South America Ultrasound Devices Market - Segmented by Application, Technology, Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Ultrasound is a medical imaging modality that uses high-frequency sound waves to visualize the internal organs of the body. It transmits high-frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected by the body organs into the probe and are transmitted to a display that generates the image. The South America ultrasound devices market is expected to register a CAGR of 5.8% during the forecast period of 2018–2023.
Increasing Incidences of Cancer and Cardiac Ailments
About 1.1 million new cancer cases and 600,000 cancer deaths are estimated to occur annually in Latin America and the Caribbean. Prostate cancer is the leading cause of cancer death among males, with about 51,000 deaths annually, followed by lung, and stomach cancer. Among females, breast cancer is the leading cause of cancer mortality, with about 43,000 deaths annually, followed by cervical and lung cancer. There is considerable variation in cancer rates and trends within Latin America. For example, cervical cancer incidence rates in 2012 ranged from 11.4 cases per 100,000 population in Costa Rica to 47.7 cases per 100,000 in Bolivia, with the highest rates found in low-income countries.
In Latin America and the Caribbean, 31% of all deaths are attributable to cardiovascular diseases. Mortality rates for ischemic heart disease are high throughout all sub-regions. It is estimated that the number of deaths in the region attributed to cardiovascular disease will increase by more than 60% between 2000–2020, unless preventive measures are introduced. These ailments require the use of diagnostic services like ultrasound. So with increasing ailments, the market for ultrasound equipment will improve.
Additionally, growing public awareness, increased adoption of diagnostic imaging, and rapid technological advances are factors contributing to the growth of the market.
Use of Refurbished Instruments
Manufacture of diagnostic imaging devices requires a large number of skilled personnel. Hence, it is considered better to refurbish these devices at a lower cost. Rising incidence of chronic diseases across the globe is increasing the demand for cost-effective and efficient diagnosis procedure. This, in turn, is driving the demand for refurbished medical imaging devices. Hence, there is an emerging trend of using refurbished equipment. This is posing a challenge for the market.
Additionally, lack of skilled labor to handle the equipment is also restraining the ultrasound devices market.
Brazil to Dominate the Market
Brazil is by far the largest market in the region. The factors driving the demand for medical imaging systems in Brazil are, the rising and expanding middle class, increasing investments in healthcare, and multinational imaging manufacturer’s investments in Brazil. Also, the Brazilian government’s proposals for the development of healthcare (such as increasing the number of community healthcare and oncology centers) is driving the Brazilian market.
Major Players: ANALOGIC CORPORATION, FUJIFILM, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, PHILLIPS HEALTHCARE, SAMSUNG, and TOSHIBA MEDICAL SYSTEMS, among others..
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