Report : South & Central America Diagnostic Imaging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Modality [X-ray, Computed Tomography, Endoscopy, Ultrasound, Magnetic Resonance Imaging (MRI), Nuclear Imaging, Mammography, and Other], Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Obstetrics/Gynecology, and Others), and End User (Hospital & Clinics, Diagnostic Imaging Centers, Ambulatory Surgical Centers, and Others)
At 4.6% CAGR, the South & Central America Diagnostic Imaging Market is speculated to be worth US$ 2,495.07 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America diagnostic imaging market was valued at US$ 1,909.68 million in 2021 and is expected to reach US$ 2,495.07 million by 2028, registering an annual growth rate of 4.6% from 2021 to 2028. Heighten use of artificial intelligence (ai) and analytics in diagnostic imaging equipment and advancing technological advancements in diagnostic imaging equipment.
Artificial intelligence helps improve numerous aspects of the healthcare industry, and diagnostic imaging technique is one of the fields that would benefit greatly. Diagnostic imaging equipment manufacturers worldwide are integrating AI into their products. For example, in September 2018, Nvidia announced launching the Nvidia Clara platform, a combination of software and hardware working together in diagnostic imaging equipment. Such ground-breaking technology can address the challenges of medical instruments and process enormous amounts of data generated every second that doctors and scientists can easily interpret. Additionally, in August 2018, Google's DeepMind announced launching an AI system that can quickly detect over 50 eye disorders using routine medical scans. DeepMind's AI assistant for diagnostic imaging can automatically tackle eye-related issues by identifying disease symptoms within seconds and prioritizing patients who seek urgent care. AI supportive diagnostic imaging equipment play a vital role in diagnosing and classifying cancers. AI plays a pivotal role in the automated recognition of features from sample medical images while performing diagnostic imaging tasks. For example, automated AI applications enhanced clinicians' qualitative potentials, including detection of numerous tumor lesions at a time among patients, prediction of the resultant tumor by referring to the various databases within a short period, translation of phenotypic variations to genotypic, and persistent monitoring of patients. Further, AI generalizes disease imaging techniques with minimal errors resulting in an earlier and more significant diagnosis of diseases.
On the contrary, shortage of skilled healthcare professionals and high costs related to diagnostic imaging equipment.
Based on modality, the South & Central America diagnostic imaging market is segmented into X-ray, computed tomography, endoscopy, ultrasound, magnetic resonance imaging (MRI), nuclear imaging, mammography, and others. The computed tomography segment held 21.6% market share in 2021, amassing US$ 411.67 million. It is projected to garner US$ 584.48 million by 2028 to expand at 6.0% CAGR during 2021–2028.
Based on application, the South & Central America diagnostic imaging market is segmented into cardiology, oncology, neurology, orthopedics, gastroenterology, obstetrics/gynecology, and others. The cardiology segment held 29.1% market share in 2021, amassing US$ 556.06 million. It is projected to garner US$ 745.04 million by 2028 to expand at 5.0% CAGR during 2021–2028.
Based on end user, the South & Central America diagnostic imaging market is categorized into hospitals and clinics, diagnostic imaging centers, ambulatory surgical centers (ASCs), and others. The hospitals and clinics segment held 42.5% market share in 2021, amassing US$ 812.27 million. It is projected to garner US$ 1,070.42 million by 2028 to expand at 4.7% CAGR during 2021–2028.
Based on country, the South & Central America diagnostic imaging market has been segmented into Brazil, Argentina, and Rest of SAM. Our regional analysis states that Brazil captured 55.3% market share in 2021. It was assessed at US$ 1,055.48 million in 2021 and is likely to hit US$ 1,439.31 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the South & Central America diagnostic imaging market are General Electric Company; Siemens Healthineers; Koninklijke Philips N.V.; KARL STORZ SE & Co. KG; FUJIFILM Holdings Corporation; Canon Inc.; Hologic, Inc.; Carestream Health Inc.; Stryker Corporation; and Olympus Corporation among others.
- In October 2020, Olympus announced that received 510(k) clearance and market availability of its two colonoscopes, the PCF-H190T and the PCF-HQ190. The products provided an extension to the existing capabilities for physicians to diagnose and treat disorders of the gastrointestinal tract.
- In April 2021, RadNet, Inc. and Hologic, Inc. entered into a definitive collaboration to advance the use of artificial intelligence (A.I.) in breast health. The collaboration enabled new market opportunities and efforts to build clinician's trust and develop and integrate new A.I. technologies.
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