The size of the Latin America X-Ray Detectors Market was worth USD 519.89 million in 2022 and is estimated to grow at a CAGR of 6.10% to reach USD 699.02 million by 2027.
Factors such as increased support, funding, and investments from the Latin American governments, increasing incidence of cardiovascular and orthopedic diseases, growing pressures to cut public spending, falling prices, growing focus of major medical imaging companies to enhance high-quality imaging data for the provision of assessment of the myriad of tissue by conveying real-time images of the patient's anatomy are propelling the demand for X-ray detectors; thus, driving the market growth in Latin America.
Growing awareness around X-ray detectors across the Latin American region to favor the market growth during the forecast period. X-ray detectors can obtain the source's high image quality based on the appearance of tissue spectra. The usage of X-ray detectors is anticipated to grow further owing to the increase in the aging population in Latin America. X-ray detectors are also used for high-quality imaging, detection, and diagnosis of a disease. The incidence of various diseases among the aged population is growing considerably, leading to an increase in imaging procedures that are accelerating the usage of these x-ray detectors.
Increasing investments in Latin America to conduct R&D around X-ray detectors boost the market growth. Growing healthcare costs, which have accelerated the development of medical technology and prompted the adoption of multimodal imaging systems in hospitals, are motivating the major market participants to invest in the Latin American region. X-ray detectors provide various advantages over conventional x-rays when used efficiently, enabling testing more patients at a lower cost and providing colossal benefits to healthcare providers since this helps establish many health units and diagnostic centers across the region.
However, high costs associated with these x-ray detectors, budget constraints, and poor reimbursement policies are a few significant factors hampering the market’s growth rate in Latin America. In addition, the adoption of X-ray detectors in Latin America is less than in other regions due to the high equipment costs. These high costs make it difficult for small and medium hospitals to purchase X-ray detectors, leading to the greater adoption of refurbished and reused systems. Moreover, the shortage of skilled radiologists in Latin America is further foreseen to obstruct market growth over the forecast period.
This research report on the Latin America x-ray detectors market has been segmented and sub-segmented into the following categories:
By Digital Systems:
During the forecast period, Latin American is expected to have a steady growth. The advantages of x-ray detectors, such as reduced prices, multiple modes of storage, and high-quality images, are expected to drive the x-ray detectors market in Latin America.
Brazil in Latin America is expected to grow considerably during the forecast period. An increasing number of people suffering from life-threatening diseases such as CVDs and cancer is demanding the greater usage of X-ray detectors in Latin America. It has been reported the second leading cause of death is cancer in Brazil, after heart and cerebrovascular diseases. According to Globocan, an estimated 592,212 new cancer cases were reported in 2020 in Brazil, making Brazil the largest adopter of the x-ray detectors market. X-ray detectors can help detect cancers in their early stages when they can be effectively treated. Moreover, technological developments integrated with A.I. help manage patient information related to patient diagnosis and treatment and diagnose patients without a doctor. It also overcomes the problems of using a conformal detector on a surface.
KEY MARKET PLAYERS:
A few of the notable players operating in the Latin America x-ray detectors market profiled in the report are Varian Medical Systems (U.S.), PerkinElmer, Inc. (U.S.), Agfa-Gevaert Group (Belgium), Carestream Health (U.S.), Vieworks Co., Ltd (South Korea), Analogic Corporation (U.S.), Rayence (South Korea), Thales Group (France), Canon, Inc. (Japan), Konica Minolta, Inc. (Japan), Teledyne DALSA Inc. (U.S.), Fujifilm Holdings Corporation (Japan), YXLON International GmbH (Germany), DRTECH (Korea), and Hamamatsu Photonics K.K. (Japan).
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