Market Trends of Latin America Medical Imaging Software Industry
This section covers the major market trends shaping the Latin America Medical Imaging Software Market according to our research experts:
Growing Chronic Diseases in the Region
- The epidemic is fueled by widespread poverty and inequality in the COVID-19 scenario. These illnesses are prevalent in Latin America due to the region's unique healthcare infrastructure and high prevalence of chronic and metabolic diseases.
- In January 2021, the USA was the leading country in the world in the number of diagnosed cases and reported deaths, Brazil was second in both infection and fatalities, and Mexico was third in deaths. Other Latin American countries contributing to the epidemic were Colombia, Argentina, Peru, and Chile.
- Underlying comorbidities, including hypertension, diabetes, and cardiovascular disease, are significant factors predicting poor COVID-19 outcomes resulting from the growth of chronic disease prevalence in the region. This is expected to lead to the demand for the medical imaging software market in Latin America.
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Brazil is Expected to Register Significant Growth Rate
- The growth of the Medical Imaging Software Market in Brazil is attributed to the growing geriatric population, increasing prevalence of chronic diseases, technological advancement, and increase in expenditure and grants by the government of Brazil.
- According to WHO, around 72% of deaths in Brazil yearly occur due to chronic diseases. Among which chronic non-communicable diseases, neuropsychiatric disorders are the most responsible diseases for the death percentage.
- In addition, the key players are establishing their presence in the country. For instance, Siemens Healthcare is the largest diagnostics corporation in Latin America. The company comprises 521 units in 12 different Brazilian states and the Federal District.
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