South & Central America Diagnostic Imaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Modality, Application, and End User

The diagnostic imaging market in South & Central America is expected to grow from US$ 1,909.68 million in 2021 to US$2,495.07 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028.

According to a report by the World Health Organization (WHO), diagnostic imaging has developed rapidly and plays a central role in healthcare by supporting the diagnosis and treatment of diseases. Diagnostic imaging services include confirming, assessing, and documenting the course of many conditions for ultimately drawing the response to treatment. The WHO collaborates with partners and manufacturers to develop a technical solution for improving diagnostic imaging services for patients' safety. In March 2018, GE Healthcare announced launching a new diagnostic imaging product supported by AI technology and involved in quickly capturing data and reconstructing images as the product was fast approved by the FDA. The newly launched product is efficient for fast connectivity and advanced algorithm, ensuring 48 times more data throughput and ten times the processing power of the previous system. On the other hand, through the support of technological advancements, diagnostic imaging has played a crucial role in cancer diagnosis. For example, diagnostic imaging takes pictures of the inside of the body and has a pivotal role in diagnosing and managing cancer patients. The first method is the utilization of CT and MRI, which offers detailed information on the location, size, morphology, and structural changes of the surrounding tissues of the tumor. The second method is the utility of PET and SPECT, which offers insights related to tumor physiology with anatomical details. Combining these two methods enables the integration of anatomy and function in a single approach, and applying such "hybrid" imaging techniques allows the characterization of tumors at all stages. Additionally, the integration of various diagnostic imaging techniques, such as X-ray spectrometry-related techniques and methodologies intended for different interdisciplinary uses, can be done more efficiently. With the advent of such advanced technologies, the diagnostic imaging market is growing exponentially.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South & Central America diagnostic imaging market at a substantial CAGR during the forecast period.

South & Central America Diagnostic Imaging Market Segmentation

The South & Central America diagnostic imaging market is segmented based on modality, application, end user, and country.

• Based on modality, the market is segmented into X-ray, computed tomography, endoscopy, ultrasound, magnetic resonance imaging (MRI), nuclear imaging, mammography, and others. In 2021, the computed tomography segment held the largest share of the market. It is also expected to register the highest CAGR during the forecast period.
• Based on application, the South & Central America diagnostic imaging market is segmented into cardiology, oncology, neurology, orthopedics, gastroenterology, obstetrics/gynecology, and others. The cardiology segment held the largest market share in 2021, and the oncology segment is expected to register the highest CAGR during the forecast period.
• Based on end user, the market is segmented into hospitals and clinics, diagnostic imaging centers, ambulatory surgical centers (ASCs), and others. In 2021, the hospitals and clinics segment held the largest market share. However, the diagnostic imaging centers segment is expected to register the highest CAGR during the forecast period.
• Based on country, the South & Central America diagnostic imaging market is segmented into Brazil, Argentina, and the Rest of South & Central America. In 2021, Brazil held the largest market share. It is also expected to register the highest CAGR during the forecast period.

General Electric Company; Siemens Healthineers; Koninklijke Philips N.V.; KARL STORZ SE & Co. KG; FUJIFILM Holdings Corporation; Canon Inc.; Hologic, Inc.; Carestream Health Inc.; Stryker Corporation; and Olympus Corporation are among the leading companies in the South & Central America diagnostic imaging market.