The propelling factors for the growth of the ultrasound devices market in South America include the government and private funding for R&D in ultrasound imaging, an increasing number of healthcare providers, technological advancements, and increasing incidences of chronic diseases.
- The incidence and prevalence of chronic diseases are rapidly increasing in South America. As a result, the demand for ultrasound imaging devices is expected to rise, along with the demand for the early detection of disease and minimization of the cost of treating these chronic diseases. This also increases the number of diagnostic imaging procedures. The significant contribution to medical diagnostics and the ease of use has created a huge demand, and therefore, attracted various funding bodies to invest, which is expected to increase in the coming years.
- The rising technological advancements supported by the adoption of trusted associations are expected to boost the market growth. Curtailment in the size of ultrasound devices has given the market a slight boost, if not a significant one. It has given the healthcare facilities a chance to replace old heavy devices with small devices. With the reduction in the size of these devices, the problem of storage is solved, enabling the facilities to operate more efficiently with more number of devices.
Key Market Trends
Cardiology Application is Expected to Register a High CAGR and Expected to do the Same Over the Forecast Period
- The unique feature of ultrasound makes procedures painless and patients are not exposed to ionizing radiation. Cardiac ultrasound helps in evaluating the structure and function of the heart and associated vessels. The evaluation is one of the fastest, easy and painless that uses ultrasound waves to produce images of the heart and helps the doctor to understand the patient’s heart health. The use of focused cardiac ultrasound has also grown tremendously over recent years and is increasingly being performed and interpreted by intensivists, anesthesiologists and emergency medicine physicians. These imaging techniques are useful in establishing etiologies of cardiac dysfunction and compliment the physical examination and standard hemodynamic monitoring.
- Ischemic heart diseases are the leading causes of death in most countries in South America. As a result, the demand for ultrasound equipment for early diagnosis is high, which has helped the market growth in the region.
South America is a developing region. Although the healthcare system in many countries in the region are not highly developed, these countries are spending more each year in their healthcare system. This has encouraged many global companies to enter the market and as a result, many global players in the patient monitoring market are present in the region. These factors have made the region very competitive.
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