Latin America Ultrasound Devices Market is projected to reach USD 0.8 Billion by 2021
The Latin America Ultrasound Devices Market has been estimated at USD 0.58 Billion in 2016 and is projected to reach USD 0.8 Billion by 2021, at a CAGR of 6.93% during the forecast period from 2016 to 2021. Medical sonography (ultrasonography) is an ultrasound-based diagnostic medical imaging technique used to visualize muscles, tendons, and many internal organs, to capture their size, structure and any pathological lesions with real time tomographic images.
Ultrasound has been used by radiologists and sonographers to image the human body.
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Market growth in Latin America can be attributed to the rising patient population base for chronic and lifestyle-related disorders (such as hypertension and vascular disorders) coupled with growing geriatric population; technological advancements; increasing public-private investments, funds, and grants; and growing market demand for minimally invasive disease diagnosis and treatment.
However, dearth of skilled and experienced sonographers and technological limitations of ultrasound systems are some of the factors restricting the market growth.
Latin America market for Ultrasound devices is segmented based on Technology, Device Display, Portability, and Application. By Technology, the market is segmented as Diagnostic Ultrasound (2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound) and Therapeutic Ultrasound (High-intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy).
By Device Display, the market is segmented as Color Ultrasound Devices and Black and White Ultrasound Devices. By Portability, the market is segmented as Trolley/Cart-based Ultrasound Devices and Compact/Handheld Ultrasound Devices.
By Application, the market is segmented as Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Vascular, Urology and Other Applications (Includes Breast Imaging, Hepatology, Anesthesiology, and Emergency Care). The trolley/cart-based ultrasound devices segment is expected to account for the largest share of the Latin America ultrasound market in 2015; whereas, the compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period.
Cardiology application is expected to be the fastest growing segment during forecast period owing to rising incidence of cardiac diseases across the globe.
Geographically, Latin America market for Ultrasound devices is segmented into Brazil, Argentina and Mexico. Rising demand for minimally invasive diagnostic as well as therapeutic devices is primarily driving the growth of the market, which is attracting the companies to invest in this region.
General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), Hitachi Ltd.
(Japan), Samsung Electronics Co., Ltd. (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A.
(Italy), Mindray Medical International Ltd. (China), and Analogic Corporation (U.S.) are some of the key players in the Latin America ultrasound market.
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