Market Size of Argentina Ultrasound Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 79.65 Million |
Market Size (2029) | USD 104.15 Million |
CAGR (2024 - 2029) | 5.51 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Argentina Ultrasound Devices Market Analysis
The Argentina Ultrasound Devices Market size is estimated at USD 79.65 million in 2024, and is expected to reach USD 104.15 million by 2029, growing at a CAGR of 5.51% during the forecast period (2024-2029).
Argentina's economy contracted due to the COVID-19 pandemic, which considerably impacted private consumption, healthcare, investment, aviation, and exports. As per the data from the International Monetary Fund Report 2021, the economy of Argentina was predicted to grow by 4.9% in 2021, owing to higher labor incomes, more private spending, and increased international export demand. COVID-19 influenced the daily working practice and financial status of spine surgeons in Argentina.
Further, according to the study published in which was published in Ecancer Medical Science in July 2021, the impact of the pandemic was more noticeable in screening, though between 56% and 87% fewer procedures were done overall. There was a 26% decline in diagnosis. As a result, the growth of the ultrasound market was hampered during the initial phase of the pandemic. However, the market is recovering well owing to the resumption of diagnostic procedures and manufacturing activities, and it is expected to witness a similar trend over the coming years.
The major factors propelling the market's growth are the increasing prevalence of cancer, the increasing aging population, and increasing awareness urging people to have early screening. Furthermore, the World Bank's support for Argentina's healthcare system will likely fuel the rise of an ultrasound system in the region. For instance, in April 2023, the Inter-American Development Bank's (IDB) Board of Executive Directors approved a USD 200 million loan to improve Argentina's healthcare system.
Additionaly, this is the first individual operation of a USD 600 million conditional credit line for investment projects (CCLIP). This first individual procedure aims to minimize premature mortality and close healthcare access gaps across Argentina's provinces. The effort will expand effective access to diagnostic and treatment services for the people who rely primarily on public healthcare coverage to achieve its goal. As a result, the World Bank's increasing support for improving the healthcare system will assist the country in adopting more ultrasound scanners, which is predicted to fuel future ultrasound market growth in Argentina.
The country's growing prevalence of chronic diseases is expected to boost the market growth. For instance, according to the study published in the National Library of Medicine in January 2022, in persons over 65, the estimated prevalence of dementia in Argentina was 12.18%. The prevalence was 16.9% for those between the ages of 60 and 69, 23.3% for those between the ages of 70 and 79, and 42.5% for those above the age of 80 in 2021. Such a prevalence of dementia is expected to increase the demand for imaging diagnosis and, thus, for ultrasound over the forecast period
Thus, all factors above are expected to boost the market growth over the forecast period. However, strict regulation may impede the market growth over the forecast period.
Argentina Ultrasound Devices Industry Segmentation
As per the report's scope, a diagnostic ultrasound, also known as sonography, is an imaging technique that uses high-frequency sound waves to produce images of the different structures inside the body. They assess various kidney, liver, and other abdominal conditions. They are also majorly used in chronic diseases, including heart disease, asthma, cancer, and diabetes. Therefore, these devices are being utilized as diagnostic imaging and therapeutic modalities and have a wide range of applications in the medical field. The ultrasound devices market is Segmented by application (anesthesiology, cardiology, gynecology/obstetrics, musculoskeletal, radiology, critical care, and other applications), technology (2D ultrasound imaging, 3D and 4D ultrasound imaging, Doppler imaging, and high-intensity focused ultrasound) type (stationary ultrasound and portable ultrasound). The report offers the value (in USD) for the above segments.
By Application | |
Anesthesiology | |
Cardiology | |
Gynecology/Obstetrics | |
Musculoskeletal | |
Radiology | |
Critical Care | |
Other Applications |
By Technology | |
2D Ultrasound Imaging | |
3D and 4D Ultrasound Imaging | |
Doppler Imaging | |
High-intensity Focused Ultrasound |
By Type | |
Stationary Ultrasound | |
Portable Ultrasound |
Argentina Ultrasound Devices Market Size Summary
The Argentina ultrasound devices market is poised for significant growth over the forecast period, driven by several key factors. The market is recovering from the initial setbacks caused by the COVID-19 pandemic, which had a notable impact on diagnostic procedures and market expansion. The resurgence in diagnostic activities, coupled with the increasing prevalence of chronic diseases such as cancer and dementia, is expected to propel the demand for ultrasound devices. The aging population in Argentina further contributes to this demand, as age-related health issues necessitate advanced imaging solutions. Additionally, the support from international financial institutions like the World Bank and the Inter-American Development Bank is set to enhance the healthcare infrastructure, facilitating the adoption of ultrasound technology across the country.
Technological advancements in ultrasound imaging, particularly in 3D and 4D modalities, are also contributing to market growth. These technologies offer enhanced diagnostic capabilities, especially in detecting congenital anomalies and staging prostate cancer, which is prevalent in the region. The high incidence of orthopedic diseases and fractures, especially among the elderly, underscores the need for effective diagnostic tools, further boosting market prospects. The competitive landscape is characterized by the presence of major global players investing in research and development to innovate and expand their product offerings. Events like the Argentine Congress of Medical Imaging highlight the ongoing advancements and the strategic focus of companies on enhancing their market presence in Argentina.
Argentina Ultrasound Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Application of Ultrasound
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1.2.2 Increasing Incidences of Chronic Diseases
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1.3 Market Restraints
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1.3.1 Strict Regulations
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1.3.2 Lack of Skilled Labor to Handle the Advanced Equipment
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Application
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2.1.1 Anesthesiology
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2.1.2 Cardiology
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2.1.3 Gynecology/Obstetrics
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2.1.4 Musculoskeletal
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2.1.5 Radiology
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2.1.6 Critical Care
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2.1.7 Other Applications
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2.2 By Technology
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2.2.1 2D Ultrasound Imaging
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2.2.2 3D and 4D Ultrasound Imaging
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2.2.3 Doppler Imaging
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2.2.4 High-intensity Focused Ultrasound
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2.3 By Type
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2.3.1 Stationary Ultrasound
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2.3.2 Portable Ultrasound
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Argentina Ultrasound Devices Market Size FAQs
How big is the Argentina Ultrasound Devices Market?
The Argentina Ultrasound Devices Market size is expected to reach USD 79.65 million in 2024 and grow at a CAGR of 5.51% to reach USD 104.15 million by 2029.
What is the current Argentina Ultrasound Devices Market size?
In 2024, the Argentina Ultrasound Devices Market size is expected to reach USD 79.65 million.