High Incidence of Diseases Drives Medical Imaging Equipment Market
The high incidence of chronic diseases has been the fueling the rise of the global medical imaging equipment market. The need to bring in unquestionable accuracy to diagnostic standards has also rendered technological advancements, which has bolstered the market to a large degree in the past few years. Advancements such as 3D visualizations have become important in key markets in North America and Europe for diagnosing various types of cancers.
On the other hand, 2D imaging diagnostics have also found a firm footing in the developing regions aiding the cause of creating a better medical infrastructure, states Transparency Market Research. The strengthening economies of India and China have also made a significant contribution to the rise of the global medical imaging equipment market by focusing on establishing a better healthcare infrastructure.
Transparency Market Research (TMR) states that the global medical imaging equipment market will be worth US$45.30 bn by 2022 as against US$27.70 bn in 2013. TMR analysts predict that from 2015 to 2023, the global market will rise at a CAGR of 5.6%. This growth will be also be driven by the growing orthopedic, respiratory, oral, and cardiovascular conditions that will require high-end imaging techniques. The growing cases of tuberculosis patients in developing countries are also expected to contribute significantly to the rise of the medical imaging market.
Higher Quality of Images Makes Digital X-Rays Popular Over Other Equipment
The various technologies used for an X-ray are analog X-ray technology, computed radiography, and digital radiography. Overall, this segment is expected to grow remarkably due to its ubiquitous usage and its assistance in diagnosing a range of complicated diseases.
Of all the types of technologies used for getting X-rays, the digital radiography technology holds the largest market share. Advantages of less exposure to radiation and higher quality of images have collectively helped this technology segment to surpass the conventional analog X-ray market. The digital radiography x-ray devices segment will register a CAGR of 5.8% between 2015 and 2023. Analysts predict that the X-ray segment, in terms of technology, will reach a valuation of US$12.34 bn by 2023 expanding at a CAGR of 4.5% over the forecast period.
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North America Leads Global Market due to Supportive Infrastructure
North America held the largest share in global medical imaging equipment market of about 32.4% in 2014. The growing demand for better imaging devices has fueled this market in recent years. Furthermore, supportive healthcare infrastructure has also led a higher adoption rate of this equipment. Analysts predict that North America will continue to demand hybrid modalities such as PET/CT and PET/MRI, digital and computed radiography, and picture archiving and communication systems (PACS) during the forecast period.
The North America medical imaging equipment market was valued at US$9.44 bn in 2015 and is expected to be worth US$13.50 bn by the end of 2023, expanding at a CAGR of 4.6% during the forecast period.
Some of the key players operating in the global medical imaging equipment market are Siemens Healthcare, Hitachi Medical, Philips Healthcare, GE Healthcare, Shimadzu Corporation, Samsung Medison Co. Ltd., and Hologic, Inc. Investing in emerging economies of Russia, Brazil, and India that have a growing pool of geriatrics could give several of these players a lead in the highly competitive medical imaging equipment market. Companies are recommended to focus on reselling the replaced devices or the used devices by refurbishing them to the developing economies where the healthcare sector is still in its nascent stage.