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."
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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.
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SOURCE Frost & Sullivan