The nuclear medicine diagnostics market in Latin America is estimated at USD 1.91 billion in 2022 and is expected to reach USD 3.46 billion by 2027, at a compound annual growth rate (CAGR) of 12.6%.
The Latin American nuclear medicine diagnostics market is predicted to be growing due to the increasing incidence of cancer, a large geriatric population, and the growing demand for advanced diagnostic procedures. Nuclear medicine diagnostics have shown enormous potential in treating CVD and oncological diseases, supporting market growth. According to estimates by the World Health Organization (WHO), in 2018, 18.9 million people died from cardiovascular diseases.
Other factors, such as increasing usage of SPECT and PET scans, government initiatives and funding for the development of new techniques, increasing awareness in public for early cancer detection and treatment modalities, and improving healthcare infrastructure, are also projected to drive the market in the future. There is great competition between companies within the Latin America region by international and national companies, focusing on pharmaceutical and biotech industries. Research and development institutes are tapping into collaborations and joint ventures to reduce their capital reserves and increase clinical trials. Companies are aiming to develop new products with lesser side-effects in this market. All these factors are projected to positively impact the Latin American nuclear medicine diagnostics market during the forecast period.
Because Latin American countries are not economically well developed, they have poor healthcare infrastructure and inadequate regulatory policies, which is a significant barrier for research and clinical investigations. In addition, extensive toxicological tests sometimes impose a considerable financial burden on investigators. Factors such as shortage of skilled workers to perform nuclear medicine diagnostics and competition from conventional diagnostic procedures will hamper the growth of the Latin American nuclear medicine diagnostics market.
This research report on the Latin American nuclear medicine diagnostics market has been segmented and sub-segmented into the following categories:
In 2022, Brazil accounted for the largest share of the Latin American nuclear medicine diagnostics market and is predicted to accelerate during the forecast period. The market will grow thanks to the development of new technologies for the production of radioisotopes, the presence of a large senior population, rapid adoption of a sedentary lifestyle, increasing number of hospitals, diagnostics centers, and research institutes, and government funding and commercial initiatives in this region. In 2020, the elderly population was estimated to have already reached over 30.15 million, representing approximately 14.31% of the people in Brazil. The cancer prevalence has also increased, with a study stating that around 211,000 (16.14%) of all death certificates issued in 2016 identified cancer as the primary cause of death. Approximately 320,000 will be diagnosed with cancer in 2019.
Argentina is expected to grow at a promising CAGR during the forecast period, and this growth is attributed to the increase in cancer cases in this region. Apart from this, the market is expected to benefit from favorable refund policies and the growing popularity of medical tourism. In addition, the increasing aging of the population will support the market's growth in the coming years. Key market players adopt various strategies such as agreements, contracts, acquisitions, market developments, and promotion activities to increase their market share and establish a strong presence in this region.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin America nuclear medicine diagnostics market profiled in the report are Cardinal Health, Inc., Bracco Imaging S.p.A, GE Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., IBA Molecular Imaging and Mallinckrodt PLC.
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