The Brazilian diagnostic imaging equipment market will show rapid growth due to the rise in the prevalence of chronic diseases and the increased adoption of advanced technologies in medical imaging.
- For instance, according to the World Health Organization (WHO), in Brazil, around 72% of all deaths every year are due to chronic diseases. According to a study published in The Lancet, Brazil is burdened with chronic non-communicable diseases. Neuropsychiatric disorders are the single largest contributor to the chronic disease burden in Brazil, with an estimated 10 to 20% of people who have had depression at some stage. Therefore, diagnostic imaging technologies are used extensively by doctors to examine and diagnose the exact medical conditions of patients. It helps identify cardiac abnormalities, broken bones, aneurysms, gastrointestinal issues, and various types of cancer.
- Diagnostic imaging also diagnoses the disease in its early stage, and greatly improve patient’s survival outcomes. The medical imaging industry has been revolutionized from bed-side monitoring to high-end digital scanning. Therefore all these factors are expected to drive the overall growth of the market.
Key Market Trends
MRI is Expected to be Largest Growing Segment in the Brazilian Diagnostic Imaging Equipment Market
- The MRI systems segment held the largest share of the market. This is mainly due to factors such as the rising disposable income from the past few years.
- MRI systems can diagnose almost all the organs in the body, primarily head and neck, spine, and coronary arteries. Moreover, many people who have multiple sclerosis, stroke, dementia, and infection are expected to augment the demand for MRI systems in the country.
- In addition, the market is witnessing an increase in the demand for medical devices, due to the rising prevalence of chronic diseases.
The studied market is consolidated owing to the presence of a few major players in the market. The market players are focusing on R&D to develop the technologically advanced products in order to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence few major market players hold the maximum market share.
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