Argentina Ultrasound Devices Market Size

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.