Latin America Radiology Services Market By Type (Product, Services), Procedure (Conventional, Digital), Patient Age (Adults, Pediatric), Radiation Type (Diagnostics, Interventional Radiology), Application (Cardiovascular, Oncology, Gynecology, Neurology, Urology, Dental, Pelvic and Abdominal, Musculoskeletal, Others), End Users (Hospitals, Ambulatory Centers, Diagnostic Centers, Clinics), Country (Brazil, Mexico, Argentina, Colombia, Chile, Peru and Rest of Latin America) Market Trends and Forecast to 2027
Market Analysis and Insights: Latin America Radiology Services Market
Latin America radiology services market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 11.9% in the forecast period of 2020 to 2027 and expected to reach USD 12,395.62 million by 2027 from USD 5,115.80 million in 2019. Increasing cases of diseases such as cardiovascular, cancer and many others are the major factors for the market growth.
Radiology includes the diagnosis and treatment of injury by using imaging techniques such as X-rays, computed tomography (CT), positron emission tomography (PET), magnetic resonance imaging (MRI), ultrasound and many others. Various companies are dealing in providing devices and services in Latin America due to increased cases of diseases.
- Brazilian National Cancer Institute estimated that 59,700 new cases of breast cancer have been identified in the year 2018. Increased cased of cancer are diagnosed by using devices, hence the demand of these devices is increasing in the market.
This Latin America radiology services market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Latin America Radiology Services Market Scope and Market Size
Radiology Services Market is segmented into six notable segments which are based on type, procedure, patient age, radiation type, application, and end-users. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the market is segmented into product and services. Product is sub-segmented into stationary digital radiology systems and portable digital radiology systems. Services segment is expected to dominate the market as high cases for the diagnosis and treatment lead to rise in the demand for services in medical field. Due to high diagnosis in medical field, demand for the services segment is higher and hence this segment generates high revenue as compared to product segment.
- On the basis of procedure, the market is segmented into digital and conventional. Digital segment is sub-segmented into nuclear imaging (SPECT/PET), computed tomography (CT) scan, magnetic resonance imaging (MRI), and mammography. Conventional segment is sub-segmented into ultrasound and X-ray imaging. The conventional segment is dominating the growth of the market as x-rays and ultrasound machines are highly utilized in market for the examination purposes as compared to those of digital systems. However, digital services are expected to grow at the highest CAGR with the increasing security options of patient data transmission.
- On the basis of patient age, the market is segmented into paediatric and adults. Adults segment is expected to hold the higher market share as compared to paediatric as adults segment has attributed to the fact that most of the regulatory landscape is favoured towards adults contrary to high risks associated with radiology in children.
- On the basis of radiation type, the market is segmented into diagnostics and interventional radiology. Diagnostics segment is expected to hold the highest market share as of high need for the diagnostic devices for the examination of body parts of patients as compared to interventional surgery.
- On the basis of application, the market is segmented into dental, musculoskeletal, pelvic and abdominal, gynecology, cardiology, urology, neurology, oncology and others. Cardiology segment is expected to hold the highest share with the increasing number of lifestyle disease and obesity. With an increase in the number of cardiovascular diseases, the demand for radiology services is increasing as well. However, oncology segment may grow in future due to increase in prevalence of cancer where radiology is a helpful medical solution for the diagnosis and treatment.
- On the basis of end users, the market is segmented into hospitals, ambulatory centers, diagnostic centers and clinics. Hospitals segment is expected to hold the major market share as hospital is first preference by the patients for diagnosis as well as treatment. The hospitals segment establishment offer a large number of auxiliary services required before or after radiology services.
Latin America Radiology Services Market Country Level Analysis
Latin America radiology services market is analysed and market size information is provided by country, type, procedure, patient age, radiation type, application, and end-users.
On the basis of country, the market is segmented into Brazil, Mexico, Argentina, Colombia, Chile, Peru and Rest of Latin America.
Brazil dominates the market as usage of radiology services sector is high due to high prevalence of diseases. Many hospitals are using teleradiology because there are perceived advantages such as easy data transfer and others and this leads to high patient visits. The instalments of devices are higher which helps in diagnosis and treatment among patients.
Mexico accounts the second largest market share in the Latin America radiology services market because of the demand of the devices for the diagnosis of diseases. For instance, according to Globocan, it has been estimated that new cases of cancer reported in 2018 were 190,667 in Mexico. Increased cases have been diagnosed with the services offered by radiology sectors and others.
Argentina accounts for substantial market share in radiology services as of introduction of new technologies and the utilization of radiology for the diagnosis and treatment of diseases. Another factor which is accounting the use of radiology services in Argentina is due to involvement of reimbursement for radiology procedures. For instance, in Argentina, minimum health coverage is ensured by law which comes under social or private insurance under the Compulsory Medical Program. Due to new technologies and health coverage, introduction radiology services in Argentina are increasing.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Strong Investment in Research and Development Activities and New Technology Penetration
Latin America radiology services market also provides you with detailed market analysis for every country growth in medical industry with products and services sales, components sales, impact of technological development in devices and changes in regulatory scenarios with their support for radiology services market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Latin America Radiology Services Market Share Analysis
Latin America radiology services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Latin America radiology services.
The major players covered in the report are Koninklijke Philips N.V., GE Healthcare ( A subsidiary of GENERAL ELECTRIC), Siemens Healthineers AG, Carestream Health (A subsidiary of Onex Corporation), Teleradiología de Colombia S.A.S., X-RAY ASSOCIATES OF NEW MEXICO P.C. and Radiology Associates of Albuquerqe, PA among others players in Latin America. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
- GE Healthcare (part of GENERAL ELECTRIC COMPANY) has entered into a partnership with Keystone Radiology at MooiMed Private Hospital in December 2019. This partnership is done for providing advanced diagnostic solutions among patients. The partnership has provided the company to provide their the services in medical and surgical sector which includes patients as well as MooiMed Sports & Orthopaedic Institute including SIGNA Explorer Magnetic Resonance Imaging (MRI) System, Revolution ACT Computed-Tomography (CT) Scanner, and OEC One C-arm to Keystone Radiology.. With this partnership, the company has established its position in medical sector.
- Koninklijke Philips N.V. has entered in acquisition with the Healthcare Information Systems (HCIS) business of Carestream Health in August, 2019. This acquisition has leaded the company to enhance their portfolio in Healthcare Information Systems (HCIS), which helps for generating more revenue.
Partnership, expansion and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering in medical industries through expanded model range such as radiology devices.
Customization Available : Latin America Radiology Services Market
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