Latin America Diagnostic Imaging Market is segmented By Type (X-Ray, MRI, SPECT Imaging, Ultrasound, Computed Tomography, Tactile Imaging, Functional near Infrared Spectroscopy, Others), By Application (Orthopedic, Neurology, Oncology, Cardiology, Others), By End User (Hospitals, Diagnostics Centers, Others) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Report Overview
Latin America Diagnostic Imaging Market reached US$ 304.9 million in 2023 and is expected to reach US$ 492.1 million by 2031, growing at a CAGR of 7.1% during the forecast period 2024-2031.
Diagnostic imaging refers to a range of techniques used to visualize the internal structures of the body to identify the causes of illness or injury and to confirm diagnoses. It also helps doctors assess how effectively a patient’s body is responding to treatment for conditions such as fractures or diseases.
Diagnostic imaging includes MRI, MRA scans, CT scans, ultrasound, bone density scans, mammography, X-rays, arthrograms, and myelograms. Diagnostic imaging technology plays an important role in diagnosing the disease condition and also in analyzing the abnormalities of the therapies.
Market Scope
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Metrics |
Details |
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CAGR |
7.1% |
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Market Size Available for Years |
2022-2031 |
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Estimation Forecast Period |
2024-2031 |
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Revenue Units |
Value (US$ Mn) |
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Segments Covered |
Type, Application, End-User |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics: Drivers & Restraints
Increasing prevalence of chronic diseases
The Latin America diagnostic imaging market is expanding primarily as a result of the increasing prevalence of cardiac, neurological, and musculoskeletal disorders along with the rising cancer cases.
For instance, according to a report published by the National Institue of Health in 2023, during the three years (2023–2025), a total of 704,000 new cases of cancer occur each year in the country, excluding non-melanoma skin cancer, an estimated 244,000 occur in women and 239,000 in men. 70% of cases are expected for the South and Southeast regions.
Increasing chronic diseases requires diagnostic tests which could increase the demand for diagnostic imaging equipment, which drives the market growth. Thus, the increasing prevalence of chronic diseases is expected to drive the market growth.
High costs of the equipment
High costs of diagnostic imaging equipment such as MRI, PET scan, and CT scans could restrict many clinics and hospitals from adopting them due to their lower budgets. The hospitals and clinics in the middle-income and lower-income countries choose the diagnostic equipment that suits their budget. This could show an overall impact on the market expansion.
Market Segment Analysis
The Latin America diagnostic imaging market is segmented based on type, application, and end-user.
Oncology segment is expected to dominate the market share
The oncology segment is expected to dominate the Latin American diagnostic imaging market share, and this dominance is anticipated to persist throughout the forecast period. This can be easily ascribed to the rising incidence of malignancy within the populace. Lung cancer is the most prevalent form of cancer worldwide, contributing to the highest number of cancer-related fatalities.
According to the International Agency for Research on Cancer reports in 2022, it is stated that around 1,551,060 new cancer cases were reported in the region. Of these cancers, prostate cancer, breast cancer, and lung cancer were predominant and are more prevalent in the region. With the increased demand for diagnostic procedures in oncology, the segment has experienced many developments. Thus, the above factors are expected to hold the segment in the dominant position.
Market Segmentation
By Type
- MRI
- SPECT Imaging
- X-Ray
- Ultrasound
- Computed Tomography
- Tactile Imaging
- Functional Near Infrared Spectroscopy
- Others
By Application
- Orthopedic
- Neurology
- Oncology
- Cardiology
- Others
By End-User
- Hospitals
- Diagnostic Centers
- Others
Market Competitive Landscape
The major players in the market include Koninklijke Philips NV, Mindray Medical International Limited, Butterfly Network, Inc., Siemens Healthineers, Canon Medical Systems Corporation, Fujifilm Holdings Corporation, GE HealthCare, Esaote SPA, Konica Minolta Healthcare Inc. and SGS Brazil among others.
Why Purchase the Report?
- To visualize the Latin America diagnostic imaging market segmentation based on type, application, and end-user as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of diagnostic imaging market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Latin America diagnostic imaging market report would provide approximately 53 tables, 47 figures, and 176 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
