Market Size of South America Ultrasound Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 443.96 Million |
| Market Size (2029) | USD 604.55 Million |
| CAGR (2024 - 2029) | 6.37 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Ultrasound Devices Market Analysis
The South America Ultrasound Devices Market size is estimated at USD 443.96 million in 2024, and is expected to reach USD 604.55 million by 2029, growing at a CAGR of 6.37% during the forecast period (2024-2029).
During the initial phase of the COVID-19 pandemic, healthcare centers faced a considerable reduction in imaging procedures due to only-emergency surgeries or diagnoses being permitted in South America. However, Brazil's demand for ultrasound-guided minimally invasive tissue sampling (US-guided MITS) increased due to the suspension of complete diagnostic autopsies (CDAs). According to an article published in CID in December 2021, US-guided MITS procedures were conducted and shown to be safe and accurate. No staff members contracted COVID-19 infection during the procedures, and accuracy ranged from 69.1% for the kidneys, 90.1% for the lungs, and 98.7% and 97.5% for the liver and heart, respectively. Thus, South America's demand for technically advanced ultrasound procedures increased during the pandemic. Hence, owing to the aforementioned factor, the market is recovering from the damage caused by the pandemic. It is expected to have stable growth during the forecast period of the study.
Factors such as government and private funding for research and development (R&D) in ultrasound imaging, technological advancements, and the increasing incidences of chronic diseases in South America contribute to market growth over the forecast period.
Also, the burden of cancer has increased in South America. This is increasing the demand for ultrasound radiology imaging for cancer detection. As per an article published in CEBP in April 2022, when a study was conducted to provide statistics over time on cancer incidence, and mortality in the Barretos Region, Brazil, the age-standardized rates of incidence increased significantly for colon cancer, rectum, and rectosigmoid, liver, female breast, and thyroid cancer. As ultrasound is an ideal imaging modality for the detection and assessment of various cancers without exposure to any radiation, the demand for ultrasound devices is increasing. Thus, South America's increased cancer cases are anticipated to fuel market growth.
Therefore, the studied market is expected to grow significantly over the analysis period due to the factors mentioned above. However, the lack of skilled professionals to handle advanced equipment and strict regulations is expected to restrain the market growth.
