Latin America Ultrasound Devices Market Size & Outlook
Latin America ultrasound devices market, 2018-2030 (US$M)
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Latin America ultrasound devices market highlights
- The Latin America ultrasound devices market generated a revenue of USD 904.8 million in 2023.
- The market is expected to grow at a CAGR of 4.4% from 2024 to 2030.
- In terms of segment, diagnostic ultrasound devices was the largest revenue generating product in 2023.
- Therapeutic Ultrasound Devices is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 904.8 million |
| Market revenue in 2030 | USD 1,222.4 million |
| Growth rate | 4.4% (CAGR from 2023 to 2030) |
| Largest segment | Diagnostic ultrasound devices |
| Fastest growing segment | Therapeutic Ultrasound Devices |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices |
| Key market players worldwide | Koninklijke Philips NV, GE HealthCare Technologies Inc Common Stock, Siemens Healthineers AG ADR, Canon Inc, Mindray Medical International, Samsung BioLogics, FUJIFILM Holdings Corp, Konica Minolta Inc, Esaote |
Other key industry trends
- In terms of revenue, Latin America region accounted for 9.2% of the global ultrasound devices market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,878.7 million by 2030.
Diagnostic ultrasound devices was the largest segment with a revenue share of 83.74% in 2023. Horizon Databook has segmented the Latin America ultrasound devices market based on diagnostic ultrasound devices, therapeutic ultrasound devices covering the revenue growth of each sub-segment from 2018 to 2030.
The presence of rapidly developing economies (such as Brazil & Mexico) is primarily driving the overall market growth in the region. Availability of advanced imaging procedures at a reduced cost compared to North America & Europe is making Latin America more attractive for medical tourism.
Furthermore, governments of various countries are constantly working to improve the healthcare infrastructure. As a result, patients from developed countries, such as Canada, the U.S., and Germany, prefer Latin America for receiving treatments.
Therefore, the anticipated increase in patients traveling to Latin America is expected to boost the demand for ultrasound in the region. Furthermore, clinical education through conferences, symposiums, and webinars is becoming crucial in improving the adoption rate of ultrasound devices.
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Ultrasound Devices Market Scope
Ultrasound Devices Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America ultrasound devices market size, by country, 2018-2030 (US$M)
Latin America Ultrasound Devices Market Outlook Share, 2023 & 2030 (US$M)
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