Latin America Ultrasound Devices Market - 2024 - 2031

Report Overview

Latin America Ultrasound Devices Market reached US$ 906.8 million in 2023 and is expected to reach US$ 1,240.2 million by 2031, growing at a CAGR of 4.5% during the forecast period 2024-2031.

An ultrasound device employs high-frequency sound waves to see the body's interior organs. Ultrasound is a tool that radiologists and sonographers use to scan human bodies. An ultrasound system includes a probe that sends high-frequency ultrasonic sound waves into the patient's body. The bodily organs then reflect these sound waves into the probe.

These transmitted waves are subsequently sent to a display system, which creates the picture via echoes. Ultrasound devices are used to see organs such as the liver, kidneys, blood arteries, heart, human fetus, and others.

Market Dynamics: Drivers & Restraints

Rising prevalence of chronic diseases

The increasing prevalence of chronic diseases is expected to drive the market growth. The increase in chronic health issues such as cancer, cardiovascular disease, and diabetes is driving demand for ultrasound technology. Ultrasound is an important technique in modern healthcare as it helps with the diagnosis, monitoring, and management of chronic disorders.

The increase in chronic conditions in the region is expected to increase demand for ultrasound devices. For instance, according to the report by the National Institute of Health in 2023, in Brazil, it is estimated that hepatitis A has a higher concentration in the Northeast and North regions, which together account for 55.4% of total cases, while hepatitis B is more prevalent in the Southeast and South regions, with 66% of cases.

Ultrasound can be used to diagnose hepatitis by examining a range of distinctive features that indicate liver inflammation. Thus, the above factors are expected to drive the market growth.

High costs of advanced ultrasound devices

The high cost of advanced ultrasound devices is projected to limit market expansion. Advanced ultrasound devices usually incur additional operational and maintenance costs besides the original cost of purchasing. These challenges could discourage healthcare providers from investing in new technologies.

Market Segment Analysis

The Latin America ultrasound devices market is segmented based on type, technology, application, and end-user.

The cardiology segment is expected to dominate the market share

The cardiology segment is likely to account for a significant portion of the market share. An ultrasound is generally recommended by medical professionals for checking for structural abnormalities in the heart, measuring the size and thickness of the heart and its chambers, examining the motion of the chamber walls, and determining the extent of damage to the heart muscle following a heart attack.

Cardiac ultrasonography is a quick, non-invasive diagnostic procedure that provides detailed hemodynamic information. Because of the increasing prevalence of cardiovascular diseases (CVDs) in Latin America, there is a growing demand for ultrasonography, which is driving the segment's rise.

Market Segmentation

By Type

Stationary Ultrasound

Portable Ultrasound

By Technology

2D Ultrasound Imaging

3D and 4D Ultrasound Imaging

Doppler Imaging

High-intensity Focused Ultrasound

By Application

Anesthesiology

Cardiology

Gynecology/Obstetrics

Musculoskeletal

Radiology

Critical Care

Other

By End-User

Hospitals

Diagnostic Centers

Specialty Clinics

Others

Market Competitive Landscape

The major players in the market include Fujifilm Holdings Corporation, Alliage, SGS Brazil, Siemens Healthineers, Koninklijke Philips N.V., GE HealthCare, Allianca RI, Canon Medical Systems Corporation, and Konica Minolta Healthcare Americas, Inc. among others.

Why Purchase the Report?

To visualize the Latin America ultrasound devices market segmentation based on type, technology, application, and end-user as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel data sheet with numerous data points of ultrasound devices market-level with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as Excel consisting of key products of all the major players.

The Latin America ultrasound devices market report would provide approximately 53 tables, 47 figures, and 176 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies