The Latin America medical imaging market was valued at USD 2.79 billion in 2023 and is projected to grow to USD 3.84 billion by 2030, registering a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030. This market expansion is driven by several factors including the rising incidence of chronic and lifestyle-related diseases, an increasing geriatric population, continuous advancements in imaging technologies, government initiatives to develop healthcare infrastructure, and escalating healthcare expenditures.

In Brazil, according to the National Confederation of Health (CNSaúde) and the Brazilian Federation of Hospitals (FBH), 62% of the country’s 7,191 hospitals are privately owned. As of 2022, Brazil has 427,097 hospital beds, 710 health insurance providers, 546,000 physicians, 402,000 dentists, and 90,900 drugstores. Market growth is further supported by a high demand for early detection tools, technological improvements that reduce turnaround times, increased government investments and reimbursement policies, and the expansion of new healthcare facilities in developing nations led by key market players.

Latin America is witnessing a surge in chronic diseases such as cancer, cardiovascular disorders, and diabetes, driving the demand for medical imaging systems essential for regular monitoring and diagnosis. Medical imaging plays a critical role in the early detection, diagnosis, and treatment of these chronic conditions.

A datasheet from the PRB, part of the IDEA project, estimates that cardiovascular disease, diabetes, most cancers, and chronic respiratory diseases will account for approximately 81% of deaths in Latin America and the Caribbean by 2030. The region’s rapidly aging population, with a growing proportion of individuals aged 60 and above who are more vulnerable to chronic illnesses and require frequent imaging services, further supports market growth. The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) reports that the elderly population share is expected to rise to 25.1% by 2050—more than double the 2022 figure.

Technological progress in medical imaging has led to innovative devices offering higher resolution, improved image quality, and reduced radiation exposure. These advancements have enhanced accessibility and attractiveness for both healthcare providers and patients, contributing to market growth. For example, in December 2023, GE HealthCare launched a 1.5T wide-bore MRI system incorporating AI and deep learning to deliver faster and more accurate scans. Additionally, increasing healthcare spending across the region remains a significant growth driver.

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Key Market Trends & Insights:

• The ultrasound segment dominated the market in 2023 with a 32.4% share. This leadership is attributed to technological advancements, the rising burden of chronic diseases, an expanding geriatric population, cost-effectiveness, its point-of-care applications, and AI integration.
• Hospitals accounted for the largest revenue share in 2023. The rising demand for advanced imaging modalities and the integration of surgical suites with imaging technologies have propelled segment growth. Hospitals emphasize high-quality imaging to ensure accurate diagnosis and treatment planning, with advanced modalities providing detailed images crucial for managing various medical conditions.

Market Size & Forecast:

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

Key Latin America Medical Imaging Market Players:

Leading companies in the region include GE HealthCare, Siemens Healthineers AG, Koninklijke Philips N.V., Canon Medical Systems Corp., Samsung Healthcare, and FUJIFILM Corporation.

• GE HealthCare, a subsidiary of General Electric Company, holds a strong presence in Latin America, offering a comprehensive portfolio of diagnostic imaging equipment such as computed tomography (CT), magnetic resonance imaging (MRI), X-ray, mammography, and ultrasound systems.
• Siemens Healthineers AG operates widely across Latin America, with offices, distribution centers, and service facilities. The company collaborates with healthcare providers in Brazil, Mexico, Argentina, and Chile to deliver advanced imaging technologies including MRI systems, CT scanners, X-ray machines, ultrasound devices, and molecular imaging solutions.

Other notable market participants include CurveBeam AI, Ltd., Carestream Health, Hitachi Ltd., Agfa-Gevaert HealthCare, and Shimadzu Corporation.

• CurveBeam AI, Ltd. focuses on diagnostic imaging solutions for orthopedics and bone health, integrating artificial intelligence (AI) and deep learning AI (DLAI) to enhance diagnostic accuracy and reduce fragility fracture risks. The company was formed in 2022 following the merger of CurveBeam, LLC and StraxCorp Pty Ltd.
• Carestream Health offers innovative digital radiography (DR) and computed radiography (CR) systems, as well as CT scanners, MRI systems, ultrasound machines, and PACS solutions, supported by a wide distributor network serving Brazil, Mexico, Argentina, Colombia, Chile, and other countries.

Other Key Companies:

• GE HealthCare
• Siemens Healthineers
• Koninklijke Philips N.V.
• Canon Medical Systems Corp.
• FUJIFILM Corporation
• Samsung Healthcare
• CurveBeam AI, Ltd.
• Carestream Health
• Hitachi Ltd.
• Agfa-Gevaert HealthCare
• Shimadzu Corporation
• ESAOTE SPA
• Shenzhen Mindray Bio-Medical Electronics Co.
• Neusoft Medical Systems
• Enlitic, Inc.

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Conclusion:

The Latin America medical imaging market is set for steady growth through 2030, driven by the rising prevalence of chronic diseases, an expanding aging population, and significant technological innovations enhancing imaging capabilities. Government efforts to boost healthcare infrastructure, coupled with increasing healthcare expenditure and private sector involvement, create a favorable environment for market expansion. The ultrasound segment and hospital end-users remain dominant, underscoring the importance of accessible, advanced imaging for diagnosis and treatment. With key industry players actively innovating and expanding their footprint across the region, the market is well-positioned for continued advancement and increased adoption of cutting-edge medical imaging technologies.