Saudi Arabia MRI Market Analysis

Saudi Arabia MRI Market Executive Summary

The Saudi Arabia MRI Market is at around $112.88 Mn in 2023 and is projected to reach $193.46 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.

The incidence rate of Traumatic Brain Injury is about 4.2 to 4.9 per 10,000 population and MRIs are extensively used to understand the injury. The market therefore is driven by significant factors like rising prevalence of chronic diseases, technological advancements in MRI, and aging population. However, high cost, lack of awareness, and regulatory challenge restrict the growth of the market.

The leading pharmaceutical companies include GE Healthcare and Koninklijke Philips N.V. for MRI machines. Agfa Healthcare NV, Fujifilm Holdings Corporation, and Shimadzu Corporation are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Chronic Diseases: The growing prevalence of diseases like cancer, cardiovascular illnesses, and musculoskeletal disorders in Saudi Arabia is driving up the demand for MRI scans, both for diagnosis and monitoring. There were an estimated 28,113 new cancer cases in Saudi Arabia which is projected to increase significantly by 2040. 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.

Aging Population: Saudi Arabia's aging population, projected to reach 20% by 2050, is driving the demand for advanced diagnostic imaging like MRI. This demographic shift increases the need for healthcare services, particularly chronic diseases and age-related conditions, boosting the MRI market's growth.

Technological Advancement: The introduction of more advanced and higher-field MRI systems with improved imaging capabilities has increased demand for MRI. Higher-field MRI systems are beneficial for advanced imaging applications such as functional MRI (fMRI), diffusion MRI, and spectroscopy. These techniques are crucial for diagnosing and monitoring conditions like brain tumors, stroke, and degenerative diseases.

Market Restraints

High Cost: The high cost of MRI machines creates a hurdle, especially for remote hospitals. Buying, setting up, and keeping them running strains budgets. This can limit access to vital diagnostic tools in these areas, potentially forcing patients to travel long distances for MRI scans.

Lack of Awareness: Patients in rural and remote areas do not understand the importance of MRI scans for detecting and monitoring conditions like cancer, neurological disorders, musculoskeletal problems, and cardiovascular diseases. This lack of awareness can discourage them from seeking out these services.

Regulatory Challenge: The regulatory environment for medical devices, including MRI systems, in Saudi Arabia can sometimes be complex and time-consuming, which can slow down the introduction of new technologies and hinder market growth. Companies might be discouraged from entering the Saudi market due to lengthy approval processes.

Regulatory Landscape and Reimbursement Scenario

The regulatory body overseeing medical devices including MRI in Saudi Arabia is Saudi Food & Drug Authority (SFDA). All medical devices, regardless of class (low, medium, high risk), require pre-market approval from the SFDA before being sold in Saudi Arabia. This ensures the device meets safety and efficacy standards. A comprehensive technical file containing detailed information about the device needs to be submitted with the MDMA application.

The Ministry of Health (MOH) provides reimbursement for MRI services in public hospitals, which are typically free or subsidized for Saudi citizens. Many private healthcare insurance plans in Saudi Arabia 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 Saudi Arabia MRI Market:

• GE Healthcare
• Koninklijke Philips NV
• Agfa Healthcare NV
• Canon Medical Systems Corporation
• Siemens Healthineers
• Fujifilm Holdings Corporation
• Fonar Corporation
• Esaote
• Shimadzu Corporation
• Stryker Corporation