Mexico MRI Market Analysis

Mexico MRI Market Executive Summary

The Mexico MRI Market is at around $99.60 Mn in 2023 and is projected to reach $157.34 Mn in 2030, exhibiting a CAGR of 6.75% 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 disrupts 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), Mexico has 2.92 units available per every million of its population. The market therefore is driven by significant factors like the increasing prevalence of chronic diseases, medical tourism, and supportive government initiatives. However, high cost, shortage of skilled professionals, and regulatory challenges restrict the growth of the market.

The leading pharmaceutical companies include Siemens Healthineers and GE Healthcare for MRI machines. Canon Medical Systems Corporation, Fonar Corporation, and Fujifilm Holdings Corporation are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Supportive Government Initiatives: The Mexican government's efforts to improve healthcare infrastructure and access to advanced medical technologies, including MRI equipment, are supporting market expansion. For example, The Mexican government signed an agreement with the United Nations Office for Project Services (UNOPS) to centralize the procurement of medicines and medical devices, including MRI equipment, for the public healthcare system. This initiative is expected to improve the availability and accessibility of advanced medical technologies.

Medical Tourism: Mexico has become a popular destination for medical tourism, particularly for cancer treatment. The influx of patients seeking MRI services for diagnosis, staging, and monitoring of cancer is significantly contributing to the growth of the Mexico MRI market.

Rising Prevalence of Chronic Diseases: The high and growing prevalence of diseases like cancer, cardiovascular diseases, and musculoskeletal disorders in Mexico is driving demand for MRI scans for diagnosis and monitoring. Cancer is the third leading cause of death in Mexico, after cardiovascular diseases and diabetes. MRI plays a vital role in diagnosing and monitoring these conditions, which will fuel demand for MRI machines.

Market Restraints

High Cost: The high capital and operational costs of MRI equipment can significantly impact market growth due to budget constraints, affordability, and accessibility issues for healthcare providers and patients. The high costs limit the adoption and usage of these advanced imaging technologies.

Shortage of Skilled Professionals: Mexico faces a significant shortage of qualified radiologists and MRI technicians, which is a key restraint for the growth of the MRI market. The lack of skilled personnel to operate and maintain these advanced imaging systems limits the adoption and utilization of MRI services, particularly in rural and underserved areas of the country. This shortage of trained professionals hinders access to MRI scans and impedes the expansion of MRI services across Mexico.

Regulatory Challenge: Mexico's regulatory body, Comisión Federal para la Protección contra Riesgos Sanitarios (COFEPRIS), has strict procedures for approving new medical devices, including MRI machines. This leads to lengthy waiting times for manufacturers seeking to introduce their latest MRI technologies into the Mexican market. Delays in obtaining approval can hinder innovation and limit patient access to advanced diagnostic tools.

Regulatory Landscape and Reimbursement Scenario

Federal Commission for the Protection against Sanitary Risks (COFEPRIS) - Responsible for regulating and authorizing medical devices, including MRI systems. Official Mexican Standards (Normas Oficiales Mexicanas or NOMs) establish technical specifications and safety requirements for medical devices. MRI systems must undergo a registration and approval process with COFEPRIS before they can be marketed and used in Mexico. This process involves submitting documentation, such as technical specifications, safety data, and clinical evidence, for evaluation.
MRI systems and related products are included in the List of Reimbursable Products and Services (LPPR). Products on this list are eligible for reimbursement by the French Social Health Insurance (SHI) system.
Seguro Popular is a government-funded program that offers limited coverage for MRI scans, primarily in emergency or critical situations. Reimbursement rates are low, creating a financial burden for patients.

Competitive Landscape

Key Players

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

• Canon (Canon Medical Systems Corporation)
• GE Healthcare
• Koninklijke Philips NV
• Siemens Healthineers
• Fujifilm Holdings Corporation
• Fonar Corporation
• K.A. Imaging
• Esaote
• Bio Scan S.A. de C.V.
• Mindray Medical México