The Brazilian diagnostic imaging equipment market was valued at approximately USD 997.69 million in 2021, and it is expected to witness a revenue of USD 1,450.64 million in 2027, with a CAGR of 5.64% over the forecast period.
The COVID-19 pandemic boosted the growth of the Brazilian diagnostic imaging equipment market. Among the majorly used COVID-19 screening options, diagnostic imaging is preferred by most healthcare professionals, as it provides a primary diagnosis in a short time, with accuracy. All the imaging modalities, including nuclear imaging, CT scan, and X-ray imaging, have been used exhaustively to study COVID-19 and its effect on varied demographic patients. Furthermore, the rising requirements for advanced lung imaging solutions are expected to boost the development of studies to evaluate lung deterioration due to the COVID-19 infection. Since the COVID-19 outbreak in Brazil in February 2020, the demand for chest CT scans has increased, which is majorly due to the long waiting period in obtaining RT-PCR test results in some regions, thereby affecting the results in the clinical management of patients. According to a research study titled 'Increasing Demand for Chest CT Due to COVID-19 in Brazil', in Scientific Electronic Library Online (SciELO), published in October 2020, the results demonstrated that in a sample size of 94 hospitals and diagnostic centers from 14 Brazilian states, an increase of 192% in demand for chest CT was observed from March 2020 to June 2020, when compared to the same period in 2019. Thus, given the factors mentioned above, the COVID-19 pandemic is expected to boost market growth.
The major factors augmenting the growth of the Brazilian diagnostic imaging market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and a rise in the geriatric population.
For instance, according to the estimates of the GLOBOCAN 2020, around 592,212 new cancer cases and 259,949 deaths due to cancers were reported in Brazil, and the five-year prevalence rate of cancers in Brazil was 1,563,761. Therefore, diagnostic imaging technologies are used extensively by doctors to examine and diagnose the exact medical conditions of patients. Also, as per the February 2020 research study titled 'Rheumatoid arthritis treatment in Brazil: data from a large real-life multicenter study,' in the sample size of 1,115 patients, 78.7% were rheumatoid factor positive, which resulted in rheumatoid arthritis (RA) being considered as a chronic health burden in the country.
Moreover, diagnostic imaging diagnoses the disease in its early stage and dramatically improves the patient’s survival outcomes. The medical imaging industry has been revolutionized from bedside monitoring to high-end digital scanning. Therefore, all these factors are expected to drive the market's overall growth.
X-ray imaging creates pictures of internal body parts. The images show the parts of the body in different shades of black and white, as different tissues absorb different amounts of radiation. The COVID-19 pandemic significantly contributed to the growth of X-ray devices in Brazil, as these devices play a crucial role in diagnosing COVID-19 through lung X-ray imaging and indicate the affected lung tissue in infected patients.
The development of new products related to X-ray devices is expected to contribute significantly to the market growth. The key players are focusing on adopting various growth strategies, such as new product launches, innovations in the existing products, and mergers and acquisitions, to introduce more efficient medical imaging devices and strengthen their market presence. For instance, in 2018, Agfa entered a partnership with VMI Technologies to start digital X-ray production in Brazil.
Moreover, according to a study titled, “Estimating the productivity of radiologists in Brazil: the search for a benchmark’’, published in April 2020, nearly 16% of the total radiologists stated that the main imaging method employed was an X-ray. This indicates that the rising diagnostic methods related to X-rays are rising in the country. Hence, overall, with the factors mentioned above, the market is expected to exhibit healthy growth in this segment.
The Brazilian diagnostic imaging equipment market is consolidated owing to the presence of a few major players in the market. The market players are focusing on R&D to develop technologically advanced products to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence few major market players hold the maximum market share. The key players of the Brazilian diagnostic imaging equipment market comprise Canon Medical Systems Corporation, Carestream Health Inc., Esaote SpA, Fujifilm Holdings Corporation, GE Healthcare (GE Company), and Siemens Healthineers. The market players are involved in various strategic alliances, such as acquisitions and collaboration, to enhance the product portfolio globally. For instance, in May 2019, Canon Medical Systems Corporation launched the SOLTUS 500 Mobile Digital X-ray, which provides enhanced versatility and performance.
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The COVID-19 pandemic boosted the growth of the Brazilian diagnostic imaging equipment market. Among the majorly used COVID-19 screening options, diagnostic imaging is preferred by most healthcare professionals, as it provides a primary diagnosis in a short time, with accuracy. All the imaging modalities, including nuclear imaging, CT scan, and X-ray imaging, have been used exhaustively to study COVID-19 and its effect on varied demographic patients. Furthermore, the rising requirements for advanced lung imaging solutions are expected to boost the development of studies to evaluate lung deterioration due to the COVID-19 infection. Since the COVID-19 outbreak in Brazil in February 2020, the demand for chest CT scans has increased, which is majorly due to the long waiting period in obtaining RT-PCR test results in some regions, thereby affecting the results in the clinical management of patients. According to a research study titled 'Increasing Demand for Chest CT Due to COVID-19 in Brazil', in Scientific Electronic Library Online (SciELO), published in October 2020, the results demonstrated that in a sample size of 94 hospitals and diagnostic centers from 14 Brazilian states, an increase of 192% in demand for chest CT was observed from March 2020 to June 2020, when compared to the same period in 2019. Thus, given the factors mentioned above, the COVID-19 pandemic is expected to boost market growth.
The major factors augmenting the growth of the Brazilian diagnostic imaging market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and a rise in the geriatric population.
For instance, according to the estimates of the GLOBOCAN 2020, around 592,212 new cancer cases and 259,949 deaths due to cancers were reported in Brazil, and the five-year prevalence rate of cancers in Brazil was 1,563,761. Therefore, diagnostic imaging technologies are used extensively by doctors to examine and diagnose the exact medical conditions of patients. Also, as per the February 2020 research study titled 'Rheumatoid arthritis treatment in Brazil: data from a large real-life multicenter study,' in the sample size of 1,115 patients, 78.7% were rheumatoid factor positive, which resulted in rheumatoid arthritis (RA) being considered as a chronic health burden in the country.
Moreover, diagnostic imaging diagnoses the disease in its early stage and dramatically improves the patient’s survival outcomes. The medical imaging industry has been revolutionized from bedside monitoring to high-end digital scanning. Therefore, all these factors are expected to drive the market's overall growth.
Key Market Trends
X-ray is Expected to be Hold the Major Share in the Brazilian Diagnostic Imaging Equipment Market over the Forecast Period
X-ray imaging creates pictures of internal body parts. The images show the parts of the body in different shades of black and white, as different tissues absorb different amounts of radiation. The COVID-19 pandemic significantly contributed to the growth of X-ray devices in Brazil, as these devices play a crucial role in diagnosing COVID-19 through lung X-ray imaging and indicate the affected lung tissue in infected patients.
The development of new products related to X-ray devices is expected to contribute significantly to the market growth. The key players are focusing on adopting various growth strategies, such as new product launches, innovations in the existing products, and mergers and acquisitions, to introduce more efficient medical imaging devices and strengthen their market presence. For instance, in 2018, Agfa entered a partnership with VMI Technologies to start digital X-ray production in Brazil.
Moreover, according to a study titled, “Estimating the productivity of radiologists in Brazil: the search for a benchmark’’, published in April 2020, nearly 16% of the total radiologists stated that the main imaging method employed was an X-ray. This indicates that the rising diagnostic methods related to X-rays are rising in the country. Hence, overall, with the factors mentioned above, the market is expected to exhibit healthy growth in this segment.
Competitive Landscape
The Brazilian diagnostic imaging equipment market is consolidated owing to the presence of a few major players in the market. The market players are focusing on R&D to develop technologically advanced products to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence few major market players hold the maximum market share. The key players of the Brazilian diagnostic imaging equipment market comprise Canon Medical Systems Corporation, Carestream Health Inc., Esaote SpA, Fujifilm Holdings Corporation, GE Healthcare (GE Company), and Siemens Healthineers. The market players are involved in various strategic alliances, such as acquisitions and collaboration, to enhance the product portfolio globally. For instance, in May 2019, Canon Medical Systems Corporation launched the SOLTUS 500 Mobile Digital X-ray, which provides enhanced versatility and performance.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Canon Medical Systems Corporation
- Carestream Health
- Esaote SpA
- Fujifilm Holdings Corporation
- GE Healthcare (GE Company)
- Koninklijke Philips NV
- Siemens Healthineers
- Shimadzu Corporation
- Bayer AG
- Hologic Inc.
- Bracco Imaging SpA
- Agfa-Gevaert
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd
Methodology
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