The size of the Breast Imaging Market in Latin America was valued at USD 0.42 Billion in 2023 and is Expected to Reach USD 0.65 Billion by 2028, growing at a CAGR of 8.79% during the forecast period.
The increasing incidence of breast cancer in Latin America is expected to drive the overall market growth during the forecast period. NCBI data suggests that breast cancer is the most common type of cancer and the leading cause of cancer death in women around the world and Brazil. In Brazil, there were approximately 45,000 deaths per year in Latin America, according to data from the Pan American Health Organization. In addition, breast cancer and related complications are expected to increase by more than 45%, from 627,700 in 2019 to 905,000 by 2035. According to the WHO, 26% of cancers were breast cancer, amounting to nearly 1.69 million cases across the world. The National Cancer Institute of Brazil estimated 60,000 new cases of breast cancer in 2018. Breast cancer is the most common type of cancer (excluding skin cancer other than melanoma) in women in most parts of Brazil. Moreover, periodic breast cancer screening programs aim to raise awareness of the importance of early diagnosis, which is another crucial factor in the growth of the breast imaging market in Latin America.
The prevalence of breast cancer is increasing in Latin America due to the increasing prevalence of hormone-related factors, such as delayed pregnancy and abuse of hormone replacement therapy, increased use of female contraceptive drugs, and lifestyle-related risk factors. In addition, there are increased incidences of other breast disorders such as fibromyalgia, fibrous cysts in the breast, and other cancers metastasizing in the breast region.
In addition, key companies focusing on the technological advancements of the various products such as hybrid imaging systems offer significant growth opportunities for players operating in the Latin American breast imaging market. Furthermore, private organizations are increasing in the Latin American health system, and favorable health services offering numerous reimbursement policies will help decrease the mortality associated with high-risk women seeing a doctor in a timely manner. Therefore, expanding medical device export is estimated to grow tremendously, which gives many growth opportunities for the Latin American breast imaging market in the years to come.
However, it is expected that the high cost of breast imaging procedures and strict regulatory approval, decreased investments for research and development, and high installation and maintenance costs are anticipated to impact the market growth rate negatively. In addition, other factors such as inadequate reimbursement policies and lack of healthcare awareness are hampering the growth of the breast imaging market in Latin America during the forecast period.
This research report on the Latin American breast imaging market has been segmented and sub-segmented into the following categories:
By Technology:
By Country:
Geographically, the Brazilian market is estimated to hold the largest share of the Latin American breast imaging market. The combined health expenditure of major Latin American countries has been estimated at approx. USD 555 billion in 2019. The increasing prevalence of breast cancer in the region has dramatically increased the demand for diagnostic imaging technologies for better treatment, and high healthcare expenditure will drive the market in the area.
The Mexican market is estimated to be the fastest-growing regional market due to the government's growing emphasis on improving the health sector and high cancer prevalence in the region. According to a report published by the National Cancer Foundation, breast cancer accounts for about 11.5% of cancer incidence in women and men. It was also reported that around 1,850 cases of breast cancer in humans are recorded each year.
KEY MARKET PLAYERS:
A few of the promising companies operating in the Latin American Breast Imaging Market profiled in the report are Hologic, Inc., GE Healthcare, Siemens Healthcare, Philips Healthcare, Fujifilm Holdings Corporation Gamma Medica, Inc., Toshiba Corporation, Sonocine, Inc., Aurora Imaging Technology, Inc., and Dilon Technologies, Inc.
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