Market Trends of Latin America Medical Imaging Software Industry
Increasing Usage of Imaging Equipment Due to Rising Prevalence of Chronic Diseases to Drive the Market Growth
- Chronic diseases have become a difficult health challenge in Latin America, leading to an increased demand for advanced diagnostic tools and software solutions to effectively manage the complexity of medical images generated by various imaging modalities. This trend has positioned medical imaging software as a crucial asset in healthcare institutions' efforts to effectively combat and manage chronic diseases.
- Additionally, a growing variety of chronic diseases, like cancer, diabetes, cardiovascular disease, TB (tuberculosis), and respiratory problems, might significantly impact the region. As a result, medical imaging technology can be frequently utilized for continuous monitoring and precise diagnosis of specific diseases to assess the progression and severity of these illnesses precisely.
- According to the WHO, in 2021, Peru recorded 130 new tuberculosis cases per 100,000 people as one of the significant incidence countries in Latin America. Brazil had around 47 new cases, followed by Columbia with 41 new cases. Such a high incidence of TB cases emphasizes the importance of effective diagnostic and management tools, including medical imaging software, in addressing the challenges of chronic infectious diseases like TB.
- Additionally, chronic diseases are multifaceted and require comprehensive treatment strategies. Medical imaging software helps healthcare providers visualize and analyze intricate anatomical structures, facilitating better treatment decisions and personalized care plans.
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Brazil is Expected to Register Significant Growth Rate
- Brazil is a prominent player in the Latin American medical imaging software market due to its robust healthcare infrastructure, substantial healthcare expenditure, and growing demand for advanced medical technologies. Also, the growth of the medical imaging software market in Brazil is attributed to the growing geriatric population, increasing prevalence of chronic diseases, and grants by the government of Brazil.
- According to WHO, around 72% of deaths in Brazil yearly occur due to chronic diseases. Among chronic non-communicable diseases, neuropsychiatric disorders are the most responsible diseases for the death percentage.
- Brazil's commitment to healthcare improvement and technology adoption makes it an attractive market for global medical imaging software providers seeking expansion. 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.
- The Brazilian government invested more than BRL 136 billion (USD 27.81 billion) in healthcare in 2022, of which more than 45 percent, or around BRL 62.19 billion (USD 12.72 billion), was allocated to inpatient and outpatient services. Epidemiological surveillance, which at that time totaled around BRL 13 billion (USD 2.65 billion) or 9.6 percent of the nation's public health spending, was centralized. Such significant expenditures can serve as a conducive environment for adopting advanced medical technologies like medical imaging software.
- Further, the demand for medical imaging solutions might rise significantly with an increasing prevalence of chronic diseases and a growing need for accurate diagnoses. Medical imaging software offers precise diagnostics, aiding healthcare professionals in making informed treatment decisions, thereby driving market growth in the coming years.
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