Similarly to Western Europe, Eastern Europe and MEA are experiencing price erosion in the lower-end segments. Eastern Europe remains highly price sensitive, the increased Chinese vendor presence both here and in MEA is driving price erosion, with Chinese vendors pricing tactics forcing global vendors to price low to remain competitive in the market.

The Middle East and African markets were once again the fastest-growing regions in EMEA in 2023. The fastest revenue growth was seen in the Saudi Arabian market, driven by public framework deals.


North America: Electoral build-up gives rise to uncertainty
The U.S. market was estimated to have seen slow growth in 2023. High inflation rates extended purchasing cycles and customers favoured lower-cost systems for better trade-in value. There is a continued demand for features to optimise the workflow. There is also a growing need for cybersecurity and data and device management tools.

However, the upcoming U.S. elections are causing the market to be cautious in 2024, prompting hospitals to delay budget decisions, awaiting new healthcare policies.

Latin America: Investment continues
The LATAM market experienced high single-digit growth in 2023, driven by increased government investment and large account purchases. In radiology, customers continued to prioritise price over features. The low-end segment is expanding due to increased penetration by Asian vendors, who are offering lower-priced systems. Their low pricing is influencing purchasing strategies and pricing in the region, driving price erosion similarly to EMEA.

Localisation policies are increasing in the region with the Brazilian government implementing a 45% tax on imports and a 10% preference for local products, reflecting a trend toward localisation to drive a much-needed boost to the economy.

In Chile and Colombia, left-wing governments are pushing to transition from private to public healthcare systems, which may potentially benefit the market in 2024. However, corruption issues with centralised budgets could negatively impact this transition.

China: Anti-corruption policies cause a halt in purchasing
In mid-2023, the Chinese government intensified anti-corruption enforcement in healthcare, culminating in the 12th amendment to the PRC Criminal Code. This crackdown significantly slowed the market in the second half of 2023. The anti-corruption policies are anticipated to further dampen growth in the first half of 2024, impacting all clinical applications.

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