The size of the diagnostic imaging market in Latin America was worth USD 2.34 billion in 2023 and is estimated to be growing at a CAGR of 6.30% to reach USD 3.17 billion by 2028.
Medical imaging is the method of making a visual image of the body's inside for therapeutic intervention. In addition, these devices help create a databank of the normal anatomy and physiology of internal organs so that any irregularity can be observed immediately.
The capability to generate pictures of a patient’s internal anatomy and alter them to film through diagnostic imaging has transformed how many diseases and injuries are spotted, diagnosed, and treated. As a result, this market has applications in several medical arenas like cardiology, neurology, and orthopedics.
The growth of the Asia-Pacific Diagnostic Imaging market is mainly due to the rise in the aging population, increasing the prevalence of cancer and cardiac, neurological, and musculoskeletal disorders, and a rising number of diagnostic imaging techniques.
However, poor accessibility of proper care, volatile economies, and lack of awareness in this part of the world are the key factors hindering the market's growth in this region.
This research report on the Latin America Diagnostic Imaging Market has been segmented and sub-segmented into the following categories:
Geographically, the Latin American market is expected to have a steady growth rate during the forecast period due to the growing aging population, a common and frequent increase of cancer, and cardiac, nerve disorders, and musculoskeletal diseases. Moreover, an increasing number of diagnostic imaging markets and extensive usage of the devices may urge market growth in this region.
The Brazilian diagnostic imaging market accounts for a significant part of the Latin American market, followed by Argentina. Other significant markets in this region are Uruguay, Paraguay, Colombia, Chile, and Bolivia. Brazil is projected to have the largest share in the diagnostic imaging market, followed by Argentina, and is the biggest in this region. Factors like increasing expenditure in developing countries and desperate changes in the healthcare system reduce medical imaging usage costs. Brazil has spent nearly 46.4% on their spending of the total government amount spent, and Argentina has spent 22.5%.
Countries like Peru and Columbia are enlarging quickly, which boosts medical imaging devices in the appearing countries in this region. Argentina is followed by Brazil as demand for new advanced solutions and increasing investments for research and development activities for this region's devices.
KEY MARKET PLAYERS:
A few prominent companies operating in the Latin American Diagnostic Imaging Market profiled in this report are GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., Fujifilm Corporation & Shimadzu Corporation.
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