The Latin America magnetic resonance imaging (MRI) systems market size is expected to reach US$ 1,106.8 million by 2031 from US$ 803.8 million in 2024. The market is estimated to record a CAGR of 4.7% from 2025 to 2031.
The MRI market in Latin America is experiencing moderate growth, driven by a rising prevalence of chronic diseases and increasing healthcare investments. Major economies like Brazil, Mexico, Argentina, and Chile are leading this expansion, with both public and private sectors modernizing diagnostic capabilities. Growing awareness of preventive care and a surge in medical tourism further fuel demand.
However, significant challenges remain, including the high cost of MRI equipment and a shortage of skilled professionals, which limit access in public systems and rural areas. Despite these hurdles, technological advancements, such as AI integration and helium-free systems, are improving accessibility and efficiency, positioning the region for continued moderate to robust market growth in the coming years.
Latin America Magnetic Resonance Imaging (MRI) Systems Market Segmentation Analysis:
Key segments that contributed to the derivation of the magnetic resonance imaging (MRI) systems market analysis are type, field strength, mobility, application, and end user.
The market demonstrates significant growth potential but faces structural challenges such as affordability, limited reimbursement in some countries, and regional disparities between urban and rural care. A key driver is the growing role of private diagnostic networks, particularly in metropolitan hubs, which are expanding access to advanced MRI services for middle-class populations.
Refurbished and mid-field MRI systems remain vital in addressing cost-sensitive markets, while leading hospitals in Brazil, Mexico, and Argentina are upgrading to high-field 3T and digital platforms for advanced neurological, oncological, and cardiac imaging. Increasing adoption of teleradiology and AI-enabled tools is improving workflow efficiency, reducing diagnostic backlogs, and extending MRI services into underserved regions. Government-backed healthcare reforms, partnerships with international manufacturers, and the rise of training programs for radiologists are further shaping a more sustainable market ecosystem.
Based on country, the Latin America magnetic resonance imaging (MRI) systems market is further segmented into Brazil, Mexico, Argentina, Colombia, Chile, and Peru. Mexico held the largest share in 2024.
The Mexico MRI system market is experiencing moderate growth, driven by various factors. The market is propelled by a rising prevalence of chronic diseases, particularly neurological, cardiovascular, and oncological conditions. This increased disease burden, and a growing and aging population fuel the demand for advanced and accurate diagnostic imaging.
Technological advancements are a key driver, with the increasing adoption of AI-enabled systems and high-field MRI scanners to improve image quality and reduce scan times. The expansion of private hospitals and the country's robust medical tourism sector contribute substantially to the market. Mexico is a popular destination for international patients seeking lower-cost scans, particularly in cities near the US border. Government initiatives to modernize public health infrastructure also play a role in increasing access to advanced medical equipment.
Latin America Magnetic Resonance Imaging (MRI) Systems Market Company Profiles
GE HealthCare, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Canon Inc., Koninklijke Philips N.V., HYPERFINE, INC., Esaote SPA, Shanghai United Imaging Healthcare Co., LTD, FONAR Corp., and Neusoft Medical Systems are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.
Business Market Insights conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include: