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Published Date: 2015-09-14Number of Pages: 143

Medical Imaging Equipment Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast 2015 - 2023

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.

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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.

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.

 

This report on medical imaging equipment market studies the current and future prospects of the market globally. The stakeholders of this report include companies engaged in manufacturing and commercialization of X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI) and nuclear imaging equipment. This report comprises an elaborate executive summary, which includes a market snapshot that provides overall information of various segments and sub-segments included in the study scope. This section also provides the overall information and data analysis of the global medical imaging equipment market with respect to the leading market segments based on types of products, technology, and different geographic regions.

The global medical equipment market has been segmented on the basis of product type, technology, and geography. The five major categories of imaging equipment studied in this report include X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI) and nuclear imaging equipment. The market for each of these equipment has been analyzed on the basis of product types and technology. Market revenue in terms of USD million for the period between 2013 and 2023 along with the compound annual growth rate (CAGR %) from 2015 to 2023 are provided for all the segments, considering 2014 as the base year.

The market overview section of this report explores market dynamics such as drivers, restraints, and opportunities that have strong impact on the medical imaging equipment market currently and could influence the market in future as well. The market attractiveness analysis has been provided in the market overview section in order to explain the intensity of competition in the market in different geographies. Porter’s five forces analysis is also explained in this section to understand the medical imaging equipment market considering different parameters that have an impact on the sustainability of the companies operating in the medical imaging equipment market. The competitive scenario between different market players is evaluated through market share analysis in the competitive landscape section of the report. All these factors would help the market players to take strategic decisions in order to strengthen their positions and expand their shares in the global market.

Geographically, the medical imaging equipment market been categorized into five major regions namely North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Market revenue in terms of USD million for the period between 2013 and 2023 along with the CAGR % from 2015 to 2023 are provided for all the regions, considering 2014 as the base year. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. The recommendations section included in the report would assist existing market players in expanding their market share and new companies in establishing their presence in the global medical imaging equipment market. 

The report also profiles major players in the medical imaging equipment market son the basis of various attributes such as company overview, financial overview, business strategies, product portfolio, and recent developments. Some of the major players profiled in this report include Philips Healthcare, GE Healthcare, Siemens Healthcare, Hologic, Inc¸ Shimadzu Corporation, Samsung Medison Co. Ltd., Hitachi Medical Corporation, Genesis Medical Imaging, Inc., Carestream Health, Inc., Fujifilm Holdings Corporation, Fonar Corporation, and Toshiba America Medical Systems, Inc.

The global medical imaging equipment market is segmented into the following categories:

  • Medical Imaging Equipment Market, by Product
    • X-Ray Devices
      • Stationary
      • Portable
    • Ultrasound Systems
      • Cart/Trolley Based Ultrasound System
      • Compact/Portable Ultrasound System
    • Computed Tomography (CT) Scanners
      • Stationary
      • Mobile
    • Magnetic Resonance Imaging (MRI) Equipment
      • Closed
      • Open
    • Nuclear Imaging Equipment
      • SPECT Scanner
      • PET Scanner
  • Medical Imaging Equipment Market, by Technology
    • X-Ray Devices
      • Analog X-ray Technology
      • Digital Radiography
      • Computed Radiography
    • Ultrasound Systems
      • 2-D
      • 3-D & 4-D
      • Doppler
      • High Intensity Frequency Ultrasound (HIFU)
      • Lithotripsy
    • Computed Tomography (CT) Scanners
      • Stationary
      • Mobile
    • Magnetic Resonance Imaging (MRI) Equipment
      • Low-Slice
      • Medium-Slice
      • High-Slice
    • Nuclear Imaging Equipment
      • SPECT Scanner
      • PET Scanner
  • Medical Imaging Equipment Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa (MEA)
    • GCC Countries
    • Rest of MEA


 
 
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