As per the research report, the size of the Latin America Contrast Injector Market is valued at USD 83.97 million in 2023 and is projected to be growing at a CAGR of 6.8%, touching USD 116.67 million by 2028 during the forecast period 2023 to 2028.
The contrast injector market's growth factors in Latin America include the growing demand for diagnostic procedures, increasing incidence of chronic illnesses such as cardiovascular disorders (CVD), neurological disorders and gastrointestinal disorders, technological advancements in contrast injectors, etc.
Likewise, there is an increasing incidence and mortality from cancer and heart diseases, prioritizing the growth of the health infrastructure in developing economies across the Latin American region. According to the World Health Organization, by 2028, chronic diseases will account for three-quarters of deaths across the globe, and 70-75% of deaths will be caused due to CVD. CVDs are one of the leading causes of death accounting in Brazil. This exponential increase will increase the growth rate of the market.
The increase in technology, Better healthcare, and education systems, high rate of hospitalizations, and high adoption of X-ray systems will significantly impact the growth of the contrast injector market in Latin America. MRI-based contrast injectors are used in oncology to diagnose and propagate malignant neoplasms. Innovative products such as dual contrast injectors can also help differentiate average tissue growth from cancerous tissue and sensitive biomarkers to indicate their growth.
Growing awareness and funding, and regular screening of patients for certain diseases, such as breast and colorectal cancer, will facilitate early detection and treatment. In addition, there is increasing demand for better function of contrast agents, with fewer side effects and accessible administration technology; these factors will help the market grow in the coming years.
However, a lack of healthcare awareness and healthcare reimbursement policies will limit the contrast injector market in Latin America. Additionally, most contrast injectors can cause side effects and allergic reactions and hence are unsuitable for certain patients, impacting the market growth over the forecast period.
This research report on the Latin America Contrast Injector Market has been segmented and sub-segmented into the following categories:
Geographically, the Latin American contrast injector market is predicted to reach a decent CAGR as the market is thriving by meeting unmet market needs and the large population in the region.
The Brazil contrast injector market held the position as a significant shareholder of the contrast injector market in Latin America, which is expected to continue during the forecast period. This market growth is due to the easy availability of contrast injectors due to the ease of imports from the United States. In addition, the products can reach the Brazilian market more quickly with easy FDA approvals.
The Argentina contrast injector market will be the second-largest regional market in Latin America. Factors such as the increase in chronic illnesses, such as CVS and CNS diseases, and the increase in the senior population are the major drivers for the growth of the market in Argentina. Over 31,300 patients died in 2018, where only the estimated number of deaths was 25,300, giving a remarkable mortality rate of 20% due to the increasing proportion of elderly patients and patients suffering from chronic illnesses.
The Mexican contrast injector market is expected to grow at the highest CAGR due to the rising prevalence of cancer; improving healthcare facilities and supportive government initiatives are the major factors driving the market growth in Mexico.
KEY MARKET PLAYERS
Prominent companies leading the Latin American Contrast Injector Market profiled in the report are Nemoto Kyorindo Co., Ltd. (Japan), Ulrich GmbH & Co. KG (Germany), VIVID IMAGING (China), and Apollo RT Co., Ltd. (China), Bracco Imaging S.p.A. (Italy), Bayer HealthCare (Germany), Sino Medical- Device Technology Co., Ltd. (China), Guerbet Group (France), Medtronic AG (Germany), GE Healthcare (U.S.), AngioDynamics (U.S.).,
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