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South Africa Magnetic Resonance Imaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 80 Pages I Mordor Intelligence
The South Africa Magnetic Resonance Imaging Market size is estimated at USD 1.31 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of 4.45% during the forecast period (2024-2029).
COVID-19 impacted the magnetic resonance imaging market in South Africa. Thus, the pandemic had an adverse effect on the studied market's growth. As per the article published in May 2021 in Gauteng, South Africa, by the National Institute of Health, radiographers use chest computed tomography (CT), lung ultrasound, magnetic resonance imaging (MRI), and chest radiographs to aid in the diagnosis, management, and treatment of COVID-19. This contributed largely to the growth of the MRI device market in South Africa. However, the market has reached its pre-pandemic nature in terms of demand for MRI and is expected to witness healthy growth in the coming years.
Factors such as the increasing prevalence of diseases and research studies are expected to increase market growth. According to the study published in the BMJ Open Journal in February 2022, hypertension contributes to 6,100 new cases of chronic renal disease, 14,000 cases of ischemic heart disease, and 13,300 strokes annually. MRI is a safe and effective screening method for secondary causes of hypertension, which will increase the demand for MRI over the forecast period.
Additionally, according to a research study published in PLOS in February 2021, osteoarthritis is the most prevalent form of arthritis in South Africa. The same source also reported that the disease had a prevalence rate of 55.1% in urban settings and between 29.5% and 82.7% in adults over 65 in rural settings. Similarly, according to the PLOS research article published in January 2021, the remaining lifetime risk of hip fracture at 50 in men and women was 1.4% and 1.1%, respectively.
The rising incidence of hip fractures suggested that the estimated number nationwide of people over 50 in 2021 was 103. This number is predicted to increase by more than threefold, to 372, in 2050. Therefore, the rising prevalence of chronic diseases among the geriatric population and increasing orthopedic disorders may propel the demand for MRI, driving market growth over the forecast period.
Thus, all the factors above, such as the high burden of chronic diseases, are expected to propel the market's growth over the forecast period. However, it is anticipated that market expansion in South Africa will be constrained by inadequate reimbursement and the high equipment cost.
South Africa Magnetic Resonance Imaging Market Trends
High Field MRI System Segment is Expected to Hold a Significant Market Share Over the Forecast Period
An MRI scanner's field strength is expressed in Tesla, or "T." "Very high-field" or "ultra-high-field" MRI is used when the field strength of the scanner is 7T or greater. A key advantage of ultra-high-field MRI is its capacity to improve the spatial resolution of data acquisition while maintaining image quality. Factors such as the increasing prevalence of diseases and research studies are expected to increase market growth.
The demand for MRI scanners to detect and diagnose cancer and tumor cases is anticipated to rise in response to the nation's rising cancer prevalence, which is anticipated to fuel the market's expansion. For instance, according to the University of Cape Town data published in August 2022, it is anticipated that the incidence of breast, cervical, prostate, lung, hematological, and pediatric cancers will continue to climb in South Africa. South Africa will see 121,000 new cases of cancer by the year 2030.
Additionally, according to a study published in Frontiers in Neurology in March 2021, the annual incidence of clinically diagnosed dementia in Sub-Saharan Africa is estimated to be 2%, with a prevalence of 5%. The most significant modifiable factor in the current study was low educational attainment, while older age was the most significant risk factor for dementia. As a result, market growth is anticipated to be further fueled by the increasing frequency of dementia with a clinical diagnosis, as the research calls for ultra-high-field MRI scanners. Hence, the above developments in MRI systems are expected to drive market growth.
Neurology Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The neurology segment is expected to hold a major share of the studied market over the forecast period owing to factors such as the increasing prevalence of diseases and the increasing product launches by key players.
The demand for MRI scanners for detecting and diagnosing neurological cases is anticipated to rise with the country's rising prevalence of neurological diseases. According to the Alzheimer Association Report published in September 2022, in South Africa, dementia prevalence ranges from 2.3% to 20.0%, and incidence rates are 13.3 per 1000 person-years with rising mortality. Thus, the growing burden of neurological diseases is expected to increase demand for MRI devices over the forecast period.
According to the article published by the South African Health Review in October 2021, South Africa's population is estimated to be 57.3 million in 2021. 8.3% of whom are aged over 60 years, and the number of older adults in South Africa will increase to 15.4% of the total population by 2050. The geriatric population is more prone to neurological diseases, and the growth of this population in the country is likely to support the segment's growth over the forecast period.
The launch of MRI systems in the country is expected to boost market growth over the forecast period. For instance, in November 2021, Siemens Healthineers unveiled the Magnetom FreeStar whole-body MRI scanner, intending to expand access to magnetic resonance imaging globally, particularly in Africa.
Thus, all the factors above are expected to boost segment growth over the forecast period.
South Africa Magnetic Resonance Imaging Industry Overview
South Africa's magnetic resonance imaging market is moderately competitive and consists of several major players. However, with technological advancements and product innovations, mid-size to small companies are increasing their market presence by introducing new devices at lower prices. Some of the companies that are currently dominating the market are GE Healthcare, Siemens Healthineers AG, Canon Medical Systems Corporation, Esaote SpA, and Koninklijke Philips NV among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases
4.2.2 Growing Technological Advancements
4.3 Market Restraints
4.3.1 Lack of Proper Reimbursement and Stringent Regulatory Approval Procedures
4.3.2 High Cost of Equipment
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Architecture
5.1.1 Closed MRI Systems
5.1.2 Open MRI Systems
5.2 By Field Strength
5.2.1 Low Field MRI Systems
5.2.2 High Field MRI Systems
5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
5.3 By Application
5.3.1 Oncology
5.3.2 Neurology
5.3.3 Cardiology
5.3.4 Gastroenterology
5.3.5 Musculoskeletal
5.3.6 Other Applications
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Esaote SpA
6.1.3 GE Healthcare
6.1.4 Fujifilm Holdings Corporation
6.1.5 Koninklijke Philips NV
6.1.6 Bruker
6.1.7 Siemens Healthineers AG
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