Increasing Focus on Medical Tourism Improves MRI Market Prospects in Egypt, Finds Frost & Sullivan
Adoption of partnership models crucial as need for standardisation heightens
LONDON, June 27, 2013 /PRNewswire/ -- The use of state-of-the-art medical imaging devices in the private sector to attract medical tourism has steadied the growth of the magnetic resonance imaging (MRI) market in Egypt. Although slow political transition will limit demand in the short-to-medium term, the market will be sustained by replacements. Once the political situation eases, procurement backlogs will boost sale volumes.
New analysis from Frost & Sullivan (http://www.medtech.frost.com), Analysis of the Magnetic Resonance Imaging Market in Egypt, finds that the market earned revenues of $35 million in 2012 and estimates this to reach $66.7 million in 2019 at a compound annual growth rate (CAGR) of 9.4%. The research covers low-field, high-field, and ultra-high-field MRI systems.
"Egypt has a high concentration of private radiology practices that utilise latest technology and high-end MRI equipment as a strategy to stay ahead of the competition," says Frost & Sullivan Healthcare Research Analyst Kudzai Moyo. "The use of high-field systems, in particular, will increase owing to their ability to facilitate multiple, non-invasive examinations and generate large amounts of information."
The focus on medical tourism will further encourage private healthcare institutions in the country to adopt large-scale, high-end clinical care. Private hospitals are looking to upgrade their radiology facilities to offer highly efficient and reliable healthcare services, allowing them to compete with other countries in the region, whilst expanding market potential.
Current MRI market revenues are however low, as several private hospitals await the political transition in Egypt before proceeding with their investments. Similarly, uptake in the public sector is likely to be subdued in the short-to-medium term, as the state budget for healthcare remains limited. Nevertheless, the long-term impact of this restraint will reduce as pressure groups advocate for a budget increase.
"In this competitive landscape, forming alliances with government entities and private businesses will assist MRI equipment manufacturers to secure healthcare project contracts in Egypt," reveals Frost & Sullivan Healthcare Research Analyst Shalena Naidoo. "Partnerships will also enable the standardisation of medical imaging modalities, which is a key criteria for end users."
If you are interested in more information on this research, please send an email to Anna Zanchi, Corporate Communications, at email@example.com
Analysis of the Magnetic Resonance Imaging Market in Egypt is part of the Life Sciences Growth Partnership Service program. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
SOURCE Frost & Sullivan
More by this Source
Frost & Sullivan: Are you Prepared for the Disruptions of Software Defined Networking?
Dec 05, 2013, 09:45 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.