USD 4.23 billion
Report ID: SQSL35A2008 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 100 | Figures: 72
Latin America Medical Imaging Market was valued at USD 4.23 billion in 2021, and USD 5.18 billion by 2022, and is expected to reach a value of USD 8.1 Billion at a CAGR of 6.2% over the forecast period (2023-2030).
The medical imaging industry is growing at a rapid pace due to the increasing demand for diagnostic imaging services. The market is expected to reach USD 3.05 billion by 2028. This growth is attributed to the increasing number of elderly people and people with chronic diseases who require regular medical imaging. Additionally, the rise in incidences of cancer and other chronic diseases is fueling the market growth. Increased prevalence of chronic diseases such as cardiovascular and neurologic problems, along with the realignment of healthcare systems have put increased emphasis on early diagnosis.
Latin America has emerged as the potential medical imaging market on account of rapidly growing prevalence of obesity, diabetes, neurological conditions, cardiovascular dieses. This is especially true in Brazil, Argentina, and Colombia. As a result, there is growing demand for diagnostic imaging for proper diagnosis. Every year, roughly 3.6 billion diagnostic procedures are conducted worldwide, according to a report issued by the World Health Organization (WHO). Wherein, pediatric patients are subjected to around 350 million examinations. This has encouraged players in the market to perform X-ray, magnetic resonance, and computed tomography scans. In order to prevent the severe expenses on the healthcare, governments across various countries in the region are focusing on early identification of diseases by undertaking numerous awareness campaigns.
Latin America Medical Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.23 billion
Hospitals & Clinics
Hospitals & Clinics
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Latin America medical imaging market is segmented by type, application, end-user, and region. Based on the type, the Latin America Medical Imaging Market is segmented into magnetic resonance imaging (Closed MRI and Open MRI), X-ray Imaging (X-ray digital imaging systems and X-ray analog imaging systems), ultrasound imaging (2D ultrasound, 3D and 4D ultrasound, and doppler ultrasound), computed tomography, and nuclear imaging. Based on the Application, the Latin America medical imaging market is segmented into general imaging, cardiology, gynecology, oncology, neurology, orthopedics, and others. By end-user, the Latin America Medical Imaging Market is segmented as hospitals, clinics, and diagnostic imaging centers. Based on country, Latin America Medical Imaging Market is segmented into Brazil, Argentina, Peru, Chile, Colombia, and Mexico.
Latin America Medical Imaging Market Analysis by Type
In 2021, the X-Ray Imaging held the largest market share of the Latin America medical imaging market. The X-Ray imaging segment primarily includes X-ray digital imaging systems and X-ray analog imaging systems. The segmental growth is attributed to the rising geriatric population, increased incidence of various diseases, favorable government regulations, investments, and initiatives. Most of the physicians are found preferring X-ray as one of the early methods to diagnose condition requiring imaging thanks to its higher speed and accuracy. This enables the radiologist to screen large number patient.
In line with growing demand for X-ray, most of the market players have started focusing on product development and innovation. However, these systems are expensive. Thus, delaying their widespread implementation across Latin America medical imaging market. However, lack of infrastructure, especially in undeveloped nations, and negative effect of exposure to radiation are projected to limit the segmental growth.
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In 2021, Brazil was responsible for generating over 24.0% revenue of Latin America medical imaging market, which is followed by Argentina with 17.0% market share. This can be attributed to availability of advanced healthcare facilities, presence of multi-specialty hospitals with advanced equipment. Some of the key hospitals in Latin America medical imaging market are Hospital Israelita Albert Einstein (Brazil) 55; Hospital Das Clínicas Da Faculdade De Medicina Da Universidade De São Paulo (Brazil); Hospital Sírio-libanês (Brazil); Hospital Italiano De Buenos Aires (Argentina); and Irmandade Da Santa Casa De Misericórdia (Brazil) among many others.
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Latin America Medical Imaging Market Driver
Latin America Medical Imaging Market Restraint
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Latin America medical imaging market is highly competitive. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. For instance, Fujifilm Corporation leverages its customers with an advanced AI-based lung nodule detection system. This method aids in the diagnosis of lung cancer by detecting pulmonary nodules in chest CT scans. On the other hand, Canon Medical Systems Corporation also provides its customer with One-Beat Spectral Cardiac CT, which uses quick kVp switching and deep learning spectral reconstruction to obtain whole-heart spectral pictures in one beat. Availability of such latest and most advanced products is projected to boost demand for medical imaging equipment, hence, moving the industry forward.
Latin America Medical Imaging Market Top Players Profiles
Latin America Medical Imaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, X-ray imaging is projected to dominate the Latin America medical imaging market during the forecast period. By application, the general imaging segment is projected to dominate the market. On the other hand, hospitals and clinics are projected to remain the largest consumer of imaging equipment the Latin America medical imaging market during the forecast period.
|Market size value in 2021||USD 4.23 billion|
|Market size value in 2022||USD 5.18 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Latin America Medical Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Latin America Medical Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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