Latin America and the Caribbean: Diagnostic Equipment Market 2024

Diagnostic Equipment Market Size in Latin America and the Caribbean

The Latin American diagnostic equipment market rose remarkably to $X in 2023, growing by X% against the previous year. The total consumption indicated a moderate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Diagnostic Equipment Production in Latin America and the Caribbean

In value terms, diagnostic equipment production expanded notably to $X in 2023 estimated in export price. The total production indicated a measured increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Diagnostic Equipment Exports

Exports in Latin America and the Caribbean

In 2023, after four years of growth, there was significant decline in overseas shipments of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus, when their volume decreased by X% to X units. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The volume of export peaked at X units in 2022, and then reduced dramatically in the following year.

In value terms, diagnostic equipment exports rose rapidly to $X in 2023. In general, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in the immediate term.

Exports by Country

The Dominican Republic was the main exporting country with an export of around X units, which reached X% of total exports. Mexico (X units) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Costa Rica (X%).

The Dominican Republic was also the fastest-growing in terms of the electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus exports, with a CAGR of X% from 2012 to 2023. At the same time, Costa Rica (X%) and Mexico (X%) displayed positive paces of growth. From 2012 to 2023, the share of the Dominican Republic and Costa Rica increased by X and X percentage points, respectively.

In value terms, Mexico ($X) remains the largest diagnostic equipment supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Mexico stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Costa Rica (X% per year) and the Dominican Republic (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2023, picking up by X% against the previous year. In general, the export price, however, recorded a slight reduction. The pace of growth was the most pronounced in 2015 when the export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced a decline in the export price figures.

Diagnostic Equipment Imports

Imports in Latin America and the Caribbean

In 2023, diagnostic equipment imports in Latin America and the Caribbean expanded slightly to X units, surging by X% compared with the previous year's figure. Total imports indicated a temperate expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in years to come.

In value terms, diagnostic equipment imports reached $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the immediate term.

Imports by Country

Brazil (X units) and Mexico (X units) represented the key importers of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus in 2023, accounting for approx. X% and X% of total imports, respectively. It was distantly followed by Guatemala (X units), Chile (X units), Ecuador (X units) and Colombia (X units), together mixing up a X% share of total imports. Argentina (X units), Peru (X units), Bolivia (X units), Guyana (X units), El Salvador (X units), Costa Rica (X units) and Panama (X units) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Panama (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Brazil ($X) and Argentina ($X) constituted the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Colombia, Chile, Peru, Costa Rica, Panama, Ecuador, Guatemala, Bolivia, El Salvador and Guyana lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Panama, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2023, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by X%. As a result, import price reached the peak level of $X per unit. From 2016 to 2023, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Argentina ($X per unit), while Guyana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Costa Rica (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform