Brazil MRI Market Analysis

Brazil MRI Market Executive Summary

The Brazil MRI Market is at around $166 Mn in 2023 and is projected to reach $275.40 Mn in 2030, exhibiting a CAGR of 7.5% during the forecast period.

Magnetic resonance imaging (MRI) is a type of diagnostic test that can create detailed images of nearly every structure and organ inside the body. It uses strong magnetic fields and radio waves to produce detailed images of the inside of the body. The MRI machine is a large, cylindrical (tube-shaped) device that generates a powerful magnetic field around the patient and emits pulses of radio waves from a scanner. Some MRI machines resemble narrow tunnels, while others are more spacious. The intense magnetic field produced by the MRI scanner causes the atoms in your body to align in the same direction. Subsequently, radio waves are emitted from the MRI machine, which disrupt this alignment, causing the atoms to return to their original positions. As the radio waves cease, the atoms revert to their initial alignment and emit radio signals. These signals are then picked up by a computer, which transforms them into an image of the area being examined. This image is displayed on a viewing monitor.

Among member countries of the Organization of Economic Co-operation and Development (OECD), Brazil has 14.52 units available per every million of its population. The market therefore is driven by significant factors like the increasing prevalence of chronic diseases, rising healthcare investment, and growing demand for accurate diagnosis. However, high cost, lack of infrastructure in rural areas, and shortage of skilled professionals restrict the growth of the market.

The leading pharmaceutical companies include Fujifilm Holdings Corporation and Esatode for MRI machines AIRS Medical Inc., Neusoft Medical Systems Co. Ltd, and GE HealthCare are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Rising Healthcare Investment: Government and private healthcare institutions are increasingly investing in modern medical equipment. The Ministry of Health is exploring public-private partnerships (PPPs) to modernize public hospitals. These partnerships allow private companies to invest in infrastructure and equipment, including MRI machines, in exchange for managing hospital operations for a set period.

Growing Demand for Diagnostic Imaging: The overall prevalence of dementia in Brazil is estimated to be around 5.8% among adults aged 60 and older and as the number of elderly Brazilians continues to rise, the need to detect and diagnose chronic conditions such as cancer, dementia, and cardiovascular diseases through advanced imaging has become crucial. MRI plays a vital role in diagnosing and monitoring these conditions, boosting demand for the machines in Brazil.

Growing Prevalence of Chronic Diseases: The increasing occurrence of illnesses like cancer, heart conditions, and bone and muscle disorders in Brazil is raising the demand for MRI scans for detection and monitoring. Cancer is the second most common cause of mortality in Brazil, following cardiovascular diseases. Around 625,000 new cancer diagnoses are projected annually. The importance of these health problems is increasing the demand for MRI scans to quickly identify, diagnose, and monitor the effects of treatment.

Market Restraints

High Cost: MRI machines are complex and expensive technology. The initial purchase price can be a significant barrier for hospitals and clinics, especially smaller facilities or those in public healthcare systems with limited budgets. These elevated costs impede the adoption and utilization of these advanced imaging technologies.

Lack of Infrastructure in Rural Areas: The lack of MRI facilities in rural and remote areas of Brazil is a significant restraint on the overall growth of the MRI market. A large portion of the Brazilian population lives in these underserved regions, with limited access to advanced diagnostic imaging technologies like MRI. Beyond the initial cost, maintaining and operating MRI machines requires ongoing expenses for trained personnel, spare parts, and calibration services.

Shortage of Skilled Professionals: The shortage of radiologists and MRI technologists in Brazil is a major factor limiting the growth of the MRI market. The lack of qualified personnel to operate and maintain these advanced imaging systems is limiting the uptake and use of MRI services, particularly in rural and inaccessible areas. The shortage of trained specialists is limiting access to MRI tests and making it difficult to spread MRI services across the country.

Regulatory Landscape and Reimbursement Scenario

The Brazilian National Health Surveillance Agency (ANVISA) is responsible for regulating and approving medical devices, including MRI systems, in Brazil. Manufacturers or importers of MRI machines need to register the device with ANVISA. This process involves submitting technical documentation, demonstrating compliance with relevant regulations, and undergoing inspections if necessary. RDC No. 751/2022 regulation consolidates various regulations related to medical device registration, labeling, and risk classification. It streamlines the process for manufacturers while upholding patient safety.

Brazil's Unified Health System (SUS) covers some MRI procedures deemed medically necessary. However, reimbursement rates set by the government might not fully reflect the actual costs of operating advanced MRI machines. Many private insurance plans have limitations on coverage for MRI scans. This can result in significant out-of-pocket expenses for patients.

Competitive Landscape

Key Players

Here are some of the major key players in the Brazil MRI Market:

• GE Healthcare
• Koninklijke Philips NV
• Canon (Canon Medical Systems Corporation)
• Siemens Healthineers
• Fujifilm Holdings Corporation
• Imex Medical Group do Brasil
• AIRS Medical Inc.
• Toshiba Medical Systems Corporation
• Neusoft
• Biopac Systems, Inc.