The Latin America Radiology Services Market is witnessing steady growth driven by the ultimate use of radiology services across various applications. Radiology services play a crucial role in disease diagnosis, treatment planning, and monitoring in the region. With an increasing burden of diseases such as cancer, cardiovascular disorders, and musculoskeletal conditions, the demand for radiology services is on the rise. Advancements in imaging technologies and the availability of state-of-the-art equipment further contribute to market growth. The market offers a wide range of services, including diagnostic imaging, interventional radiology, and nuclear medicine, catering to the diverse healthcare needs of the region.
According to Data Bridge Market Research, the Latin America Radiology Services Market which was USD 1.33 billion in 2021, would rocket up to USD 4.73 billion by 2029 and is expected to undergo a CAGR of 17.2% during the forecast period 2022 to 2029.
“Rising expenditure for the development of healthcare infrastructure facilitate market growth”
The rising expenditure for the development of healthcare infrastructure serves as a significant driver of the Latin America Radiology Services Market. Governments and private entities in the region are investing heavily in improving healthcare facilities, including the establishment of advanced radiology centers. This increased focus on healthcare infrastructure development enhances access to radiology services for the population, promoting early diagnosis and better patient outcomes. Additionally, the expansion of healthcare facilities attracts investments from radiology service providers, driving market growth in Latin America.
What restraints the growth of Latin America radiology services market?
“Unfavorable reimbursement policies”
Unfavorable reimbursement policies serve as a significant restraint in the Latin America radiology services market. In many countries within the region, reimbursement rates for radiology services are relatively low, making it financially challenging for radiology providers. These unfavorable reimbursement conditions can impact the financial viability of radiology practices and hinder investments in advanced imaging technologies and equipment. Additionally, it may discourage radiologists from offering certain specialized or costly procedures. The limited reimbursement rates may also lead to a shortage of skilled radiologists in some areas, potentially impacting access to radiology services for patients.
Segmentation: Latin America Radiology Services Market
The Latin America radiology services market is segmented on the basis of type, product, procedure, patient age, radiation type, application and end-user.
- On the basis of type, the Latin America radiology services market is segmented into services, product.
- On the basis of procedure, the Latin America radiology services market is segmented into conventional, digital.
- On the basis of patient age, the Latin America radiology services market is segmented into adults, pediatric.
- On the basis of radiation type, the Latin America radiology services market is segmented into diagnostics, interventional radiology.
- On the basis of application, the Latin America radiology services market is segmented into cardiology, pelvic and abdominal, oncology, neurology, urology, musculoskeletal, gynecology, dental, others.
- On the basis of distribution channel, the Latin America radiology services market is segmented into hospitals, ambulatory centers, diagnostic centers, clinics.
Regional Insights: Brazil dominates the Latin America Radiology Services Market
Brazil dominates the radiology services market in Latin America due to the high usage of radiology services driven by the country's high prevalence of diseases. The adoption of tele radiology by many hospitals is prevalent, as it offers benefits such as quick data transfer, leading to a significant number of patient visits. Additionally, the installation of a large number of radiology gadgets in Brazil aids in accurate patient diagnosis and treatment, further strengthening the market's dominance in the region.
Mexico holds the second largest market share in the Latin America radiology services market, primarily driven by the demand for diagnostic devices to diagnose diseases. The country has witnessed a significant number of new cancer cases, with an estimated 190,667 recorded in 2018, according to Globocan. Radiology companies and healthcare providers have played a crucial role in diagnosing and managing these cases, contributing to the growth of the radiology services market in Mexico.
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Recent Developments in Latin America Radiology Services Market
- In August 2021, GE Healthcare partners with Amazon Web Services (AWS) to deliver AI and cloud-based imaging technologies to healthcare providers. This collaboration aims to provide hospitals with access to advanced imaging capabilities and leverage clinical and operational data for enhanced patient care.
- In June 2021 Royal Philips joins forces with Akumin, a prominent provider of outpatient diagnostic imaging services. The collaboration involves the implementation of the Philips Radiology Operations Command Center across Akumin's outpatient imaging centers. Additionally, both companies will collaborate on developing clinical standards for Akumin's MR and CT imaging modalities.
The Prominent Key Players Operating in the Latin America Radiology Services Market Include:
- Hitachi, Ltd. (Japan)
- Siemens (Germany)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- GENERAL ELECTRIC (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Aspect Imaging Ltd. (Israel)
- Bruker (U.S.)
- AURORA HEALTHCARE US CORP (U.S.)
- FONAR Corp. (U.S.)
- ESAOTE SPA (Italy)
- Neusoft Corporation (China)
- TOSHIBA CORPORATION (Japan)
- Sanrad Medical Systems Private Limited (India)
- FUJIFILM Holdings Corporation (Japan)
- ONEX Corporation (Canada)
- Hologic, Inc., (U.S.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd., (China)
- Quality Electrodynamics, LLC (U.S.)
- Shenzhen Anke High-tech Co., Ltd., (China)
- Magritek (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of Latin America radiology services market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Latin America Radiology Services Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
