Latin America and the Caribbean: Diagnostic Equipment Market 2025

Diagnostic Equipment Market Size in Latin America and the Caribbean

In 2021, after three years of growth, there was significant decline in the Latin American diagnostic equipment market, when its value decreased by -15.2% to $X. The total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then reduced remarkably in the following year.

Diagnostic Equipment Production in Latin America and the Caribbean

In value terms, diagnostic equipment production shrank to $X in 2021 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +81.2% against 2016 indices. The growth pace was the most rapid in 2014 when the production volume increased by 31% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then contracted in the following year.

Diagnostic Equipment Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus increased by 42% to X units, rising for the fifth consecutive year after two years of decline. In general, exports, however, continue to indicate a slight contraction. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, diagnostic equipment exports expanded rapidly to $X in 2021. Over the period under review, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 19% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in years to come.

Exports by Country

In 2021, Mexico (X units) and the Dominican Republic (X units) were the main exporters of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus in Latin America and the Caribbean, together comprising 78% of total exports. It was distantly followed by Costa Rica (X units), constituting a 19% share of total exports. Brazil (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Costa Rica (with a CAGR of +29.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) remains the largest diagnostic equipment supplier in Latin America and the Caribbean, comprising 57% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 22% share of total exports. It was followed by Costa Rica, with a 19% share.

In Mexico, diagnostic equipment exports increased at an average annual rate of +8.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the Dominican Republic (+14.8% per year) and Costa Rica (+25.7% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, falling by -21.6% against the previous year. Overall, the export price, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2016 when the export price increased by 220% against the previous year. The level of export peaked at $X per unit in 2020, and then shrank notably in the following year.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Mexico (+18.1%), while the other leaders experienced more modest paces of growth.

Diagnostic Equipment Imports

Imports in Latin America and the Caribbean

In 2021, the amount of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus imported in Latin America and the Caribbean amounted to X units, with an increase of 2% compared with 2020. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 8.9%. The volume of import peaked at X units in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, diagnostic equipment imports reached $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 6.5% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in years to come.

Imports by Country

In 2021, Brazil (X units) represented the largest importer of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus, making up 36% of total imports. Mexico (X units) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (8.9%), Colombia (6.4%), Bolivia (6.1%), Peru (5.3%) and Guatemala (5%). Ecuador (X units), Chile (X units), the Dominican Republic (X units), Costa Rica (X units), El Salvador (X units) and Nicaragua (X units) followed a long way behind the leaders.

Brazil experienced a relatively flat trend pattern with regard to volume of imports of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus. At the same time, Bolivia (+19.0%), El Salvador (+15.2%), Peru (+9.0%), Ecuador (+6.6%), Chile (+6.0%), the Dominican Republic (+5.6%), Costa Rica (+5.3%), Guatemala (+3.9%), Colombia (+3.6%) and Nicaragua (+1.5%) displayed positive paces of growth. Moreover, Bolivia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +19.0% from 2012-2021. By contrast, Argentina (-4.6%) and Mexico (-5.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Bolivia, Brazil, Peru, Ecuador, Colombia and Guatemala increased by +4.9, +3.8, +3, +2, +2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Mexico ($X) and Argentina ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 65% of total imports. Colombia, Chile, Peru, the Dominican Republic, Ecuador, Costa Rica, Guatemala, Bolivia, Nicaragua and El Salvador lagged somewhat behind, together accounting for a further 29%.

Among the main importing countries, the Dominican Republic, with a CAGR of +19.0%, recorded 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 2021, standing approx. at the previous year. Over the last nine years, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2016 when the import price increased by 11% against the previous year. Over the period under review, import prices reached the peak figure in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+12.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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