Latin America Medical Imaging Market Overview

The medical imaging market in Latin America was valued at USD 2.79 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030. This growth is driven by several key factors, including the rising incidence of chronic and lifestyle-related diseases, a growing elderly population, continuous advancements in imaging technology, increased government investment in healthcare infrastructure, and overall rising healthcare expenditure.

According to data from the National Confederation of Health (CNSaúde) and the Brazilian Federation of Hospitals (FBH), 62% of Brazil’s 7,191 hospitals are privately owned. As of 2022, the country had 427,097 hospital beds, 710 health insurance providers, 546,000 physicians, 402,000 dentists, and 90,900 drug stores.

Additional contributors to market growth include rising demand for early diagnostic tools, technology improvements that reduce turnaround time, and government-backed investment and reimbursement initiatives. Furthermore, many market players are expanding their presence in developing nations within the region.

The increasing prevalence of chronic diseases such as cancer, cardiovascular disorders, and diabetes is accelerating the demand for medical imaging technologies. These diseases typically require regular imaging for ongoing monitoring and diagnosis. As such, medical imaging plays a pivotal role in early detection, disease management, and treatment planning.

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A datasheet from the Population Reference Bureau (PRB) developed under the IDEA project estimates that cardiovascular diseases, diabetes, cancers, and chronic respiratory conditions will account for approximately 81% of all deaths in Latin America and the Caribbean by 2030. The region's rapidly aging population-particularly those aged 60 years and older-is also increasing the demand for imaging services. According to a report by ECLAC – United Nations titled "Ageing in Latin America and the Caribbean", the share of elderly individuals in the population is forecasted to reach 25.1% by 2050, which is 2.1 times higher than in 2022.

Technological progress has resulted in the development of more advanced imaging systems offering superior resolution, better image quality, and reduced radiation exposure. These innovations make imaging procedures more accessible and appealing for both patients and healthcare providers. For example, in December 2023, GE HealthCare launched a 1.5T wide-bore MRI system featuring AI and deep learning capabilities that enhance scan speed and accuracy.

Increased healthcare spending in the region is also playing a crucial role. As governments and private healthcare providers invest in infrastructure and services, the demand for sophisticated diagnostic equipment continues to grow. According to the International Trade Administration, Brazil allocates USD 161 billion to healthcare-9.47% of its GDP-making it the largest healthcare market in Latin America.

Key Market Trends and Insights

• Ultrasound Segment: Accounted for the largest market share (32.4%) in 2023. Growth is fueled by advancements in ultrasound technology, an increasing burden of chronic diseases, cost efficiency, widespread applications in point-of-care settings, and the integration of AI solutions.
• Hospitals Segment: Represented the highest revenue share in 2023. Demand is increasing for advanced imaging technologies and integrated surgical suites. Hospitals require high-precision imaging to ensure diagnostic accuracy and better patient outcomes.
• Brazil's Market Leadership: In 2023, Brazil dominated the Latin American medical imaging market with a 32.8% share and is projected to register the fastest CAGR from 2024 to 2030. This leadership is supported by a growing prevalence of chronic illnesses, enhanced healthcare infrastructure, and technological innovation.

Market Size & Forecast

• 2023 Market Size: USD 2.79 billion
• 2030 Projected Market Size: USD 3.84 billion
• CAGR (2024–2030): 4.7%

Leading Companies in the Latin America Medical Imaging Market

Several prominent players are actively contributing to market development:

• GE HealthCare – Offers a diverse portfolio including CT, MRI, X-ray, mammography, and ultrasound systems. Maintains a strong presence across Latin America.
• Siemens Healthineers AG – A major medical imaging provider with operations in Brazil, Mexico, Argentina, and Chile. Its portfolio includes advanced CT, MRI, ultrasound, X-ray, and molecular imaging systems.
• Koninklijke Philips N.V., CANON Medical Systems Corp., Samsung Healthcare, and FUJIFILM Corporation are also key players offering a wide range of diagnostic solutions.

Other market participants include:

• CurveBeam AI, Ltd. – Specializes in orthopedic imaging solutions with AI and deep learning features, formed in 2022 through the merger of CurveBeam LLC and StraxCorp Pty Ltd.
• Carestream Health – Offers DR and CR systems, with a robust distributor network across Brazil, Mexico, Argentina, Colombia, and Chile.
• Hitachi Ltd., Agfa-Gevaert HealthCare, SHIMADZU Corporation, ESAOTE SPA, Neusoft Medical Systems, Enlitic, Inc., and Shenzhen Mindray Bio-Medical Electronics Co. also contribute significantly to the regional market.

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Conclusion

The Latin America medical imaging market is poised for steady growth through 2030, driven by demographic shifts, an increasing disease burden, technological advancements, and supportive healthcare investments. Brazil remains a key driver of regional market dynamics due to its substantial healthcare expenditure, growing private healthcare sector, and fast adoption of advanced imaging technologies. With ongoing innovation and expanding access to diagnostic services, the market is expected to reach USD 3.84 billion by 2030, offering substantial opportunities for both established players and new entrants.