The Latin America Medical Imaging Software Market size is estimated at USD 4.94 billion in 2024, and is expected to reach USD 7.17 billion by 2029, growing at a CAGR of 6.26% during the forecast period (2024-2029).
In coming years, the market expansion is expected to be driven by the growing capabilities of medical imaging software that is made accessible through the integration of AI and ML technologies. These technologies could assist in automating tasks, detecting anomalies, and improving the accuracy of diagnoses, making them a significant driver of market growth.
The Latin America medical imaging software market is expected to be moderately consolidated, owing to the presence of prominent global players like Siemens Healthcare, Philips Healthcare, GE Healthcare Inc., etc. In addition, the market is also witnessing the expansion of new players. 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.
In April 2023, Coreline Soft and JLK, two Korean businesses that specialize in medical artificial intelligence (AI) solutions, announced their expansion into the Latin American market. While JLK announced the company's move into Argentina, Coreline Soft announced its debut in Brazil. The Brazilian Health Regulatory Agency (ANVISA) also granted pre-market approval to Coreline Soft for its AVIEW portfolio, which includes devices for identifying lung-based conditions such as lung nodules, chronic obstructive pulmonary disease, and coronary artery calcification. JVIEWER-X, a tool for analyzing chest radiography imaging data, is one of JLK's licensed products.
In February 2023, Agfa and Lunit announced collaborating to integrate the Lunit INSIGHT CXR software into the MUSICA workstation, giving physicians a new crucial finding notification procedure. If any life-threatening diseases, such as pneumothorax, pleural effusion, or atelectasis, are found during a chest X-ray, radiologists will be notified automatically. This would assist hospitals in ensuring patient safety by immediately alerting doctors of any urgent or unexpected results, particularly in outpatient locations where patients typically return home after receiving X-rays.
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