Latin America, a Growing Prospect in Medical Imaging

The global market for Medical Imaging Equipment Services is forecast to reach $12.35 billion by 2017. Factors driving market growth include rising aging population, growing need for imaging procedures, technological advancements, demand for high-end imaging and replacement systems, emerging clinical applications, and an increasing preference for refurbished equipment.

While the US is the largest market for medical imaging equipment services, with Europe at a distant second, growth for medical equipment services is also expected to stem from developing regions including Latin America. Brazil is the largest medical market in Latin America, followed by Mexico, Colombia, Chile, Venezuela, and now Peru.

BRAZIL

In 2011, the Brazilian medical market was valued at 4,034 million US dollars. Brazil has a well-established medical industry, comprising of local and multinational companies. “Our presence in Brazil reflects both the powerful emergence of the Latin American influence worldwide, as well as our own goal of providing affordable, superior medical imaging technology wherever it is needed in the world,” said Jared Houk, Global Director of Strategic Marketing and Business Development for iCRco, a global provider of digital x-ray imaging solutions. Imports have grown well for Brazil, increasing at a CAGR of 21% between 2005 and 2009.

MEXICO

The Mexican market for medical devices, the second largest in Latin America, was estimated at $3.5 billion in 2011. The market is dominated by exported and imported products, principally to and from the USA. The Mexican government is currently seeking a way to provide better patient care by adapting to a digital environment for hospitals. RamSoft, Inc. reported that Hova Health, one of Mexico’s largest teleradiology groups, implemented a web-based system to provide radiologists with secure access to patient images and reports from multiple locations. “This implementation is a major step in expanding our presence in Latin America,” said Vijay Ramanathan, president and CEO of RamSoft.

After a recent period of steady growth, the Latin American region is better prepared to face global instability. Levels of service in the private health sector are among the best, but the biggest hurdle is being able to provide higher levels of basic healthcare to the public.