Market Size of Latin America Optical Imaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Optical Imaging Market Analysis
The Latin America Optical Imaging Market is expected to register a CAGR of 6.3% during the forecast period of 2022-2027. The rising prevalence of eye disorders, increased emphasis on medical device research and development, adoption of modern healthcare technologies, and a geriatric population contribute to the expansion of the optical imaging market in the region.
- Optical imaging allows the living brain to be examined closely, and many functional interactions and changes to be investigated over multiple length scales. The effects of treatments and pathologies can also be investigated using fairly basic optical imaging tools. Further, Optical imaging techniques have also revolutionized the investigation of cardiac cellular physiology and advanced the understanding of basic mechanisms of electrical activity, calcium homeostasis, and metabolism.
- Increased use of optical imaging modalities for diagnostic and therapeutic purposes such as disease diagnosis, preclinical research, and discrete molecular and cellular process imaging is expected to drive market growth in the region.
- According to IBGE, the national population of Brazil was composed in 1950 of 2.6 million seniors representing about 4.9% of the population. In 2020, the elderly population was already 30.1 million representing about 14.3% of the population. IBGE estimates show that by 2060, this group will grow at a rate of 3.6% per year compared to 0.2% of the population, reaching 73.4 million people by 2060, which will be equivalent to 32.2% of the population. The rising geriatric population of the region would aid the expansion of the studied market.
- However, the market's growth is hampered by high instrument costs, stringent regulatory approval procedures, a scarcity of qualified operators, and inadequate reimbursements for optical imaging operations.
- Further, due to COVID-19, several imaging and diagnostic departments have seen a rapid drop in optical imaging case volumes, owing to the increasing requirement for social distancing among patients, physicians, and other healthcare professionals.
