing modern imaging infrastructure.
Despite the existing disparities in access to MRI technology between urban and rural areas, the market is witnessing growth due to the expansion of private hospitals, government reforms aimed at improving healthcare, and collaborations with international technology firms.
Market Segmentation Analysis
The MRI systems market can be segmented based on various criteria, including type, field strength, mobility, application, and end user.
1. Type: The market is divided into closed MRI systems and open MRI systems. As of 2024, closed MRI systems are the dominant segment due to their widespread use and advanced imaging capabilities.
2. Field Strength: MRI systems are categorized into low-field, mid-field, and high & ultra-high field systems. The mid-field MRI systems segment led the market in 2024, offering a balance between image quality and cost.
3. Mobility: The market is further segmented into fixed and portable MRI systems, with fixed systems holding the largest share in 2024, primarily due to their established presence in hospitals and diagnostic centers.
4. Application: The applications of MRI systems include neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and others. The neurology segment was the largest in 2024, reflecting the high demand for imaging in neurological diagnostics.
5. End User: The end users of MRI systems include hospitals, specialty clinics, diagnostic imaging centers, academic and research institutions, among others. Hospitals accounted for the largest market share in 2024, driven by their need for comprehensive diagnostic capabilities.
Market Outlook
The MRI systems market in South and Central America is poised for steady growth, supported by increasing healthcare investments and the rising burden of chronic and neurological diseases. Brazil is at the forefront of this growth, with hospitals and diagnostic centers expanding their imaging capabilities to cater to the growing patient population. The increasing incidence of conditions such as cancer and neurological disorders is driving the demand for advanced diagnostic tools like MRI.
Collaborations between global manufacturers and local healthcare providers are crucial in expanding access to MRI systems, particularly in underserved areas. For example, in November 2024, AIRS Medical, known for its AI solutions in medical imaging, partnered with IOSEI, a prominent operational outsourcing provider for radiology services in Brazil. This partnership aims to enhance the reach of SwiftMR, an AI-powered technology designed to improve the quality and efficiency of MRI scans.
While challenges such as limited budgets, infrastructure gaps, and unequal access persist, ongoing collaborations and government initiatives aimed at enhancing healthcare infrastructure are expected to bolster market growth further.
Country Insights
The South and Central America MRI systems market can be analyzed by country, with Brazil, Argentina, Chile, Colombia, Peru, and other nations included in the assessment. Brazil stands out as the largest market for MRI systems in the region, thanks to its robust healthcare infrastructure and increasing demand for advanced diagnostic imaging.
The rise in chronic diseases, including cardiovascular issues, cancer, and neurological disorders, has led to a greater adoption of MRI systems across hospitals, diagnostic centers, and research institutions. Investments in modernizing healthcare, including upgrades to both public and private imaging facilities, have significantly contributed to market growth.
Additionally, government initiatives aimed at improving healthcare access, along with favorable reimbursement policies for advanced imaging procedures, are facilitating the adoption of MRI technology. Technological advancements, such as the introduction of high-field MRI systems and AI-assisted imaging, are becoming more prevalent, solidifying Brazil's position as the regional leader in MRI deployment and utilization.
Company Profiles
Key players in the South and Central 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 actively pursuing strategies such as market expansion, product innovation, and mergers and acquisitions to maintain competitiveness and deliver cutting-edge products to their customers.
Table of Contents
156 Pages
- 1. Introduction
- 1.1 Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Key Market Insights
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Data Triangulation and Validation
- 4. South and Central America Magnetic Resonance Imaging (MRI) Systems Market Landscape
- 4.1 Overview
- 4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain
- 5. South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Key Market Dynamics
- 5.1 Market Drivers
- 5.2 Market Restraints
- 5.3 Market Opportunities
- 5.4 Future Trends
- 5.5 Impact of Drivers and Restraints
- 6. South and Central America Magnetic Resonance Imaging (MRI) Systems Market Regional Analysis
- 6.2 South and Central America Magnetic Resonance Imaging (MRI) Systems Market Revenue 2021-2031 (US$ Million)
- 6.3 South and Central America Magnetic Resonance Imaging (MRI) Systems Market Forecast Analysis
- 7. South and Central America Magnetic Resonance Imaging (MRI) Systems Market Analysis – by Type
- 7.1 Closed MRI Systems
- 7.1.1 Overview
- 7.1.2 Closed MRI Systems: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 7.2 Open MRI Systems
- 7.2.1 Overview
- 7.2.2 Open MRI Systems: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 8. South and Central America Magnetic Resonance Imaging (MRI) Systems Market Analysis – by Field Strength
- 8.1 Low-field MRI Systems
- 8.1.1 Overview
- 8.1.2 Low-field MRI Systems: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 8.2 Mid field MRI Systems
- 8.2.1 Overview
- 8.2.2 Mid field MRI Systems: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 8.3 High and Ultra High field MRI Systems
- 8.3.1 Overview
- 8.3.2 High and Ultra High field MRI Systems: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 9. South and Central America Magnetic Resonance Imaging (MRI) Systems Market Analysis – by Mobility
- 9.1 Fixed
- 9.1.1 Overview
- 9.1.2 Fixed: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 9.2 Portable
- 9.2.1 Overview
- 9.2.2 Portable: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 10. South and Central America Magnetic Resonance Imaging (MRI) Systems Market Analysis – by Application
- 10.1 Neurology
- 10.1.1 Overview
- 10.1.2 Neurology: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 10.2 Oncology
- 10.2.1 Overview
- 10.2.2 Oncology: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 10.3 Cardiology
- 10.3.1 Overview
- 10.3.2 Cardiology: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 10.4 Orthopedics
- 10.4.1 Overview
- 10.4.2 Orthopedics: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 10.5 Gastroenterology
- 10.5.1 Overview
- 10.5.2 Gastroenterology: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 10.6 Gynecology
- 10.6.1 Overview
- 10.6.2 Gynecology: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 10.7 Others
- 10.7.1 Overview
- 10.7.2 Others: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast, 2021-2031 (US$ Million)
- 11. South and Central America Magnetic Resonance Imaging (MRI) Systems Market – South and Central America Analysis
- 11.1 Overview
- 11.2 South and Central America
- 11.2.1 South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Key Country, 2025 and 2031 (%)
- 11.2.1.1 South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast Analysis – by Country
- 11.2.1.1 Brazil: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast to 2031 (US$ Million)
- 11.2.1.1.1 Brazil: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Type
- 11.2.1.1.2 Brazil: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Field Strength
- 11.2.1.1.3 Brazil: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Mobility
- 11.2.1.1.4 Brazil: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Application
- 11.2.1.2 Argentina: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast to 2031 (US$ Million)
- 11.2.1.2.1 Argentina: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Type
- 11.2.1.2.2 Argentina: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Field Strength
- 11.2.1.2.3 Argentina: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Mobility
- 11.2.1.2.4 Argentina: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Application
- 11.2.1.3 Chile: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast to 2031 (US$ Million)
- 11.2.1.3.1 Chile: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Type
- 11.2.1.3.2 Chile: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Field Strength
- 11.2.1.3.3 Chile: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Mobility
- 11.2.1.3.4 Chile: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Application
- 11.2.1.4 Colombia: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast to 2031 (US$ Million)
- 11.2.1.4.1 Colombia: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Type
- 11.2.1.4.2 Colombia: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Field Strength
- 11.2.1.4.3 Colombia: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Mobility
- 11.2.1.4.4 Colombia: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Application
- 11.2.1.5 Peru: South and Central America Magnetic Resonance Imaging (MRI) Systems Market – Revenue and Forecast to 2031 (US$ Million)
- 11.2.1.5.1 Peru: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Type
- 11.2.1.5.2 Peru: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Field Strength
- 11.2.1.5.3 Peru: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Mobility
- 11.2.1.5.4 Peru: South and Central America Magnetic Resonance Imaging (MRI) Systems Market Breakdown, by Application
- 12. Competitive Landscape
- 12.1 Heat Map Analysis
- 12.2 Company Positioning and Concentration
- 13. Industry Landscape
- 13.1 Overview
- 13.2 Market Initiative
- 13.3 Partnerships and Collaborations
- 13.4 Other Developments
- 14. Company Profiles
- 14.1 GE HealthCare
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
- 14.2 Siemens Healthineers AG
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
- 14.3 FUJIFILM Holdings Corporation
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
- 14.4 Canon Inc.
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
- 14.5 Koninklijke Philips N.V.
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
- 14.6 HYPERFINE, INC.
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
- 14.7 Esaote SPA
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
- 14.8 Shanghai United Imaging Healthcare Co., LTD
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
- 14.9 FONAR Corp.
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
- 14.10 Neusoft Medical Systems
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments
- 15. Appendix
- 15.1 About Business Market Insights
- 15.2 List of Abbreviations
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