The nuclear imaging market size in Latin America was worth USD 1.26 billion in 2022 and is estimated to be growing at a CAGR of 7.99% during the forecast period and worth USD 1.86 billion by 2027.
The growth of the Latin American nuclear imaging market is primarily driven by technological improvements in the nuclear imaging area, such as the integration of two or more standalone diagnostic imaging modalities, which increases the procedure's usage. In addition, the rise in the number of cases of illness and diseases such as cardiovascular disease, cancer, and neurological condition around the region is driving demand for nuclear imaging therapies, which is propelling market expansion.
One of the key causes driving the economy is the exact, precise, and high-quality images digitally generated when radiations are administered to the patient. These images provide organ-specific diagnoses, which leads to illness treatment for the growth of the market.
Nuclear imaging scans are cost-effective, which boosts the market's growth. In addition, the market is growing due to rising awareness of the benefits of nuclear imaging among clinical researchers and clinicians and an increase in the number of applications such as oncology and neurology. Furthermore, the nuclear imaging market is being propelled by the rise in the worldwide geriatric population and the discovery and development of new radiotracers.
However, the lack of availability of radionuclide, the most extensively used isotope for nuclear medicine imaging scans, is expected to impede the growth rate of the Latin American nuclear imaging market. Several healthcare providers have aligned themselves with group-buying organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs) in response to increased government pressure to reduce healthcare costs (IDNs). These groups pool their members' purchasing power and negotiate with medical equipment suppliers and manufacturers to lower prices. For example, for mass purchasing of nuclear imaging devices, GPOs, IHNs, and IDNs engage in extensive negotiations. As of 2019, hospital budgets have been drastically decreased due to increased prescription drug costs and a sharp reduction in anticipated budget allocations for Health and Human Services in the United States. According to a study conducted by the American Hospital Association, government funding cuts to hospitals will total USD 218 billion by 2028, causing institutions to designate reduced annual budgets.
This research report on the Latin American nuclear imaging market has been segmented & sub-segmented into the following categories:
Geographically, the Latin American nuclear imaging market is expanding at a moderate growth rate during the forecast period. The factors such as the favorable payment regulations, the presence of significant enterprises, and sponsored government programs that provide simple access to contemporary infrastructure and imaging for medical purposes have all encouraged its rise.
Brazil accounted for a significant share in the Latin American nuclear imaging market in 2020, and it is expected to witness a predominant share during the forecast period. Increasing investments and funding by the government, technological advancements in the healthcare sector, and raising awareness of the benefits of nuclear imaging among clinical researchers and clinicians are propelling the market growth. The massive rise in spending in the healthcare division has increased the demand for Nuclear Imaging devices. Brazil spends nearly 45% of its total expenditure on healthcare, whereas Argentina spends about 20%. Brazil is one of the largest markets in this region, followed by Mexico, Chile, and Columbia, intensifying their investments in the Nuclear Imaging market.
KEY MARKET PLAYERS:
Companies playing a significant role in the Latin America Nuclear Imaging market in this report are Mallinckrodt plc, Siemens Medical Solutions, Hitachi Medical Corporation, Medtronic Inc., General Electric Co. (healthcare division), IBA Group, Positron Corporation, Philips Medical Systems, Naviscan, Toshiba Medical Systems Corporation, Carestream Health, Lantheus Medical Imaging Inc., Cardinal Health Inc., and Bayer AG.
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