Latin America Nuclear Imaging Market is expected reach $1.46 billion by 2021

Latin America Nuclear Imaging Market is expected reach $1.46 billion by 2021 | Market Data Forecast

(IT-NEWSWIRE.COM, June 20, 2017 ) The Latin America Nuclear Imaging Market was worth $0.99 billion in 2016 and estimated to be growing at a CAGR of 7.99%, to reach $1.46 billion by 2021. Nuclear imaging market is showing strong growth predominantly in the cardiac sector, amid the growing attention towards cardiac disease deterrence and treatment.

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Nuclear imaging is generally utilized for cardiovascular and oncology applications. This technology allows doctors to formulate the appropriate alignment of radiation beams for the treatment of disease with sound accuracy. For instance, positron emission tomography (PET) imaging allows doctors to recognize chemical and physiologic variations in targeted tissues.

The growth of the Latin America Nuclear Imaging Market is mainly driven by factors such as an increasing utilization of SPECT and PET examination in radiopharmaceuticals, rise in cognizance for prompt diagnosis, increasing frequency of cardiac diseases, and improving healthcare infrastructure in this region. However, factors such as costly procedures & equipment, shortage of supplies, and logistical difficulties are hindering the growth of the market in this region.

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The Latin America Nuclear Imaging market is segmented based on Diagnostic Technologies and Application. The market for Nuclear Imaging, on the basis of Diagnostic Technologies is segmented into PET Radioisotopes and SPECT Radioisotopes. PET Radioisotopes are further segmented into Rubidium-82, Fluorine-18, whereas SPECT Radioisotopes are further segmented into Thallium-201, Technetium-99m, Xenon-133, and Iodine-123. On the basis of Application, the Nuclear Imaging market is segmented into PET and SPECT. PET is further segmented into Cardiology, Oncology, and Neurology, whereas SPECT is segmented into Lymphoma, Neurology, Cardiology, and Thyroid. PET is mainly being utilized in oncology due to superior quality of imaging; Whereas SPECT is used in the cardiology section accounting for almost 80% of the entire cardiology market share.

Latin America market region includes countries such as Brazil, Mexico, and Rest of Latin America. The huge rise in spending in the healthcare division has increased the demand for Nuclear Imaging devices. Brazil spends nearly 45% of their total expenditure on healthcare, whereas Argentina spends about 20%. Brazil is one of the largest markets in this region followed by Mexico, Chile, Columbia, which are also intensifying their investments in the Nuclear Imaging market.

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Companies are showing a strong interest in enhancing image quality by developing new technologies and creating new devices or novel techniques to achieve images with higher spatial resolution. The major companies dominating the Nuclear Imaging market in this region are Mallinckrodt plc, Siemens Medical Solutions, Hitachi Medical Corporation, Medtronic Inc., General Electric Co. (healthcare division), IBA Group, Positron Corporation, Philips Medical Systems, Naviscan, Toshiba Medical Systems Corporation, Carestream Health, Lantheus Medical Imaging Inc., Cardinal Health Inc., and Bayer AG.

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Latin America Nuclear Imaging Market is expected reach $1.46 billion by 2021 | Market Data Forecast