South America Pediatric MRI Market Revenue to cross US$ 229.57 million by 2028

At 6.7% CAGR, the South America Pediatric MRI Market is Projected to be worth US$ 229.57 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the South America pediatric MRI market was valued at US$ 155.62 million in 2022 and is expected to reach US$ 229.57 million by 2028, registering a CAGR of 6.7% from 2022 to 2028. Rising cases of traumatic injuries and bone defects in children is a critical factor attributed to the South America pediatric MRI market expansion.

Medical imaging is widely used to diagnose and treat many diseases. Radiation is commonly used in imaging, and this exposure raises questions and concerns for patients and providers. The initiatives by international organizations, such as WHO and United Nations Children’s Fund (UNICEF), to raise awareness regarding preterm birth and child health are likely to propel the adoption of pediatric MRI in hospitals and maternity clinics across middle-income countries in the coming years. For instance, in 2015, the United Nations established the Sustainable Development Goals (SDGs) to promote healthy lives and well-being for all children. These projects aim to reduce the cases of preventable deaths of newborns and under-5 children by 2030. Owing to these efforts, in 2019, 122 countries met the SDG target for under-5 mortality, and 20 countries are expected to meet the target by 2030. Under SDG, the number of under-5 deaths is expected to decrease by 11 million between 2019 and 2030. Therefore, increasing initiatives, especially in developing nations, to create awareness regarding pediatric safety are likely to offer lucrative growth opportunities for the pediatric MRI market during the forecast period. This is expected to drive the South America pediatric MRI market during the forecast period.

On the contrary, limitations and safety challenges associated with pediatric MRI hurdles the growth of South America pediatric MRI market. 

Based on type, the South America pediatric MRI market is categorized into functional brain MRI, cardiac MRI, 4D MRI, and others. The functional brain MRI segment held 41.2% market share in 2022, amassing US$ 64.04 million. It is projected to garner US$ 96.61 million by 2028 to expand at 7.1% CAGR during 2022–2028.

Based on application, the South America pediatric MRI market is categorized into neurology, orthopedics, cardiology, oncology, and others. The neurology segment held 42.0% share of South America pediatric MRI market in 2022, amassing US$ 65.41 million. It is projected to garner US$ 100.21 million by 2028 to expand at 7.4% CAGR during 2022–2028.

Based on product type, the South America pediatric MRI market is bifurcated into equipment and coil design. The equipment segment held 80.3% market share in 2022, amassing US$ 125.01 million. It is projected to garner US$ 187.47 million by 2028 to expand at 7.0% CAGR during 2022–2028.

Based on age group, the South America pediatric MRI market is categorized into adolescent (11-18 Years), child (2-11 Years), infants and toddlers (28 Days-23 Months), neonatal stage (0-27 Days), and fetal stage. The adolescent (11-18 Years) segment held 44.3% share of South America pediatric MRI market in 2022, amassing US$ 68.99 million. It is projected to garner US$ 102.20 million by 2028 to expand at 6.8% CAGR during 2022–2028.

Based on end user, the South America pediatric MRI market is categorized into hospitals, pediatric clinics, diagnostic centers, and others. The hospitals segment held 51.7% share of South America pediatric MRI market in 2022, amassing US$ 80.52 million. It is projected to garner US$ 121.14 million by 2028 to expand at 7.0% CAGR during 2022–2028.

Based on country, the South America pediatric MRI market has been categorized into Brazil, Argentina, and the Rest of South America.  Our regional analysis states that Brazil captured 47.8% share of South America pediatric MRI market in 2022. It was assessed at US$ 74.46 million in 2022 and is likely to hit US$ 112.33 million by 2028, exhibiting a CAGR of 7.1% during 2022–2028.

Key players operating in the South America pediatric MRI market are GE HealthCare Technologies Inc; Koninklijke Philips NV; LMT Medical Systems GmbH; and Siemens Healthineers AG among others.

• In Oct 2021, Philips launches Pediatric Coaching.

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