Market Trends of South America Ultrasound Devices Industry
This section covers the major market trends shaping the South America Ultrasound Devices Market according to our research experts:
Cardiology Segment Anticipated to Witness Growth
To determine the presence of abnormalities in the heart's structure, measure the size and thickness of the heart and its chambers, and assess the motion of the chamber walls and the extent of damage to the heart muscle after a heart attack, physicians mainly advise an ultrasound. Cardiac ultrasound, also known as echocardiography, is a non-invasive diagnostic modality that provides detailed hemodynamic information quickly. Thus, with the high burden of cardiovascular diseases (CVDs) in South America, the demand for ultrasound is increasing, thereby fueling segment growth.
The high number of CVDs cases will lead to increased care for heart diseases, leading to increased adoption of MRI devices for diagnosing disorders. As per an article published in the European Heart Journal in August 2022, there was a more significant variation in mortality rates (per 1000 person per year) between countries in South America, with the highest in Argentina (5.98) and the lowest in Chile (4.07). In contrast, men had a higher incidence of CVD than women (4.48) vs. 2.60 per 1,000 population per year). This shows a high burden of CVD among the target population, which is further anticipated to drive the demand for echocardiography procedures, fueling the segment's growth in South America. Therefore, owing to the abovementioned factors, the segment is anticipated to witness growth over the forecast period.
Brazil Anticipated to Witness Significant Growth
Brazil is anticipated to grow significantly during the forecast period. The significant factors contributing to the market's growth include the rising prevalence of chronic diseases, the increasing number of screening programs, and the rising number of conferences and symposiums focusing on spreading awareness about the benefits of early screening and diagnosis.
According to the Globocan Mach 2021 update estimates, around 592,212 new cancer cases were reported in Brazil, and the five-year prevalence rate of cancers in Brazil was 1,563,761. Therefore, ultrasound diagnostic imaging devices are extensively used by doctors to examine and diagnose the exact medical conditions of patients. In addition, a few cancers or tumors are not visible in X-rays. Thus an ultrasound (also known as ultrasonography, sonography, or sonogram) helps doctors look for tumors in some regions of the body. With the high burden of cancer in South America, there is an increased demand for ultrasound devices, which is expected to boost the market's growth.
Additionally, technological advancements in ultrasound devices, the launch of new products by crucial regional companies, and the approval of new and improved technologies, along with the acquisition of advanced technologies for ultrasound devices by regional hospitals that are effective in the diagnosis and detection of various diseases will all contribute to the country's market growth. For instance, in September 2022, Brazil's Hospital das Clinicas (HC) in Sao Paulo deployed a private 5G network to test advanced connectivity in healthcare, which is planned to be applied to remote ultrasound exams. Hence, owing to the aforementioned factors, the market studied is expected to witness high growth over the forecast period in Brazil.
