USD 4.23 billion
Latin America Medical Imaging Market Size, Share, Growth Analysis, By Type(Magnetic Resonance Imaging (Closed MRI, Open MRI), X-Ray Imaging (X-ray Digital Imaging Systems, X-ray Analog Imaging Systems)), By Application(General Imaging, Cardiology, Gynecology, Oncology), By End-User(Hospitals & Clinics, Diagnostic Imaging Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR35A2878 |
Region:
Regional |
Published Date: February, 2024
Pages:
157
|Tables:
100
|Figures:
72
Latin America Medical Imaging Market Insights
Latin America Medical Imaging Market was valued at USD 4.23 billion in 2022, and is poised to grow from USD 5.18 billion in 2023, to USD 8.1 Billion by 2031 at a CAGR of 6.2% during the forecast period (2024-2031).
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 2031. 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
cardiology
Growth Rate
6.2% CAGR
Global Latin America Medical Imaging Market($ Bn)
Country Share for Latin America (%)
Global Latin America Medical Imaging Market
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Latin America Medical Imaging Market Segmental Analysis
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.
Global Latin America Medical Imaging Market BY Application
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Latin America Medical Imaging Market Regional Insights
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.
Global Latin America Medical Imaging MarketBy Region
- Largest
- Fastest
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Latin America Medical Imaging Market Dynamics
Latin America Medical Imaging Market Driver
- The rising need for early diagnosis of chronic diseases at a lower cost, as well as the rapidly aging population, are expected to drive medical imaging market growth. Aside from that, the introduction of technologically advanced equipment and the improvement of healthcare infrastructure in countries such as Brazil, Argentina, and Mexico will help the regional market grow.
Latin America Medical Imaging Market Restraint
- One of the primary factors that impedes the Latin America medical imaging market growth is the frequent recalls of imaging equipment. For instance, Canon Medical System Inc. recalled more than 60 Canon Aquilion Prime SP, Multislice Helical CT Scanner, TSX-303B/8L scanners owing to a software fault. This, combined with the existence of a substantial and controlled secondhand equipment market have hindered the adoption of new and innovative technology.
- Increased number of established and domestic firms have entered the Latin America medical imaging market and started offering healthcare services and refurbished equipment at lower costs. The overall cost-benefit ratio of this refurbished equipment for small and medium-sized healthcare facilities is higher, which has resulted in decreased adoption of new systems and equipment.
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Latin America Medical Imaging Market Competitive Landscape
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
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Canon Medical Systems Corporation (Japan)
- FUJIFILM Holdings Corporation (Japan)
- Hitachi Ltd. (Japan)
- Carestream Health, Inc. (US)
- Esaote S.p.A (Italy)
- Hologic, Inc. (US)
- Samsung Electronics (South Korea)
- Mindray Medical International (China)
- CurveBeam LLC (US)
- Shimadzu Corporation (Japan)
- Neusoft Medical Systems (China)
- SternMed (Germany)
- Neusoft Medical Systems (China)
Latin America Medical Imaging Market Recent Developments
- In March 2022, Siemens Healthineers showcased the latest products and technologies in radiology at 74th National Conference, IRIA 2022, Bengaluru, India. Siemens Healthineers unveiled MAGNETOM Free.Star and NAEOTOM Alpha®, its unique solutions in MRI and CT portfolio.
- In May 2021, Koninklijke Philips N.V. (Netherlands) introduced the Spectral Computed Tomography (CT) 7500 system for precision diagnosis.
- In March 2021, GE Healthcare, a US-based healthcare comp launched Venue Fit, a streamlined and compact POCUS system, alongside an industry-first AI offering for cardiology
Latin America Medical Imaging Key Market Trends
- Frequent introduction of technologically advanced imaging equipment. It is one of the key factors driving adoption of modern AI-enabled diagnostic equipment for speedy diagnosis and predictive analysis in developed countries. Only a few competitors in the Latin America medical imaging market are now offering AI-enabled imaging technology to the healthcare business.
- Siemens Healthineers offers Acuson Redwood ultrasound system, which provides an imaging solution for clinical departments such as radiology, cardiology, and obstetrics/gynecology. Multiple artificial intelligence (AI)-based solutions for smart workflows and cardiology features are included in this small and lightweight device. Furthermore, Philips, in March 2022, showcased its AI-driven enterprise imaging portfolio, inclusive of digital imaging platforms, advanced informatics, and a suite of services at the 74th Annual Conference of the Indian Radiological and Imaging Association (IRIA) 2022.
Latin America Medical Imaging Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.23 billion |
| Market size value in 2031 | USD 8.1 Billion |
| Growth Rate | 6.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Latin America Medical Imaging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Latin America Medical Imaging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Latin America Medical Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Latin America Medical Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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