Diagnostic Imaging Devices - LATAM

LATAM

Highlights

The Diagnostic Imaging Devices market market in Latin America is anticipated to witness a remarkable revenue surge, projected to reach a staggering US$4.29bn by 2024.
This lucrative market is expected to exhibit an impressive annual growth rate (CAGR 2024-2029) of 4.49%, ultimately culminating in a substantial market volume of US$5.34bn by 2029.
In a global context, it is noteworthy that the United States will dominate this market, generating a substantial revenue of US$11.93bn by 2024.
In LATAM, the demand for diagnostic imaging devices is growing rapidly, with Brazil leading the market due to its large population and advanced healthcare infrastructure.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Diagnostic Imaging Devices market in LATAM is experiencing significant growth due to several key factors. Customer preferences in the Diagnostic Imaging Devices market in LATAM are driven by the need for advanced medical imaging technology to improve patient care and outcomes. Customers in the region are increasingly demanding high-quality imaging devices that provide accurate and detailed diagnostic information. This is particularly important in the field of radiology, where accurate imaging is crucial for diagnosing and monitoring a wide range of medical conditions. Additionally, customers in LATAM are also looking for imaging devices that are portable and easy to use, allowing for greater flexibility in healthcare settings. Trends in the Diagnostic Imaging Devices market in LATAM are influenced by global market trends, as well as regional factors. One key trend is the increasing adoption of digital imaging technology. Digital imaging allows for the capture, storage, and sharing of images in electronic format, which offers several advantages over traditional film-based imaging. Digital imaging devices are more efficient, cost-effective, and provide higher image quality, making them increasingly popular in the region. Another trend in the Diagnostic Imaging Devices market in LATAM is the growing demand for point-of-care imaging devices. Point-of-care imaging devices are portable and can be used at the patient's bedside, reducing the need for patients to be transported to imaging departments. This trend is driven by the need for faster and more convenient imaging solutions, particularly in remote and underserved areas where access to healthcare facilities is limited. Local special circumstances in the Diagnostic Imaging Devices market in LATAM include the diversity of healthcare systems and infrastructure across the region. While some countries in LATAM have well-developed healthcare systems with advanced imaging facilities, others face challenges in terms of infrastructure and access to healthcare services. This creates opportunities for companies to provide innovative and cost-effective imaging solutions that can be tailored to the specific needs of different countries in the region. Underlying macroeconomic factors, such as population growth, increasing healthcare expenditure, and government initiatives to improve healthcare infrastructure, are driving the growth of the Diagnostic Imaging Devices market in LATAM. The region has a growing population and an increasing burden of chronic diseases, which is fueling the demand for advanced diagnostic imaging devices. Additionally, governments in LATAM are investing in healthcare infrastructure and implementing policies to improve access to healthcare services, which is expected to further drive the demand for diagnostic imaging devices in the region. Overall, the Diagnostic Imaging Devices market in LATAM is experiencing significant growth due to customer preferences for advanced imaging technology, global and regional market trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue to expand as healthcare systems in the region strive to improve patient care and outcomes through the adoption of innovative imaging solutions.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.