Technological Advances in Imaging Modalities to Bolster Medical Imaging Equipment Market
Albany,NY, December 13, 2017 (Newswire.com) - The global market for medical imaging equipment has been treading a growth path over the past couple of years. Technological advancements to serve the demand for enhanced accuracy of diagnostics has largely bolstered the growth of medical imaging equipment market in the recent past. Further, the increasing number of imaging modalities that render improved accuracy on account of advancements in 3D visualization is reflecting positively on the market’s growth.
3D medical imaging is widely used for the detection of breast cancer, which has been rising at a staggering rate in recent times. Medical imaging equipment help oncologists to understand the intensity of the condition thus will continue to be in high demand in future. On the other hand, 2D imaging diagnostics finds increased acceptance in developing regions for the modernization of the healthcare sector. For instance, India and China are contributing significantly to the medical imaging equipment market with a focus on establishing a modern healthcare system to render services.
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Prevalence of Oral, Respiratory Diseases in Developing Nations Fuels Growth
The high incidence of chronic diseases has been exhibiting a tremendous demand for imaging techniques such as CT scans and MRI across hospitals and diagnostic centers. Moreover, the rising incidence of cardiovascular, orthopedic, oral, and respiratory diseases is likely to boost the demand for medical imaging equipment for high-end imaging techniques. The prevalence of tuberculosis in developing nations is also anticipated to contribute to the growth of global medical imaging equipment market. With a significant compound annual growth rate, the market is likely to become worth US$45.30 bn by 2022.
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The decline in healthcare budgets especially developed economies such as the U.S. are proving to be detrimental to the growth of medical imaging equipment market. Further, rising awareness among doctors as well as patients about the health hazards of radiation is also posing a challenge to the market’s growth. High cost of imaging modalities such as CT scan and MRI leading to their slow adoption in cost sensitive nations is also likely to restrain the market’s growth.
X-ray Technology to Remain on Top Spot
The key technologies used for medical imaging equipment are X-ray devices, ultrasound systems, magnetic resonance imaging equipment, computed tomography scanners, and nuclear imaging equipment. X-ray devices comprise X-ray technology, computed tomography, and digital radiography. Among these, digital radiography holds the leading share owing to advantages of less exposure to radiation and higher image quality over conventional analog X-ray segment. With a revenue contribution of US$12.34 bn by 2023 end, the X-ray technology segment is likely to hold supremacy over the forecast period.
Presence of Modern Healthcare Infrastructure Makes North America Leader
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the key regional segments of the global medical imaging equipment market. Of them, North America held dominance in 2014 with a share of close to 32.4%. The growth of this region is mainly because of a modern healthcare infrastructure that supports adoption of imaging equipment.
Companies Vie to Tap into Emerging Economies for Expansion
The key enterprises operating in the global medical imaging equipment market are Siemens Healthcare, Philips Healthcare, Shimadzu Corporation, Hitachi Medical, GE Healthcare, Samsung Medison Co. Ltd., and Hologic Inc. Investments in emerging economies such as India and Brazil that have a rising pool of geriatrics is one of the key growth strategies adopted by companies in the medical imaging equipment market to attain organic growth. These companies are also engaged in reselling used devices by refurbishing them in developing economies where the healthcare sector is still developing.
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