Egypt MRI Market Report 2023 to 2030

Egypt MRI Market Analysis

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The Egypt MRI Market was valued at $18.59 Mn in 2023 and is predicted to grow at a CAGR of 8% from 2023 to 2030, to $31.86 Mn by 2030. The key drivers of this industry include the increasing prevalence of chronic diseases, improved quality of healthcare services, and emphasis on research and development. The key players in the industry are GE Healthcare, Esaote, Philips Healthcare Egypt, and Fujifilm Healthcare among others.

ID: IN10EGMD019 CATEGORY: Medical Devices GEOGRAPHY: Egypt AUTHOR: Avantika Gupta

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Egypt MRI Market Executive Summary

The Egypt MRI Market is at around $18.59 Mn in 2023 and is projected to reach $31.86 Mn in 2030, exhibiting a CAGR of 8% 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.

Egypt has 2 units of MRI available per every million of its population. The market therefore is driven by significant factors like the increasing prevalence of chronic diseases, improved quality of healthcare services, and emphasis on research and development. However, high cost, limited public awareness, and reimbursement challenges restrict the growth of the market.

The leading pharmaceutical companies include GE Healthcare and Mindray Bio-Medical Electronics. for MRI machines. Esaote, Samsung Healthcare, and Canon Medical Systems Corporation. are also significant contributors to the MRI market, with continuous research and development activities.

Egypt MRI Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Increasing Prevalence of Chronic Diseases: The high prevalence of illnesses such as cancer, cardiovascular diseases, and musculoskeletal disorders in Egypt is fueling the need for MRI scans for both diagnosis and monitoring purposes. Cancer is responsible for approximately 60,000-70,000 deaths per year in Egypt. It's the second leading cause of death in the country after cardiovascular diseases. The complexity of these conditions often necessitates sophisticated diagnostic tools like MRI for precise diagnosis and monitoring, thus contributing to the demand for MRI technology.

Improved Quality of Healthcare Services: The Egyptian healthcare sector strives to improve the quality of services offered. MRI is crucial in achieving this goal by enabling earlier and more precise diagnoses, leading to better patient outcomes.

Emphasis on Research and Development: The increasing focus on research & development in healthcare fuels the demand for advanced imaging equipment like MRI. MRI plays a significant role in medical research by providing valuable insights into various diseases and treatment modalities.

Market Restraints

Limited Public Awareness: Limited public awareness about MRI's advantages, particularly in rural Egypt, hinders patient referrals. This underutilization of MRI machines reduces their impact on improving healthcare access and quality, especially for those who could benefit most from timely and accurate diagnoses.

High Cost: MRI machines are complex and expensive pieces of medical equipment. The initial investment for hospitals and clinics can be substantial, restricting access, especially for smaller facilities. They also require ongoing maintenance to ensure optimal performance. The cost of maintaining these machines can be a burden for some healthcare providers.

Reimbursement Challenge: The complexity of the reimbursement system and potential variations in coverage by insurance providers impact the affordability and accessibility of MRI services for patients. Inadequate or inconsistent reimbursement policies can hinder the widespread adoption of MRI technology.

Regulatory Landscape and Reimbursement Scenario

Egyptian Drug Authority (EDA) is responsible for ensuring the safety, efficacy, and quality of medical devices in Egypt. All medical devices, regardless of class (low, medium, high risk), require registration with the EDA before being marketed or sold in Egypt. A comprehensive technical file containing details about the device, design, manufacturing, risk management, and clinical data (if applicable) needs to be submitted with the registration application.

There are not many healthcare schemes available for MRI in Egypt. Many private healthcare insurance plans in Egypt cover MRI services, though the extent of coverage and reimbursement rates may vary by plan.

Competitive Landscape

Key Players

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

Siemens Healthineers
GE Healthcare
Philips Healthcare Egypt
Canon Medical Systems Corporation
Fujifilm Healthcare
Mindray Bio-Medical Electronics
Esaote
Neusoft Medical Systems
Samsung Healthcare
Fonar Corporation

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Egypt MRI Market Segmentation

By Architecture

Closed MRI Systems
Open MRI Systems

By Field Strength

Low Field MRI Systems
High Field MRI Systems
Ultra-High Field MRI Systems

By Application

Neurology
Musculoskeletal
Cardiovascular
Oncology
Others ( Abdominal, Pediatric)

By End-User

Hospitals and Clinics
Diagnostic Imaging Centers
Research Institutes

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

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How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.