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Latin America Radiology Services Market – Industry Trends and Forecast to 2029

  • Medical Devices
  • Upcoming Report
  • Jun 2022
  • North America
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Latin America Radiology Services Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 1.33 Billion
Diagram Market Size (Forecast Year) USD 4.73 Billion
Diagram CAGR %

Latin America Radiology Services Market, By Type (Services, Product), Procedure (Conventional, Digital), Patient Age (Adults, Pediatric), Radiation Type (Diagnostics, Interventional Radiology), Application (Cardiology, Pelvic and Abdominal, Oncology, Neurology, Urology, Musculoskeletal, Gynecology, Dental, Others), Distribution Channel (Hospitals, Ambulatory Centers, Diagnostic Centers, Clinics – Industry Trends and Forecast to 2029

Market Analysis and Size

According to National Cancer Institute (NCI) estimates that 39.5 percent of people will be diagnosed with cancer at some point in their lives. Globally, 18.1 million new cases were reported in 2018, with the number anticipated to climb to 29.5 million by 2040.

Data Bridge Market Research analyses that 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. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Services, Product), Procedure (Conventional, Digital), Patient Age (Adults, Pediatric), Radiation Type (Diagnostics, Interventional Radiology), Application (Cardiology, Pelvic and Abdominal, Oncology, Neurology, Urology, Musculoskeletal, Gynecology, Dental, Others), Distribution Channel (Hospitals, Ambulatory Centers, Diagnostic Centers, Clinics

Countries Covered

Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

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) and Magritek (Germany)

Market Opportunities

  • Rising public awareness among the population
  • Growing innovations and advancements of technologies
  • Increased focus on research and development proficiencies

Market Definition

Radiology has grown in importance as a diagnostic tool for a variety of disorders, as well as a potent tool for monitoring treatment and predicting outcomes. Radiology is a medical specialty that uses imaging technologies to identify and treat apparent inside body problems. To treat and diagnose illnesses, radiologists use imaging techniques such as computed tomography (CT), X-ray, magnetic resonance imaging (MRI), positron emission tomography (PET), and ultrasound.

Radiology Services Market Dynamics

Drivers

  • Growing burden of targeted diseases

The most significant driver driving this market's growth is the rising prevalence of age-related illnesses such as Alzheimer's disease, arthritis, Parkinson's disease, and dementia. The market's overall growth is likely to be accelerated by the expanding geriatric population.

  • Rising expenditure for the development of healthcare infrastructure 

Additionally, increased expenditures for healthcare infrastructure development, particularly in developing nations, are likely to drive market expansion. Furthermore, rising health awareness among individuals and increased medical tourism would help to buffer the market's growth from 2022 to 2029. Growing demand for minimally invasive medical procedures, as well as increased acceptance among doctors, are expected to propel the market forward.

  • Technological developments

The rapid innovation of the radiology services market in both developing and developed countries, as well as rising research and development expenditures that result in new radiology equipment, are all contributing to increased radiology service utilisation. Furthermore, government initiatives to promote radiology technology as the best alternative for early diagnosis in a variety of chronic conditions are fueling market expansion.

Opportunities

  • Growing advancements and awareness

Furthermore, the growing focus on medical device research and development capabilities, as well as the adoption of sophisticated healthcare technologies, is expected to create profitable prospects for the market. Growing technological developments and advancements, as well as increased public awareness and advancements in healthcare infrastructure, will provide the market with multiple potential prospects.

Restraints/Challenges

  • Unfavourable reimbursement

On the other hand, in developing and underdeveloped economies, improper and unfavourable reimbursement scenarios are expected to stifle market growth.

  • Various costs and risks issues

The market's expansion will be hampered by the high cost of diagnostic imaging devices. Furthermore, in the forecast period of 2022-2029, dangers associated with high radiation exposure may pose a threat to the radiology services market.

This Latin America radiology services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Latin America radiology services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Radiology Services Market

The outbreak of COVID-19 has a significant influence on the healthcare industry. The radiology services market is not immune, as it has been impacted as well. Because of the government's social distancing regulations to combat the COVID-19 pandemic outbreak, there has been a significant decline in medical imaging procedures, which has damaged radiology as a service industry throughout the epidemic. The market's growth was further hampered by the postponement of non-essential medical services because to the covid-19 epidemic. As a result of the pandemic, patients' fear of viral infection has grown, resulting in fewer hospital visits for radiological imaging. Furthermore, the radiology department's physicians shifted their focus to treating coronavirus-infected patients, resulting in fewer medical imaging procedures.

Recent Development

  • In August 2021, GE Healthcare has teamed with Amazon Web Services, an Amazon company that delivers on-demand cloud computing platforms and APIs. The two companies will collaborate to provide AI and cloud-based imaging technologies, as well as clinical and operational data, to hospitals and healthcare providers.
  • In Jun-2021, Royal Philips teamed up with Akumin, a leading provider of outpatient diagnostic imaging services. As part of this agreement, the new Philips Radiology Operations Command Center would be implemented across Akumin's outpatient imaging centres, and clinical standards for Akumin's MR and CT imaging modalities would be developed together.

Latin America Radiology Services Market Scope

The Latin America radiology services market is segmented on the basis of type, product, procedure, patient age, radiation type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Product
  • Services

Procedure

  • Conventional
  • Digital

Patient Age

  • Adults
  • Pediatric

Radiation Type

  • Diagnostics
  • Interventional Radiology

Application

End-User

  • Hospitals
  • Ambulatory Centers
  • Diagnostic Centers
  • Clinics
  • Others

Latin America Radiology Services Market Regional Analysis/Insights

The Latin America radiology services market is analysed and market size insights and trends are provided by country, type, product, procedure, patient age, radiation type, application and end-user as referenced above.

The countries covered in the Latin America radiology services market report are Brazil, Argentina and Rest of South America as part of South America.

Brazil dominates the market as usage of radiology services sector is high due to high prevalence of diseases. Many hospitals adopt teleradiology because of perceived benefits such as quick data transfer and others, resulting in a large number of patient visits. The number of gadgets installed is higher, which aids in patient diagnosis and treatment.

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. According to Globocan, the number of new cancer cases recorded in Mexico in 2018 was predicted to reach 190,667. With the help of radiology companies and others, more cases have been diagnosed.

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 like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure growth Installed base and New Technology Penetration

The Latin America radiology services market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Latin America radiology services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Latin America radiology services market. The data is available for historic period 2010-2020.

Competitive Landscape and Latin America Radiology Services Market Share Analysis

The 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, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Latin America radiology services market.

Some of the major players operating in the Latin America radiology services market are:

  • 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)


SKU-

TABLE 1 AGEING WORLD POPULATION

TABLE 2 LATIN AMERICA RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 3 LATIN AMERICA PRODUCT IN RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 4 LATIN AMERICA RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 5 LATIN AMERICA CONVENTIONAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 6 LATIN AMERICA DIGITAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 7 LATIN AMERICA RADIOLOGY SERVICES MARKET, BY PATIENT AGE, 2018-2027 (USD MILLION)

TABLE 8 LATIN AMERICA RADIOLOGY SERVICES MARKET, BY RADIATION TYPE, 2018-2027 (USD MILLION)

TABLE 9 LATIN AMERICA RADIOLOGY SERVICES MARKET, BY APPLICATION, 2018-2027 (USD MILLION)

TABLE 10 LATIN AMERICA RADIOLOGY SERVICES MARKET, BY END USERS, 2018-2027 (USD MILLION)

TABLE 11 LATIN AMERICA RADIOLOGY SERVICES MARKET, BY COUNTRY, 2018-2027 (USD MILLION)

TABLE 12 BRAZIL RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 13 BRAZIL PRODUCT IN RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 14 BRAZIL RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 15 BRAZIL DIGITAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 16 BRAZIL CONVENTIONAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 17 BRAZIL RADIOLOGY SERVICES MARKET, BY PATIENT AGE, 2018-2027 (USD MILLION)

TABLE 18 BRAZIL RADIOLOGY SERVICES MARKET, BY RADIATION TYPE, 2018-2027 (USD MILLION)

TABLE 19 BRAZIL RADIOLOGY SERVICES MARKET, BY APPLICATION, 2018-2027 (USD MILLION)

TABLE 20 BRAZIL RADIOLOGY SERVICES MARKET, BY END USERS, 2018-2027 (USD MILLION)

TABLE 21 MEXICO RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 22 MEXICO PRODUCT IN RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 23 MEXICO RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 24 MEXICO DIGITAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 25 MEXICO CONVENTIONAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 26 MEXICO RADIOLOGY SERVICES MARKET, BY PATIENT AGE, 2018-2027 (USD MILLION)

TABLE 27 MEXICO RADIOLOGY SERVICES MARKET, BY RADIATION TYPE, 2018-2027 (USD MILLION)

TABLE 28 MEXICO RADIOLOGY SERVICES MARKET, BY APPLICATION, 2018-2027 (USD MILLION)

TABLE 29 MEXICO RADIOLOGY SERVICES MARKET, BY END USERS, 2018-2027 (USD MILLION)

TABLE 30 ARGENTINA RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 31 ARGENTINA PRODUCT IN RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 32 ARGENTINA RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 33 ARGENTINA DIGITAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 34 ARGENTINA CONVENTIONAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 35 ARGENTINA RADIOLOGY SERVICES MARKET, BY PATIENT AGE, 2018-2027 (USD MILLION)

TABLE 36 ARGENTINA RADIOLOGY SERVICES MARKET, BY RADIATION TYPE, 2018-2027 (USD MILLION)

TABLE 37 ARGENTINA RADIOLOGY SERVICES MARKET, BY APPLICATION, 2018-2027 (USD MILLION)

TABLE 38 ARGENTINA RADIOLOGY SERVICES MARKET, BY END USERS, 2018-2027 (USD MILLION)

TABLE 39 COLOMBIA RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 40 COLOMBIA PRODUCT IN RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 41 COLOMBIA RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 42 COLOMBIA DIGITAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 43 COLOMBIA CONVENTIONAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 44 COLOMBIA RADIOLOGY SERVICES MARKET, BY PATIENT AGE, 2018-2027 (USD MILLION)

TABLE 45 COLOMBIA RADIOLOGY SERVICES MARKET, BY RADIATION TYPE, 2018-2027 (USD MILLION)

TABLE 46 COLOMBIA RADIOLOGY SERVICES MARKET, BY APPLICATION, 2018-2027 (USD MILLION)

TABLE 47 COLOMBIA RADIOLOGY SERVICES MARKET, BY END USERS, 2018-2027 (USD MILLION)

TABLE 48 CHILE RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 49 CHILE PRODUCT IN RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 50 CHILE RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 51 CHILE DIGITAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 52 CHILE CONVENTIONAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 53 CHILE RADIOLOGY SERVICES MARKET, BY PATIENT AGE, 2018-2027 (USD MILLION)

TABLE 54 CHILE RADIOLOGY SERVICES MARKET, BY RADIATION TYPE, 2018-2027 (USD MILLION)

TABLE 55 CHILE RADIOLOGY SERVICES MARKET, BY APPLICATION, 2018-2027 (USD MILLION)

TABLE 56 CHILE RADIOLOGY SERVICES MARKET, BY END USERS, 2018-2027 (USD MILLION)

TABLE 57 PERU RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 58 PERU PRODUCT IN RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

TABLE 59 PERU RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 60 PERU DIGITAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 61 PERU CONVENTIONAL IN RADIOLOGY SERVICES MARKET, BY PROCEDURE, 2018-2027 (USD MILLION)

TABLE 62 PERU RADIOLOGY SERVICES MARKET, BY PATIENT AGE, 2018-2027 (USD MILLION)

TABLE 63 PERU RADIOLOGY SERVICES MARKET, BY RADIATION TYPE, 2018-2027 (USD MILLION)

TABLE 64 PERU RADIOLOGY SERVICES MARKET, BY APPLICATION, 2018-2027 (USD MILLION)

TABLE 65 PERU RADIOLOGY SERVICES MARKET, BY END USERS, 2018-2027 (USD MILLION)

TABLE 66 REST OF LATIN AMERICA RADIOLOGY SERVICES MARKET, BY TYPE, 2018-2027 (USD MILLION)

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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Latin American radiology services market value is expected USD 4.73 billion by 2029.
The Latin America Radiology Services Market is to grow at a CAGR of 17.2% during the forecast by 2029.
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.
The major countries covered in the Latin America Radiology Services Market are Brazil, Argentina and Rest of South America as part of South America.
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