Latin America Medical Imaging Software Market - Growth, Trends, COVID -19 Impact, and Forecasts (2022 - 2027)

Latin America Medical Imaging Software Market - Growth, Trends, COVID -19 Impact, and Forecasts (2022 - 2027)

The Latin America Medical Imaging Software Market is expected to grow at a CAGR of 6.1% over the forecast period (2022 - 2027). Medical imaging is a technique, process, and art of creating visualizations of the interior of a body that help in clinical diagnosis and medical intervention. It seeks to reveal internal structures as well as diagnose and treat disease.

Key Highlights

• The demand for medical imaging software is rising because of advancements in medicine and healthcare. The increased use of electronic health records to store, distribute and manage patient health information in the form of images is further propelling the growth of the medical image software market in the region.
• Also, the medical imaging software market is driven by the changing healthcare sector. Many private players have entered to take advantage of expanding the healthcare market with its applications in radiography, ultrasound, MRI, nuclear medicine, and others.
• However, the equipment set-up cost is high, restraining the market growth. At the same time, the handling of this software requires skilled professionals. The lack of skilled medical professionals is one of the factors affecting the market.
• During the upheaval of the COVID-19 pandemic, healthcare providers in Latin America faced new challenges in delivering medical imaging to their patients. However, there was an increase in chest imaging, and the workflow changed concerning the safety protocols required.
• Furthermore, due to the COVID-19 pandemic, there was a decrease in mammographies, ultrasound, and MRI exams. But there were more digital tomography and X-ray exams, so workflows were concentrated in those modalities.

Key Market TrendsGrowing Chronic Diseases in the Region

• The epidemic is fueled by widespread poverty and inequality in the COVID-19 scenario. These illnesses are prevalent in Latin America due to the region's unique healthcare infrastructure and high prevalence of chronic and metabolic diseases.
• In January 2021, the USA was the leading country in the world in the number of diagnosed cases and reported deaths, Brazil was second in both infection and fatalities, and Mexico was third in deaths. Other Latin American countries contributing to the epidemic were Colombia, Argentina, Peru, and Chile.
• Underlying comorbidities, including hypertension, diabetes, and cardiovascular disease, are significant factors predicting poor COVID-19 outcomes resulting from the growth of chronic disease prevalence in the region. This is expected to lead to the demand for the medical imaging software market in Latin America.

Brazil is Expected to Register Significant Growth Rate

• The growth of the Medical Imaging Software Market in Brazil is attributed to the growing geriatric population, increasing prevalence of chronic diseases, technological advancement, and increase in expenditure and grants by the government of Brazil.
• According to WHO, around 72% of deaths in Brazil yearly occur due to chronic diseases. Among which chronic non-communicable diseases, neuropsychiatric disorders are the most responsible diseases for the death percentage.
• In addition, the key players are establishing their presence in the country. For instance, Siemens Healthcare is the largest diagnostics corporation in Latin America. The company comprises 521 units in 12 different Brazilian states and the Federal District.

Competitive Landscape

The competitive rivalry in this market is high because of dominant players like Siemens Healthcare, Philips Healthcare, GE Healthcare Inc., etc. The players in this industry are constantly working on developing their product portfolio to gain competitive advantages with mergers and acquisitions, partnerships, and constant innovations.

• March 2022 - Intelerad Medical Systems Incorporation has launched the Enterprise Imaging and Informatics Suite at the 2022 Healthcare Information and Management Systems Society (HIMSS) Global Health Conference and Exhibition in Orlando, Fla. It provides hospitals and health systems with an industry-leading enterprise imaging solution with improved interoperability, greater efficiency, and improved communication between providers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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