Argentina Ultrasound Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 79.65 Million |
| Market Size (2029) | USD 104.15 Million |
| CAGR (2024 - 2029) | 5.51 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Argentina Ultrasound Devices Market Analysis
The Argentina Ultrasound Devices Market size is estimated at USD 79.65 million in 2024, and is expected to reach USD 104.15 million by 2029, growing at a CAGR of 5.51% during the forecast period (2024-2029).
Argentina's economy contracted due to the COVID-19 pandemic, which considerably impacted private consumption, healthcare, investment, aviation, and exports. As per the data from the International Monetary Fund Report 2021, the economy of Argentina was predicted to grow by 4.9% in 2021, owing to higher labor incomes, more private spending, and increased international export demand. COVID-19 influenced the daily working practice and financial status of spine surgeons in Argentina.
Further, according to the study published in which was published in Ecancer Medical Science in July 2021, the impact of the pandemic was more noticeable in screening, though between 56% and 87% fewer procedures were done overall. There was a 26% decline in diagnosis. As a result, the growth of the ultrasound market was hampered during the initial phase of the pandemic. However, the market is recovering well owing to the resumption of diagnostic procedures and manufacturing activities, and it is expected to witness a similar trend over the coming years.
The major factors propelling the market's growth are the increasing prevalence of cancer, the increasing aging population, and increasing awareness urging people to have early screening. Furthermore, the World Bank's support for Argentina's healthcare system will likely fuel the rise of an ultrasound system in the region. For instance, in April 2023, the Inter-American Development Bank's (IDB) Board of Executive Directors approved a USD 200 million loan to improve Argentina's healthcare system.
Additionaly, this is the first individual operation of a USD 600 million conditional credit line for investment projects (CCLIP). This first individual procedure aims to minimize premature mortality and close healthcare access gaps across Argentina's provinces. The effort will expand effective access to diagnostic and treatment services for the people who rely primarily on public healthcare coverage to achieve its goal. As a result, the World Bank's increasing support for improving the healthcare system will assist the country in adopting more ultrasound scanners, which is predicted to fuel future ultrasound market growth in Argentina.
The country's growing prevalence of chronic diseases is expected to boost the market growth. For instance, according to the study published in the National Library of Medicine in January 2022, in persons over 65, the estimated prevalence of dementia in Argentina was 12.18%. The prevalence was 16.9% for those between the ages of 60 and 69, 23.3% for those between the ages of 70 and 79, and 42.5% for those above the age of 80 in 2021. Such a prevalence of dementia is expected to increase the demand for imaging diagnosis and, thus, for ultrasound over the forecast period
Thus, all factors above are expected to boost the market growth over the forecast period. However, strict regulation may impede the market growth over the forecast period.
Argentina Ultrasound Devices Market Trends
3D and 4D Ultrasound Imaging is Expected to Witness Strong Growth Over the Forecast Period
3D imaging allows visualization of fetal structures and internal anatomy as static 3-D images. In comparison, 4D ultrasounds allow for a live-streaming video of the images, displaying the fetal heart wall or valves' motion and the current blood flow through various vessels.
There are several benefits to using 3D ultrasound imaging. Virtual planes, for example, aid in visualizing fetal heart structures by allowing views that would not otherwise be possible with 2D imaging. 3D ultrasounds can also diagnose fetal face defects such as cleft lip and fetal skeletal and neural tube defects. Combined, 3D ultrasounds may aid in detecting structural congenital anomalies in the fetus during the 18-20-week scan.
3D and 4D ultrasound have significantly progressed in diagnosing, staging, and detecting prostate cancer. Prostate physiology, tumor extension, and evaluation of surrounding structures are all improved with 3D ultrasound. Cancer is the most common cancer in men in Argentina, with 44 cases per 100,000 men diagnosed in 2021, making it the most common tumor, excluding nonmelanoma skin cancers. Thus, the increasing prevalence of prostate cancer and its application in diagnosing prostate cancer drive the segment growth likely to boost the ultrasound market.
Thus, considering the factors above, such as the rising burden of chronic and the benefits of 3D and 4D ultrasound, the segment is expected to grow in the forecast period.
Musculoskeletal Segment is Expected to Witness Strong Growth Over the Forecast Period
Argentina is expected to hold a significant market share owing to factors such as the rising incidence of orthopedic diseases, the growing geriatric population, and recent developments in the country. Age expectancy has increased dramatically over the last 50 years, as age-related health issues such as hip fractures, orthopedic injuries, and osteoarthritis are also increasing. The country's high incidence of such diseases likely supports the market expansion. For instance, according to a study published in Springer Nature in September 2022, in Argentina, women had a fracture rate of 252 per 100,000 inhabitants per year, while males had a fracture rate ranging from 78 to 181 per 100,000 inhabitants. Thus, the huge prevalence of fractures in the country is expected to increase demand for ultrasound devices, boosting market growth.
The growing aging population in countries with more prevalent musculoskeletal diseases is expected to propel the market's growth. For instance, in 2022, United Nations Projections reported that 5.3 million people in Argentina were aged 65 or older in the year 2022, and this number is expected to increase to 6.8 million by 2040. The increasing geriatric population more prone to develop musculoskeletal diseases requires effective diagnosis and monitoring, which fuels the studied market growth over the forecast period.
Thus, all the factors above, such as the high incidence of musculoskeletal diseases and the rising aging population, are expected to boost market growth over the forecast period.
Argentina Ultrasound Devices Industry Overview
The Argentina ultrasound market is moderately competitive, with a few large players. Public and private companies are investing in R&D to advance their technologies in ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. The updated technological portable devices are praised globally, and the companies have a wide presence across developed and emerging markets. Some major companies investing in ultrasound devices are Koninklijke Philips N.V., Siemens Healthineers, Canon Medical System, Fujifilm Holding Corporation, and Mindray Medical International Limited.
Argentina Ultrasound Devices Market Leaders
GE Healthcare
Mindray Medical International Limited
Koninklijke Philips N.V.
Canon Medical Systems
Siemens Healthineers
*Disclaimer: Major Players sorted in no particular order
Argentina Ultrasound Devices Market News
- In September 2023, the Argentine Congress of Medical Imaging was held at the Buenos Aires Convention Center. Various key market players showcased their innovative medical imaging products during the event.
- July 2022: Siemens Healthineers launched the refreshed ultrasound portfolio of the Acuson family across all markets, including Europe, North America, and Latin America.
Argentina Ultrasound Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Application of Ultrasound
4.2.2 Increasing Incidences of Chronic Diseases
4.3 Market Restraints
4.3.1 Strict Regulations
4.3.2 Lack of Skilled Labor to Handle the Advanced Equipment
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Application
5.1.1 Anesthesiology
5.1.2 Cardiology
5.1.3 Gynecology/Obstetrics
5.1.4 Musculoskeletal
5.1.5 Radiology
5.1.6 Critical Care
5.1.7 Other Applications
5.2 By Technology
5.2.1 2D Ultrasound Imaging
5.2.2 3D and 4D Ultrasound Imaging
5.2.3 Doppler Imaging
5.2.4 High-intensity Focused Ultrasound
5.3 By Type
5.3.1 Stationary Ultrasound
5.3.2 Portable Ultrasound
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE Healthcare
6.1.4 Koninklijke Philips NV
6.1.5 Siemens Healthineers
6.1.6 Carestream Health Inc.
6.1.7 Samsung Electronics Co. Ltd
6.1.8 Mindray Medical International Limited
6.1.9 Esaote SpA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Argentina Ultrasound Devices Industry Segmentation
As per the report's scope, a diagnostic ultrasound, also known as sonography, is an imaging technique that uses high-frequency sound waves to produce images of the different structures inside the body. They assess various kidney, liver, and other abdominal conditions. They are also majorly used in chronic diseases, including heart disease, asthma, cancer, and diabetes. Therefore, these devices are being utilized as diagnostic imaging and therapeutic modalities and have a wide range of applications in the medical field. The ultrasound devices market is Segmented by application (anesthesiology, cardiology, gynecology/obstetrics, musculoskeletal, radiology, critical care, and other applications), technology (2D ultrasound imaging, 3D and 4D ultrasound imaging, Doppler imaging, and high-intensity focused ultrasound) type (stationary ultrasound and portable ultrasound). The report offers the value (in USD) for the above segments.
| By Application | |
| Anesthesiology | |
| Cardiology | |
| Gynecology/Obstetrics | |
| Musculoskeletal | |
| Radiology | |
| Critical Care | |
| Other Applications |
| By Technology | |
| 2D Ultrasound Imaging | |
| 3D and 4D Ultrasound Imaging | |
| Doppler Imaging | |
| High-intensity Focused Ultrasound |
| By Type | |
| Stationary Ultrasound | |
| Portable Ultrasound |
Argentina Ultrasound Devices Market Research FAQs
How big is the Argentina Ultrasound Devices Market?
The Argentina Ultrasound Devices Market size is expected to reach USD 79.65 million in 2024 and grow at a CAGR of 5.51% to reach USD 104.15 million by 2029.
What is the current Argentina Ultrasound Devices Market size?
In 2024, the Argentina Ultrasound Devices Market size is expected to reach USD 79.65 million.
Who are the key players in Argentina Ultrasound Devices Market?
GE Healthcare, Mindray Medical International Limited, Koninklijke Philips N.V., Canon Medical Systems and Siemens Healthineers are the major companies operating in the Argentina Ultrasound Devices Market.
What years does this Argentina Ultrasound Devices Market cover, and what was the market size in 2023?
In 2023, the Argentina Ultrasound Devices Market size was estimated at USD 75.49 million. The report covers the Argentina Ultrasound Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Argentina Ultrasound Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Argentina Ultrasound Devices Industry Report
Statistics for the 2024 Argentina Ultrasound Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Argentina Ultrasound Devices analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
