The radiology services market, categorized by type into services and products, offers diverse diagnostic solutions. procedures encompass conventional and digital methods, reflecting technological evolution for precise imaging. Addressing patient age considerations, services cater to adults and pediatrics, ensuring comprehensive healthcare. This market dynamic fosters a range of diagnostic possibilities, from traditional to advanced digital techniques, meeting the varied needs of patients across age groups and positioning radiology as a pivotal component in modern healthcare practices.
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Data Bridge Market Research analyses that the Latin America Radiology Services Market, which was USD 1.33 billion in 2021, is expected to reach USD 4.73 billion by 2029 and is expected to undergo a CAGR of 17.2% during the forecast period from 2022 to 2029. The increasing prevalence of diseases such as cancer and cardiovascular disorders is a key driver for the radiology services market. This rising disease burden underscores the essential role of radiological procedures in early diagnosis, treatment planning, and monitoring, fueling the demand for advanced imaging services.
Key Findings of the Study
Growing aging population is expected to drive the market's growth rate
The growing aging population is a significant driver for the radiology services market. With an increasing number of elderly individuals, there is a higher prevalence of age-related diseases, necessitating extensive diagnostic procedures. Radiology is crucial in early detection, monitoring, and treatment planning for such conditions. As the elderly demographic expands, the demand for radiological services rises, reflecting the essential role imaging technologies play in managing the healthcare needs of an aging population.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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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), End-User (Hospitals, Ambulatory Centers, Diagnostic Centers, Clinics)
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Countries Covered
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Brazil, Argentina and Rest of Latin America as part of Latin America.
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Market Players Covered
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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)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The Latin America radiology services market is segmented on the basis of type, procedure, patient age, radiation type, application, and end-user.
- On the basis of type, the Latin America radiology services market is segmented into services, and product
- On the basis of procedure, the Latin America radiology services market is segmented into conventional, and digital
- On the basis of patient age, the Latin America radiology services market is segmented into adults, and pediatric
- On the basis of radiation type, the Latin America radiology services market is segmented into diagnostics, and 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, and others
- On the basis of end-user, the Latin America radiology services market is segmented into hospitals, ambulatory centers, diagnostic centers, and clinics
Major Players
Data Bridge Market Research recognizes the following companies as the Latin America radiology services market players in 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).
Market Developments
- In August 2022, Enlitic, Inc. joined forces with GE Healthcare in a collaboration that involves embedding Enlitic's AI-based Curie platform into GE Healthcare's radiologist workflow. This integration aims to enhance system capacity and efficiency, streamlining diagnostic processes. Additionally, the collaboration focuses on advancing data standardization within the system. By leveraging Enlitic's AI capabilities, GE Healthcare seeks to optimize radiological workflows, improving diagnostic accuracy and overall operational effectiveness for enhanced patient care
- In August 2021, GE Healthcare partnered with Amazon Web Services (AWS) to offer healthcare providers cutting-edge AI and cloud-based imaging technologies. This partnership aims to integrate clinical and operational data seamlessly, enhancing diagnostic capabilities and overall healthcare efficiency. By leveraging AWS's robust cloud computing platforms, GE Healthcare seeks to empower hospitals with advanced solutions, fostering innovation in medical imaging and data management for improved patient care and outcomes
- In June 2021, Royal Philips collaborated with Akumin, a prominent provider of outpatient diagnostic imaging services. This collaboration involves the implementation of the Philips Radiology Operations Command Center in Akumin's outpatient imaging centers. Additionally, both companies will work together to establish clinical standards for Akumin's MR and CT imaging modalities. This strategic alliance aims to enhance operational efficiency, standardize imaging practices, and ultimately improve the quality of outpatient diagnostic services across Akumin's network
Regional Analysis
Geographically, the countries covered in the Latin America radiology services market report are Brazil, Argentina and Rest of Latin America as part of Latin America.
As per Data Bridge Market Research analysis:
Brazil dominates in the Latin America radiology services market during the forecast period 2022-2029
Brazil dominates the radiology services sector, fueled by a high disease prevalence. The widespread adoption of teleradiology in numerous hospitals is attributed to perceived benefits such as swift data transfer, leading to a surge in patient visits. The substantial installation of diagnostic gadgets further amplifies patient diagnosis and treatment capabilities. This combination of factors solidifies Brazil's prominent position in the market, reflecting its strategic utilization of advanced radiological technologies for enhanced healthcare outcomes.
Mexico is expected to dominate the Latin America radiology services market in the forecast period 2022-2029
Mexico is expected to dominate the Latin America radiology services market due to a rising demand for diagnostic devices. In 2018, Globocan projected 190,667 new cancer cases in Mexico, underscoring the critical need for advanced diagnostic tools. Radiology companies, alongside other stakeholders, have played a pivotal role in diagnosing a greater number of cases. This emphasizes the transformative impact of radiological advancements in addressing healthcare challenges and enhancing disease detection and management in the region.
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