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Market Research Report
A quick peek into the report
Executive Summary
Ultrasound imaging has long been utilized for disease diagnosis, visualization of anatomical structures, and providing guidance during therapeutic procedures. Its key advantages over other imaging methods include the absence of ionizing radiation and the ability to deliver real-time dynamic imaging.
The Central America ultrasound market features several leading players in the medical imaging industry, including Siemens Healthineers, Koninklijke Philips N.V., General Electric Company, Shimadzu Corporation, Fujifilm Holdings Corporation, Samsung Electronics Co., Ltd., and Canon Inc. The key players employ various strategies to maintain competitiveness and capture significant market share, ranging from mergers and acquisitions to securing product approvals. As synergies between hospitals and companies strengthen, the Central America ultrasound market is expected to benefit from enhanced product innovation and increased consumer engagement.
Market Size and Growth
In 2020, the Central America ultrasound market was valued at $22.5 million. It is projected to grow at a compound annual growth rate (CAGR) of 6.07%, reaching $43.0 million by 2031.
Key Figures in the Central America Ultrasound Market:
• Installed Base: The number of ultrasound systems in use is expected to increase from 4,026 units in 2020 to 7,534 units by 2031, with the highest installed base in Guatemala, followed by the Dominican Republic.
• Unit Sold: The number of ultrasound systems sold is expected to increase from 786 units in 2020 to 1,499 units by 2031, with the highest installed base in Guatemala, followed by the Dominican Republic.
Market Dynamics
Drivers:
1. Increasing Prevalence of Chronic Diseases Requiring a Need for Examination: The Central America ultrasound market is expected to grow due to the increasing prevalence of chronic diseases such as breast cancer and cardiovascular diseases, driving demand for early diagnosis. The cost-effectiveness, safety, and non-invasive nature of ultrasound, along with the rise of point-of-care ultrasound (POCUS), will further expand its market potential across the region.
Figure: Increasing Prevalence of Common Chronic Diseases, 2021-2031
2. Advent of Point-of-Care Ultrasound (POCUS) to Enable Last-Mile Reach: The Central America ultrasound market is poised for growth due to the increasing adoption of point-of-care ultrasound (POCUS) devices, driven by their ease of use, portability, and low cost. Handheld devices such as the Butterfly iQ and mobile medical units are expected to expand ultrasound access, particularly in rural areas, addressing unmet needs and improving healthcare delivery.
3. Promotion of Short-Term Medical Service Trips: The Central America ultrasound market is benefiting from the growth of short-term medical service trips (MSTs), which use portable point-of-care ultrasound (POCUS) systems to address limited access to ultrasound technology in rural areas. These missions, along with POCUS’s low cost and broad applications, are improving diagnostic capabilities and expanding healthcare access in underserved regions.
Restraints:
1. Concentration of Key Infrastructure and Physicians in Urban Centers: The Central America ultrasound market, particularly in Guatemala, faces challenges due to the concentration of doctors in the capital, leaving rural and indigenous populations with limited access to healthcare. High travel costs further hinder access to medical services, particularly ultrasound, in these underserved areas.
2. Lack of Ultrasound Machines across the Globe: The Central America ultrasound market faces significant challenges due to limited access to basic medical technologies like ultrasound, often compounded by outdated or non-functional donated devices. Manufacturers must focus on increasing production and ensuring that newer, fully functional ultrasound systems are made available to improve diagnostic capabilities in resource-limited areas. This would help address the gaps in healthcare access and enhance the quality of diagnoses in the region.
Opportunities:
1. Improving the Ultrasound Workflow in Countries: The Central America ultrasound market in Central America, particularly in Costa Rica, El Salvador, the Dominican Republic, and Guatemala, presents an opportunity to modernize healthcare by replacing outdated systems with new, feature-rich ultrasound technology. This upgrade can streamline processes, enhance workflow efficiency, and improve diagnostic capabilities in both private and public healthcare settings.
2. Strong Growth Potential of Peripheral Technologies: The Central America ultrasound market is set to benefit from advancements in 3D ultrasound technology. Although 3D ultrasound's slower frame rates and higher costs have limited its widespread adoption, improvements in frame rates, resolution, and color Doppler are driving its increasing use, particularly for complex procedures such as structural heart evaluations. As newer devices are adopted, 3D ultrasound is expected to surpass 2D ultrasound in market share.
Key Trends:
1. AI in Medical Imaging: The past few decades have witnessed a significant transformation in the technology landscape. The integration of AI in imaging enhances the imaging accuracy in data and thereby also expedites the imaging and diagnosing process.
2. Use of Portable Ultrasound: Portable ultrasound systems are used mostly in clinical practices at present. The use of such a system is essential for situations where time is important (emergency room and intensive care) or location usage (remote locations and doctor’s office).
3. Expanding Application of Ultrasound Systems: The ultrasound system has a growing customer base, and the existing customers have an expanding application of the ultrasound system. Ultrasound is a low-cost and radiation-free alternative to other imaging modalities such as MRI and CT, thereby playing an important role as a screening tool for women’s breasts for abnormalities.
Segmentation
By Application:
• Conventional Imaging: It includes cardiovascular imaging, obstetrics and gynecology imaging, general radiology, and other imaging
• Point-of-Care Imaging
Based on application, the conventional imaging segment is expected to dominate the Central America ultrasound market.
By Country:
• Costa Rica
• Guatemala
• El Salvador
• Dominican Republic
Based on country, Guatemala is expected to dominate the Central America ultrasound market.
Regulatory Landscape
The regulatory landscape for the Central America ultrasound market varies by country, with each having specific requirements for the registration and importation of
medical devices. In countries like El Salvador, Costa Rica, Guatemala, and the Dominican Republic, medical devices, including ultrasound equipment, must adhere to local regulations and approval processes, which may involve registration with health authorities, compliance with importation guidelines, and obtaining necessary permits for both new and refurbished devices.
Recent Developments
• In March 2022, Butterfly Network and Ambra Health partnered on cloud-based ultrasound data integration.
• In February 2022, Philips announced that the company has expanded its ultrasound portfolio with advanced hemodynamic assessment and measurement capabilities at its point-of-care handheld ultrasound lumify.
• In September 2021, GE Healthcare acquired BK Medical to expand its ultrasound portfolio into surgical visualizations.
• In September 2021, Koios Medical partnered with GE Healthcare by making the company's artificial intelligence (AI) software available on GE's Invenia ABUS 2.0 automated whole-breast ultrasound scanning system.
• In June 2021, Canon Medical announced that the company has launched Aplio i-series /Prism Edition, which is a complete redesign of the company's ultrasound series.
Central America Ultrasound Systems Market
Focus on Costa Rica, Guatemala, El Salvador, Dominican Republic Regulatory Framework, Competitive Landscape, COVID-19 Impact, Unit Volume, and Application - Analysis and Forecast, 2022-2031
Some Faq's
Frequently Asked Questions
Ultrasound imaging is a process that uses high-frequency sound waves that create an image of internal body structures, including blood vessels, joints, and internal organs. Ultrasound imaging captures real-time images and can be used to assess the movement of internal body organs and blood perfusion studies. The report includes portable and handheld systems commonly used in rural settings, as well as refurbished ultrasound systems in Central America for various applications such as cardiovascular, general radiology, obstetrics and gynecology, and many others.
The key trends in the Central America ultrasound market include the integration of AI in medical imaging, enhancing accuracy, and expediting the diagnostic process. Additionally, portable ultrasound systems are becoming more widely used in clinical practices, especially in emergency and remote settings. The growing application of ultrasound systems, driven by their low cost and radiation-free nature, is expanding their use, particularly in women’s health for breast screenings.
The key drivers for the Central America ultrasound market include the rising prevalence of chronic diseases such as breast cancer and cardiovascular conditions, driving demand for early diagnosis. Additionally, the growing adoption of point-of-care ultrasound (POCUS) devices, known for their portability, low cost, and ease of use, is expanding access, particularly in rural areas. The increase in short-term medical service trips (MSTs) is further improving access to ultrasound technology in underserved regions, enhancing healthcare delivery.
In 2020, the Central America ultrasound market was valued at $22.5 million. It is projected to grow at a compound annual growth rate (CAGR) of 6.07%, reaching $43.0 million by 2031.
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