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

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).

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. '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)'

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.

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.

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.