Argentina Ultrasound Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Argentina Ultrasound Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Argentina's ultrasound devices market was valued at USD 67.33 million in 2021 and is projected to register a CAGR of 6.20% during the forecast period (2022-2027).

Argentina's economy contracted in 2020 due to the COVID-19 pandemic, which had a considerable impact on private consumption, healthcare, investment, aviation, and exports. As per the data from the International Monetary Fund report 2021, the economy of Argentina was predicted to grow by 4.9% in 2021, owing to higher labor incomes, more private spending, and increased international export demand. COVID-19 has an influence on the daily working practice and financial status of spine surgeons in Latin America, "COVID-19 Impact Among Spine Surgeons in Latin America" published in Global Spine Journal in May 2020. This cross-sectional study aimed to assess the impact of the COVID-19 outbreak on Latin American spine surgeons. Argentina had the most respondents, followed by Brazil, Chile, and Mexico. In the study, the researchers discovered a considerable drop in clinical and surgical activity, as well as an increase in anxiety about the financial ramifications of quarantine measurements. Such incidences highlighted the decrease in early diagnosis and treatment of spine-related disorders within the country, thereby limiting the adoption of ultrasound for identification. As a result, the growth of the ultrasound market was hampered during the initial phase of the pandemic.

The major factors propelling the growth of the market are the increasing prevalence of cancer, the increasing aging population, and increasing awareness urging people to have early screening. Furthermore, the World Bank's support for Argentina's healthcare system is likely to fuel the rise of an ultrasound system in the region. The World Bank Board of Directors, for example, approved a loan of USD 250 million in 2021 to expand the public health care system, which currently serves 17 million people. A further USD 80 million loans would be utilized to increase the efficiency and accessibility of digital government services. It is vital to boost public health systems and other areas of the state through technology and innovation. As a result, the World Bank's increasing support for improving the healthcare system will assist the country in adopting more ultrasound scanners, which is predicted to fuel ultrasound market growth in Argentina in the future.

In addition, according to the GlOBOCAN 2020 report, Argentina reported 130,878 new cancer cases in 2020. The total number of five-year prevalent cases of cancer was 358,627, and further, the same report projected that the cases of cancer will reach 185,606 by 2040. With the rising prevalence of cancer in the country, the demand for ultrasound scans is expected to increase for the detection and diagnostics of cases of cancer/tumor that is expected to drive the growth of the studied market in the country.

Key Market TrendsGynecology/Obstetrics is Expected to Witness Strong Growth Over the Forecast Period

The rising prevalence of women's health-related diseases such as breast cancer and cervical cancer, as well as vaginal infections, infertility, and other diseases, is driving the market growth. Moreover, technological advances in ultrasound systems such as 3D and 4D systems contribute to market growth.

As per the GLOBOCAN 2020 report, in Argentina, the major forms of cancer prevalent in women in the country where breast cancer, colorectum cancer, cervix uteri, lung, and thyroid cancer. As per the report, in 2020, around 22,024 cases of breast cancer were diagnosed in Argentina.​ Similarly, according to the GLOBOCAN 2020, in Argentina, about 4,583 new cervical cancer cases are detected each year (estimations for 2020). Cervical cancer is the second most prevalent female cancer in women aged 15 to 44 years in Argentina, and it ranks as the third main cause of female cancer. Increasing the prevalence of cancer among women in the country is expected to boost the ultrasound devices market.​

In addition, according to the United Nations projections, in 2020, the fertility rate for Argentina is 2.240 births per woman, which is declined by 0.62% from 2019. This increasing infertility instances in this region demand for an ultrasound for the diagnosis of infertility is further expected to boost the demand for ultrasound in Argentina.

Competitive Landscape

The Argentina ultrasound market is moderately competitive with a few large players. Public and private companies are found investing in R&D to advance their technologies in the field of ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. The updated technological portable devices are praised globally, and the companies have a wide presence across the developed and emerging markets. Some of the major companies investing in ultrasound devices are Philips, Siemens, Canon, Fujifilm.

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