Market Size of Latin America Medical Imaging Software Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | 6.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Medical Imaging Software Market Analysis
The Latin America Medical Imaging Software Market is expected to grow at a CAGR of 6.1% over the forecast period (2022 - 2027). Medical imaging is a technique, process, and art of creating visualizations of the interior of a body that help in clinical diagnosis and medical intervention. It seeks to reveal internal structures as well as diagnose and treat disease.
- The demand for medical imaging software is rising because of advancements in medicine and healthcare. The increased use of electronic health records to store, distribute and manage patient health information in the form of images is further propelling the growth of the medical image software market in the region.
- Also, the medical imaging software market is driven by the changing healthcare sector. Many private players have entered to take advantage of expanding the healthcare market with its applications in radiography, ultrasound, MRI, nuclear medicine, and others.
- However, the equipment set-up cost is high, restraining the market growth. At the same time, the handling of this software requires skilled professionals. The lack of skilled medical professionals is one of the factors affecting the market.
- During the upheaval of the COVID-19 pandemic, healthcare providers in Latin America faced new challenges in delivering medical imaging to their patients. However, there was an increase in chest imaging, and the workflow changed concerning the safety protocols required.
- Furthermore, due to the COVID-19 pandemic, there was a decrease in mammographies, ultrasound, and MRI exams. But there were more digital tomography and X-ray exams, so workflows were concentrated in those modalities.
