The size of the Latin American ultrasound market is forecasted to be growing at a CAGR of 5.1% from 2023 to 2028.
A few of the key drivers of the growth of the ultrasound market in Latin America include public and private funding for ultrasound imaging R&D, a growing number of healthcare providers, technological advancements, and an increased incidence of chronic disease.
The incidence and prevalence of chronic diseases are increasing rapidly in Latin America. As a result, the demand for ultrasound imaging is expected to increase, along with the demand for early detection of diseases and minimize the cost of treating these chronic diseases. It also increases the number of diagnostic imaging procedures. The significant contribution to medical diagnosis and ease of use has created strong demand and thus attracted various funding bodies to invest, which is expected to increase in the coming years.
The increasing technological advancements supported by the adoption of trusted partnerships are expected to drive market growth. The downsizing of ultrasound devices has given the market a slight, if not significant, boost. It gave healthcare facilities the option of replacing old heavy devices with smaller ones. Reducing the size of these devices solves the storage problem, allowing facilities to run more efficiently with more devices. Thus, above all, it stimulates the demand for ultrasound in Latin America.
Rising demand for medical imaging devices, a growing number of companies in the healthcare field, an increasing number of ultrasound applications are some of the factors driving the growth of the ultrasound market.
However, the problem that can arise with the ultrasound market is the security issue associated with it. Security concerns could compromise the authenticity of the data stored when using these devices. Also, if the correct type of software is not purchased, problems may arise while using it. The costs associated with these products are also high, depending on the type of device you use the software. This can be a restraining factor for market growth.
Impact of COVID-19 on the Latin American ultrasound market:
The ultrasound market has been negatively affected by the pandemic, and this trend is expected to continue until December 2020. In addition, adverse changes in regulations and guidelines are hampering the growth of this market. The shutdown of manufacturing facilities due to bottlenecks, supply chain disruptions, and recruitment issues for clinical trials has further impacted the growth of the overall ultrasound market.
This research report on the Latin American ultrasound market has been segmented and sub-segmented into the following categories:
By Type of Product:
By Device display:
By Portability of Device:
By End-Users:
By Application:
By Country:
Geographically, the Latin American health system has grown in leaps and bounds in recent years. As a result, many countries in this region are recognized worldwide for their success in the health sector.
In Latin America, the Brazilian ultrasound market is predicted to lead with the increased spending on healthcare. Recently, Brazil spent 47% of its health care spending as a percentage of total government spending, and Argentina's spending was around 25%. This huge growth in spending in the healthcare sector has also increased the demand for ultrasound imaging and devices. Brazil is one of the largest markets in this region, with more than $ 4.5 billion in investments, followed by Mexico, Chile, and Colombia, expanding their investments in the ultrasound market.
Growing healthcare spending in developing countries is further increasing the uptake of basic ultrasound equipment. Distribution networks in Latin American countries of Colombia and Peru are also growing rapidly, increasing access to ultrasound tools in the emerging market.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Latin American ultrasound market profiled in this report are GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi, Ltd., Siemens Healthineers Ag, Hologic, Inc., Fujifilm Holdings Corporation, Samsung Electronics Co., Ltd., Mindray Medical International Limited, Analogic Corporation, Esaote Spa, Shimadzu Corporation, Carestream Health, Cura Healthcare, and Chison Medical Technologies Co., Ltd.
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