Latin America Medical Imaging Software Industry Overview
|Study Period:||2018 - 2028|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Medical Imaging Software Market Analysis
The Latin America Medical Imaging Software Market is expected to grow at a CAGR of 6.1% over the forecast period (2022 - 2027). Medical imaging is a technique, process, and art of creating visualizations of the interior of a body that help in clinical diagnosis and medical intervention. It seeks to reveal internal structures as well as diagnose and treat disease.
- The demand for medical imaging software is rising because of advancements in medicine and healthcare. The increased use of electronic health records to store, distribute and manage patient health information in the form of images is further propelling the growth of the medical image software market in the region.
- Also, the medical imaging software market is driven by the changing healthcare sector. Many private players have entered to take advantage of expanding the healthcare market with its applications in radiography, ultrasound, MRI, nuclear medicine, and others.
- However, the equipment set-up cost is high, restraining the market growth. At the same time, the handling of this software requires skilled professionals. The lack of skilled medical professionals is one of the factors affecting the market.
- During the upheaval of the COVID-19 pandemic, healthcare providers in Latin America faced new challenges in delivering medical imaging to their patients. However, there was an increase in chest imaging, and the workflow changed concerning the safety protocols required.
- Furthermore, due to the COVID-19 pandemic, there was a decrease in mammographies, ultrasound, and MRI exams. But there were more digital tomography and X-ray exams, so workflows were concentrated in those modalities.
Latin America Medical Imaging Software Industry Segments
Medical Imaging includes a set of several different technologies that are used to view the human body in order to diagnose, monitor, or treat medical conditions. Each type of technology gives different information about the area of the body being studied or treated, related to possible disease, injury, or the effectiveness of medical treatment.
Latin America Medical Imaging Software Market is segmented by Imaging Type (2D Imaging, 3D Imaging, 4D Imaging), By Application (Dental Applications, Orthopedic Applications, Cardiology Applications, Obstetrics and Gynecology Applications, Mammography Applications, Urology and Nephrology Applications), and by Country.
|By Imaging Type|
|Obstetrics and Gynaecology Applications|
|Urology and Nephrology Applications|
|Rest of Latin America|
Latin America Medical Imaging Software Market Trends
This section covers the major market trends shaping the Latin America Medical Imaging Software Market according to our research experts:
Growing Chronic Diseases in the Region
- The epidemic is fueled by widespread poverty and inequality in the COVID-19 scenario. These illnesses are prevalent in Latin America due to the region's unique healthcare infrastructure and high prevalence of chronic and metabolic diseases.
- In January 2021, the USA was the leading country in the world in the number of diagnosed cases and reported deaths, Brazil was second in both infection and fatalities, and Mexico was third in deaths. Other Latin American countries contributing to the epidemic were Colombia, Argentina, Peru, and Chile.
- Underlying comorbidities, including hypertension, diabetes, and cardiovascular disease, are significant factors predicting poor COVID-19 outcomes resulting from the growth of chronic disease prevalence in the region. This is expected to lead to the demand for the medical imaging software market in Latin America.
To understand key trends, Download Sample Report
Brazil is Expected to Register Significant Growth Rate
- The growth of the Medical Imaging Software Market in Brazil is attributed to the growing geriatric population, increasing prevalence of chronic diseases, technological advancement, and increase in expenditure and grants by the government of Brazil.
- According to WHO, around 72% of deaths in Brazil yearly occur due to chronic diseases. Among which chronic non-communicable diseases, neuropsychiatric disorders are the most responsible diseases for the death percentage.
- In addition, the key players are establishing their presence in the country. For instance, Siemens Healthcare is the largest diagnostics corporation in Latin America. The company comprises 521 units in 12 different Brazilian states and the Federal District.
To understand geography trends, Download Sample Report
Latin America Medical Imaging Software Market Competitor Analysis
The competitive rivalry in this market is high because of dominant players like Siemens Healthcare, Philips Healthcare, GE Healthcare Inc., etc. The players in this industry are constantly working on developing their product portfolio to gain competitive advantages with mergers and acquisitions, partnerships, and constant innovations.
- March 2022 - Intelerad Medical Systems Incorporation has launched the Enterprise Imaging and Informatics Suite at the 2022 Healthcare Information and Management Systems Society (HIMSS) Global Health Conference and Exhibition in Orlando, Fla. It provides hospitals and health systems with an industry-leading enterprise imaging solution with improved interoperability, greater efficiency, and improved communication between providers.
Latin America Medical Imaging Software Market Top Players
Siemens Healthcare GmbH
Canon Medical Systems Corporation
*Disclaimer: Major Players sorted in no particular order
Latin America Medical Imaging Software Market Recent Developments
- April 2022 – Medical Tech company Viz.ai developed a medical imaging platform that leverages AI algorithms and machine learning applications to accelerate diagnosis and care for various diseases and conditions in hospitals and health systems.
- January 2022 - GE Healthcare announced that it had completed the $1.45 billion acquisition of BK Medical, global intraoperative imaging and surgical navigation company. The acquisition expands GE Healthcare’s $3 billion ultrasound business from diagnostics to surgical and therapeutic interventions and adds to GE Healthcare’s capability in the fast-growing advanced surgical visualization segment.
Latin America Medical Imaging Software Market Report - Table of Contents
1.1 Study Assumption and Market Definition
1.2 Scope of the study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Usage of Imaging Equipment Due to Rising Prevalence of Chronic Diseases
5.1.2 Growing Application of Computer-Aided Diagnostic Methods
5.2 Market Challenges/Restraints
5.2.1 High Set-up Cost of the Equipment
6. MARKET SEGMENTATION
6.1 By Imaging Type
6.1.1 2D Imaging
6.1.2 3D Imaging
6.1.3 4D Imaging
6.2 By Application
6.2.1 Dental Applications
6.2.2 Orthopaedic Applications
6.2.3 Cardiology Applications
6.2.4 Obstetrics and Gynaecology Applications
6.2.5 Mammography Applications
6.2.6 Urology and Nephrology Applications
6.2.7 Other Applications
6.3 By Country
6.3.5 Rest of Latin America
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 GE Healthcare
7.1.2 Siemens Healthcare
7.1.3 Agfa–Gevaert HealthCare
7.1.4 Carestream Health
7.1.5 Esaote SpA
7.1.6 Philips Healthcare
7.1.7 MIM Software Inc.
7.1.8 Canon Medical Systems Corporation
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Latin America Medical Imaging Software Market Research FAQs
What is the study period of this market?
The Latin America Medical Imaging Software Market is studied from 2018 - 2028.
What is the growth rate of Latin America Medical Imaging Software Market?
The Latin America Medical Imaging Software Market is growing at a CAGR of 6.1% over the next 5 years.
Who are the key players in Latin America Medical Imaging Software Market?
GE Healthcare, Siemens Healthcare GmbH, Agfa–Gevaert HealthCare, Philips Healthcare, Canon Medical Systems Corporation are the major companies operating in Latin America Medical Imaging Software Market.
Latin America Medical Imaging Software Industry Reports
In-depth industry statistics and market share insights of the Latin America Medical Imaging Software sector for 2020, 2021, and 2022. The Latin America Medical Imaging Software research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Latin America Medical Imaging Software report PDF.