South and Central America Medical Imaging Market is expected to reach US$ 1,316.8 million by 2028

Published Date: 04 Oct 2021

Report : South and Central America Medical Imaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (CT Systems, X-ray Systems, PET Systems, MRI systems, Ultrasound Systems, and Others); End User (Hospitals, OP Centers, Clinicians Offices, and Emergency Care Centers)

X-ray Systems Segment has the Largest Share of Product in the South and Central America Medical Imaging Market during 2021–2028

According to The Insight Partners market research study on “South and Central America Medical Imaging Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product, and End User” is expected to reach US$ 1,316.8 million by 2028 from US$ 1,065.0 million in 2021. The market is estimated to grow at a CAGR of 3.1% from 2021 to 2028. The report provides trends prevailing in the South and Central America Medical imaging market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the introduction of technological advanced systems and the increasing demand for early diagnosis are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the declining reimbursements.

Countries like Brazil and Argentina have also registered many positive coronavirus infection cases. These regions are developing in terms of the healthcare and medical service industry. The countries in these regions are highly dependent on medical devices imported from developed countries. Therefore, countries have faced several challenges with their requirements for medical imaging systems due to severe disruption in supply chains.  Health authorities are worrying that attempting to fight the coronavirus will indirectly contribute to an increase in deaths of ill patients, including cancer patients, gynecology patients, and other causes. The death pool of ill patients in low-cost regions is expected to increase because healthcare professionals are having limited their patients checking as many clinics as possible, diagnostic centers, ambulatory surgery centers have limited resources and staff. However, there has been a spur in demand for imaging modalities such as computed tomography and ultrasound systems to manage the treatment of patients suffering with COVID-19. Countries were severely hit by the pandemic and deployed large number of chests imaging every single day. These factors thus encouraged the growth of the medical imaging market in this region.

The market for medical imaging market is segmented into product, and end user. Based on product, the medical imaging market is segmented into CT Systems, X-ray Systems, PET Systems, MRI systems, Ultrasound Systems and Others. In 2020, the X-ray Systems segment accounted for the highest share of the market. Growth of this segment is primarily driven by the increasing use of the interventional x-ray systems including C-arms and others, for image guided surgeries. Further, the new generation of mobile X-ray units offers more advantages in terms of efficiency and cost savings than standalone X-ray systems. Wireless mobile X-ray systems offer flexibility to healthcare facilities, enabling them to share medical images between mobile systems or between fixed-room and mobile systems.

General Electric Company, Siemens AG, Koninklijke Philips N.V., Shimadzu Corporation, Hitachi, Ltd., Canon Inc., Hologic, Inc., Carestream Health Inc., ESAOTE SPA, and Samsung Group are among the leading companies in the South and Central America medical imaging market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in March 2021, Vscan AirTM is a cutting-edge, wireless pocket-sized ultrasound launched by GE Healthcare that offers crystal clear image quality, whole-body scanning capabilities, and intuitive software in the palm of clinicians' hands.

The market for medical imaging market is segmented into product, and end user. Based on product, the medical imaging market is segmented into CT systems, X-ray systems, PET systems, MRI systems, ultrasound systems, and others. Based on end user, the medical imaging market is segmented into hospitals, OP centers, clinician’s offices, and emergency care centers. Geographically, the medical imaging market is segmented into South and Central America (Brazil, Argentina, Rest of South and Central America).

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