Report : South and Central America Medical Imaging Informatics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Digital Radiography, Ultrasound, MRI, CT, Nuclear Imaging, and Mammography), Application (Hospital, Ambulatory Healthcare Settings, Diagnostic and Imaging Centers, and Others), and Component (Software, Hardware, and Services)
At 4.6% CAGR, the South & Central America Medical Imaging Informatics Market is speculated to be worth US$ 182.96 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America medical imaging informatics market was valued at US$ 133.65 million in 2021 and is expected to reach US$ 182.96 million by 2028, registering an annual growth rate of 4.6% from 2021 to 2028. The increase in number of medical imaging procedures and surge in geriatric population and prevalence of chronic diseases are the critical factors attributed to the market expansion.
According to the clinical search engine Radiology Key, imaging informatics involves using information technology (IT) to deliver efficient, accurate, and reliable medical imaging services within a healthcare network. Also referred to as radiology informatics, medical imaging informatics is responsible for storing, managing, and accessing image-related information and data. The specific goal of imaging informatics is to improve patient care by better managing imaging data, and enhancing the accuracy and accessibility of the data as much as possible. Medical imaging is broadly used in cardiology, surgery, obstetrics, and gynecology applications, among others, in the healthcare sector. A surge in the number of medical imaging procedures performed worldwide is propelling the market growth. In addition to the rise in diagnoses, a growing emphasis of regional and national governments on early diagnosis of medical conditions to lower the overall healthcare costs is driving the number of patients undergoing magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and X-ray scans worldwide, thereby bolstering the need for medical imaging informatics.
On the contrary, a lack of expertise in operating medical imaging informatics systems hurdles the growth of South & Central America medical imaging informatics market.
Based on type, the market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. The ultrasound segment held 32.3% market share in 2021, amassing US$ 43.14 million. It is projected to garner US$ 58.17 million by 2028 to expand at 4.4% CAGR during 2021–2028.
Based on application, the market is categorized into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. With 64.9% share of the domain, the hospitals segment dominated the market in 2021. It accrued US$ 86.71 million in 2021 and is estimated to generate US$ 119.59 million by 2028 to grow at a CAGR of 4.7% over the forecast period.
Based on component, the market is segmented into software, hardware, and services. The software segment held 61.9% market share in 2021, amassing US$ 82.73 million. It is projected to garner US$ 114.09 million by 2028 to expand at 4.7% CAGR during 2021–2028.
Based on country, the South & Central America medical imaging informatics market is categorizsed into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 49.9% market share in 2021. It was assessed at US$ 66.69 million in 2021 and is likely to hit US$ 93.00 million by 2028, exhibiting a CAGR of 4.9% during the forecast period.
Key players dominating the South & Central America medical imaging informatics market are Carestream Health; ESAOTE SPA; GENERAL ELECTRIC; Koninklijke Philips N.V.; Siemens Healthcare GmbH; Hologic, Inc.; Konica Minolta, Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; and FUJIFILM Holdings Corporation among others.
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