South and Central America Medical Imaging Equipment Market Outlook (2021-2031)
Description
The medical imaging equipment market in South and Central America is projected to grow significantly, with an expected market size of approximately US$ 2,516.64 million by the year 2031, up from US$ 1,977.87 million in 2024. This growth trajectory indicates a compound annual growth rate (CAGR) of 3.5% from 2025 to 2031.
Overview of the South and Central America Medical Imaging Equipment Market
The region of South and Central America is witnessing a robust expansion in the medical imaging equipment sector, driven by improvements in healthcare infrastructure, an increasing emphasis on early disease detection, and a rising incidence of chronic illnesses. The adoption of various imaging technologies, including X-ray, ultrasound, and computed tomography (CT), is becoming more prevalent as both public and private sectors invest in enhancing diagnostic capabilities in urban and semi-urban areas.
Market Segmentation Analysis
The medical imaging equipment market is segmented based on product type, application, and end-user.
Product Type: The market is categorized into Magnetic Resonance Imaging (MRI) systems, Ultrasound devices, Computed Tomography (CT) scanners, X-Ray imaging systems, and Nuclear imaging systems. In 2024, the Computed Tomography segment was the market leader, reflecting its critical role in diagnostic imaging.
Application: The applications of medical imaging equipment are diverse, encompassing fields such as Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Urology, and others. The oncology segment was the largest in 2024, highlighting the importance of imaging in cancer diagnosis and treatment.
End-User: The market is segmented by end-user, which includes Hospitals, Specialty Clinics, Diagnostic Imaging Centers, Academic and Research Institutes, among others. Hospitals represented the largest share of the market in 2024, underscoring their central role in healthcare delivery.
Market Outlook
The medical imaging equipment market in South and Central America is on an upward trajectory, fueled by advancements in healthcare infrastructure, heightened awareness regarding the importance of early diagnosis, and the increasing prevalence of chronic diseases. The demand for affordable, efficient diagnostic tools, as well as portable and digital imaging systems, is rising due to the growing incidence of chronic conditions such as cancer, cardiovascular diseases, and neurological disorders. These factors are driving the utilization of medical imaging services.
Despite challenges such as uneven distribution of healthcare resources and varying regulatory environments, the region presents substantial growth opportunities as healthcare access improves and imaging technologies become more affordable. For instance, data from the Global Cancer Observatory (GCO) indicates that in 2022, there were approximately 1,551,060 new cancer cases reported in Latin America and the Caribbean, with cancer accounting for 749,242 deaths in the same year.
Country Insights
The South and Central America medical imaging equipment market can be further analyzed by country, with significant focus on Brazil, Argentina, Chile, Colombia, Peru, and other nations in the region. Brazil is noted to have the largest market share as of 2024.
Brazil's medical imaging equipment market is one of the most substantial in South America, bolstered by initiatives from both the public and private sectors aimed at enhancing healthcare services. While ultrasound and X-ray remain the most widely used imaging modalities, the demand for CT and MRI is increasing, driven by a rise in non-communicable diseases and an aging population in urban areas. Although there are disparities in access to healthcare across different regions, public investments and partnerships with private entities are gaining traction to bridge these gaps.
For example, in November 2024, AIRS Medical, a company specializing in artificial intelligence for medical imaging, collaborated with IOSEI, a major provider of radiology services in Brazil. This partnership aims to expand the reach of AIRS Medical's SwiftMR technology, which enhances the quality and efficiency of MRI scans. The collaboration seeks to address the growing demand for MRI services in Brazil by leveraging AI to improve scan quality, reduce scan times, and optimize workflows within radiology departments. This initiative exemplifies the trend towards integrating AI technologies to enhance the accessibility and effectiveness of MRI diagnostics in Brazil.
Key Players in the Market
Prominent companies operating within the medical imaging equipment market include GE HealthCare, Siemens Healthineers AG, FUJIFILM Holdings Corporation, CANON MEDICAL SYSTEMS CORPORATION, Koninklijke Philips N.V., and Shimadzu Corporation. These industry leaders are employing various strategies such as market expansion, product innovation, and mergers and acquisitions to maintain their competitive edge and deliver cutting-edge products to consumers.
Overview of the South and Central America Medical Imaging Equipment Market
The region of South and Central America is witnessing a robust expansion in the medical imaging equipment sector, driven by improvements in healthcare infrastructure, an increasing emphasis on early disease detection, and a rising incidence of chronic illnesses. The adoption of various imaging technologies, including X-ray, ultrasound, and computed tomography (CT), is becoming more prevalent as both public and private sectors invest in enhancing diagnostic capabilities in urban and semi-urban areas.
Market Segmentation Analysis
The medical imaging equipment market is segmented based on product type, application, and end-user.
Product Type: The market is categorized into Magnetic Resonance Imaging (MRI) systems, Ultrasound devices, Computed Tomography (CT) scanners, X-Ray imaging systems, and Nuclear imaging systems. In 2024, the Computed Tomography segment was the market leader, reflecting its critical role in diagnostic imaging.
Application: The applications of medical imaging equipment are diverse, encompassing fields such as Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Urology, and others. The oncology segment was the largest in 2024, highlighting the importance of imaging in cancer diagnosis and treatment.
End-User: The market is segmented by end-user, which includes Hospitals, Specialty Clinics, Diagnostic Imaging Centers, Academic and Research Institutes, among others. Hospitals represented the largest share of the market in 2024, underscoring their central role in healthcare delivery.
Market Outlook
The medical imaging equipment market in South and Central America is on an upward trajectory, fueled by advancements in healthcare infrastructure, heightened awareness regarding the importance of early diagnosis, and the increasing prevalence of chronic diseases. The demand for affordable, efficient diagnostic tools, as well as portable and digital imaging systems, is rising due to the growing incidence of chronic conditions such as cancer, cardiovascular diseases, and neurological disorders. These factors are driving the utilization of medical imaging services.
Despite challenges such as uneven distribution of healthcare resources and varying regulatory environments, the region presents substantial growth opportunities as healthcare access improves and imaging technologies become more affordable. For instance, data from the Global Cancer Observatory (GCO) indicates that in 2022, there were approximately 1,551,060 new cancer cases reported in Latin America and the Caribbean, with cancer accounting for 749,242 deaths in the same year.
Country Insights
The South and Central America medical imaging equipment market can be further analyzed by country, with significant focus on Brazil, Argentina, Chile, Colombia, Peru, and other nations in the region. Brazil is noted to have the largest market share as of 2024.
Brazil's medical imaging equipment market is one of the most substantial in South America, bolstered by initiatives from both the public and private sectors aimed at enhancing healthcare services. While ultrasound and X-ray remain the most widely used imaging modalities, the demand for CT and MRI is increasing, driven by a rise in non-communicable diseases and an aging population in urban areas. Although there are disparities in access to healthcare across different regions, public investments and partnerships with private entities are gaining traction to bridge these gaps.
For example, in November 2024, AIRS Medical, a company specializing in artificial intelligence for medical imaging, collaborated with IOSEI, a major provider of radiology services in Brazil. This partnership aims to expand the reach of AIRS Medical's SwiftMR technology, which enhances the quality and efficiency of MRI scans. The collaboration seeks to address the growing demand for MRI services in Brazil by leveraging AI to improve scan quality, reduce scan times, and optimize workflows within radiology departments. This initiative exemplifies the trend towards integrating AI technologies to enhance the accessibility and effectiveness of MRI diagnostics in Brazil.
Key Players in the Market
Prominent companies operating within the medical imaging equipment market include GE HealthCare, Siemens Healthineers AG, FUJIFILM Holdings Corporation, CANON MEDICAL SYSTEMS CORPORATION, Koninklijke Philips N.V., and Shimadzu Corporation. These industry leaders are employing various strategies such as market expansion, product innovation, and mergers and acquisitions to maintain their competitive edge and deliver cutting-edge products to consumers.
Table of Contents
146 Pages
- 1. Introduction
- 1.1 Business Market Insights Research Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Key Market Insights
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
- 4. South and Central America Medical Imaging Equipment Market Landscape
- 4.1 Market Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 Distributors/Suppliers
- 4.3.4 End Users
- 5. South and Central America Medical Imaging Equipment Market – Key Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 Rising Prevalence of Chronic and Complex Diseases
- 5.1.2 Increasing Integration with Artificial Intelligence
- 5.1.3 Fostering Innovations Backed by Regulatory Reforms
- 5.2 Market Opportunities
- 5.2.1 Growth in Point-of-Care Imaging Solutions
- 5.2.2 Expansion of Imaging Capabilities in Interventional Radiology
- 5.3 Future Trends
- 5.3.1 Rising Demand for 3D and 4D Imaging
- 5.3.2 Shift Toward Portable and Handheld Imaging Devices
- 5.3.3 Expansion of Teleradiology Services
- 5.4 Impact of Drivers and Restraints
- 6. South and Central America Medical Imaging Equipment Market Regional Analysis
- 6.1 South and Central America Medical Imaging Equipment Market Overview
- 6.2 South and Central America Medical Imaging Equipment Market Revenue 2021-2031 (US$ Million)
- 6.3 South and Central America Medical Imaging Equipment Market Forecast Analysis
- 7. South and Central America Medical Imaging Equipment Market Analysis – by Product Type
- 7.1 Magnetic Resonance Imaging Systems
- 7.1.1 Overview
- 7.1.2 Magnetic Resonance Imaging Systems: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Ultrasound
- 7.2.1 Overview
- 7.2.2 Ultrasound: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 7.3 Computed Tomography Devices
- 7.3.1 Overview
- 7.3.2 Computed Tomography Devices: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 7.4 X-Ray Imaging Devices
- 7.4.1 Overview
- 7.4.2 X-Ray Imaging Devices: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 7.5 Nuclear Imaging System
- 7.5.1 Overview
- 7.5.2 Nuclear Imaging System: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 8. South and Central America Medical Imaging Equipment Market Analysis – by Application
- 8.1 Cardiology
- 8.1.1 Overview
- 8.1.2 Cardiology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Oncology
- 8.2.1 Overview
- 8.2.2 Oncology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 8.3 Neurology
- 8.3.1 Overview
- 8.3.2 Neurology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 8.4 Orthopedics
- 8.4.1 Overview
- 8.4.2 Orthopedics: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 8.5 Gastroenterology
- 8.5.1 Overview
- 8.5.2 Gastroenterology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 8.6 Gynecology
- 8.6.1 Overview
- 8.6.2 Gynecology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 8.7 Urology
- 8.7.1 Overview
- 8.7.2 Urology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 9. South and Central America Medical Imaging Equipment Market Analysis – by End User
- 9.1 Hospitals
- 9.1.1 Overview
- 9.1.2 Urology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 9.2 Specialty Clinics
- 9.2.1 Overview
- 9.2.2 Urology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 9.3 Diagnostics Imaging Centers
- 9.3.1 Overview
- 9.3.2 Urology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 9.4 Academic & Research Institutes
- 9.4.1 Overview
- 9.4.2 Urology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 9.5 Others
- 9.5.1 Overview
- 9.5.2 Urology: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 10. South and Central America Medical Imaging Equipment Market – South and Central America Analysis
- 10.1 South and Central America
- 10.1.1 South and Central America Medical Imaging Equipment Market Breakdown, by Key Country, 2025 and 2031 (%)
- 10.1.1.1 South and Central America Medical Imaging Equipment Market – Revenue and Forecast Analysis – by Country
- 10.1.1.1 Brazil: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.1.1 Brazil: South and Central America Medical Imaging Equipment Market Breakdown, by Product Type
- 10.1.1.1.2 Brazil: South and Central America Medical Imaging Equipment Market Breakdown, by Application
- 10.1.1.1.3 Brazil: South and Central America Medical Imaging Equipment Market Breakdown, by End User
- 10.1.1.2 Argentina: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.2.1 Argentina: South and Central America Medical Imaging Equipment Market Breakdown, by Product Type
- 10.1.1.2.2 Argentina: South and Central America Medical Imaging Equipment Market Breakdown, by Application
- 10.1.1.2.3 Argentina: South and Central America Medical Imaging Equipment Market Breakdown, by End User
- 10.1.1.3 Chile: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.3.1 Chile: South and Central America Medical Imaging Equipment Market Breakdown, by Product Type
- 10.1.1.3.2 Chile: South and Central America Medical Imaging Equipment Market Breakdown, by Application
- 10.1.1.3.3 Chile: South and Central America Medical Imaging Equipment Market Breakdown, by End User
- 10.1.1.4 Colombia: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.4.1 Colombia: South and Central America Medical Imaging Equipment Market Breakdown, by Product Type
- 10.1.1.4.2 Colombia: South and Central America Medical Imaging Equipment Market Breakdown, by Application
- 10.1.1.4.3 Colombia: South and Central America Medical Imaging Equipment Market Breakdown, by End User
- 10.1.1.5 Peru: South and Central America Medical Imaging Equipment Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.5.1 Peru: South and Central America Medical Imaging Equipment Market Breakdown, by Product Type
- 10.1.1.5.2 Peru: South and Central America Medical Imaging Equipment Market Breakdown, by Application
- 10.1.1.5.3 Peru: South and Central America Medical Imaging Equipment Market Breakdown, by End User
- 11. Competitive Landscape
- 11.1 Heat Map Analysis
- 11.2 Company Positioning and Concentration
- 12. South and Central America Medical Imaging Equipment Market Industry Landscape
- 12.1 Overview
- 12.2 Mergers and Acquisitions
- 12.3 Agreements, Collaborations, and Joint Ventures
- 12.4 New Product Launches
- 12.5 Expansions and Other Strategic Developments
- 13. Company Profiles
- 13.1 GE HealthCare
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Siemens Healthineers AG
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 FUJIFILM Holdings Corporation
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 CANON MEDICAL SYSTEMS CORPORATION
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Koninklijke Philips N.V.
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Shimadzu Corporation
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 Hologic, Inc.
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 SamsungHealthcare
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 Neusoft Medical Systems Co., Ltd.
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
- 14. Appendix
- 14.1 About Business Market Insights
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