Devices involved in taking visual representations of internal organs of the human body for diagnostic and therapeutic purposes are referred to as medical imaging equipment. Growing global prevalence of chronic diseases pertaining to the brain, respiratory and cardiovascular systems is expected to serve as a primary driver for this market. The global medical imaging systems market was valued at USD 25,710.5 million in 2013 and is expected to grow at a CAGR of 5.7% over the next six years. Moreover, growing global geriatric population base that are more susceptible to cardiovascular, orthopedic and respiratory diseases and increasing market penetration rates of advanced medical imaging systems and PACS (picture archiving and communication systems) are expected to drive market growth during the forecast period. PACS is a technology which involves the electronic transfer and storage of images obtained from various medical imaging modalities such as X-ray and CT in an economic manner. The introduction of portable and handheld imaging devices coupled with the growing demand for digital and computed radiography systems is expected to serve this market as a future growth opportunity. These mobile imaging systems can be carried across departments in a healthcare establishment and also play a vital role in home healthcare facilities.
Key product segments analyzed in this study include X-ray, MRI (magnetic resonance imaging), CT (computed tomography), nuclear imaging and ultrasound. X-ray dominated the overall market in terms of share in 2013 at 31.4%. This segment is further segmented into portable, handheld and stationary systems. High market penetration of these products in emerging and underdeveloped markets coupled with the presence of a relatively larger application base is one of the factors accounting for its large share. Furthermore, the introduction of filmless X-ray systems as a cost-effective and environment-friendly option and the growing demand for retrofitted systems are expected to further boost demand during the forecast period. Nuclear imaging including PET (positron emission tomography) and SPECT (single photo emission computed tomography) on the other hand is expected to grow at the highest CAGR of 6.7% during the forecast period. The increasing use of nuclear imaging in combination with MRI and CT scan systems in minimally and non-invasive interventional medical procedures is expected to drive the market growth of this segment during the forecast period.
Technology segments analyzed in this study are product segment specific. Technologies associated with X-ray systems include analog, computed radiography and digital radiography systems. Computed radiography technology on behalf of its user-friendliness which curbs the costs associated with employee re-training involved in cases where healthcare establishments shift from using analog systems to digital systems, dominated the market in 2013 with a share of 36.7%. However, growing demand for digital radiography technology enabled systems owing to their cost effectiveness, faster image acquisition rates and easy storage and transmission features is expected to grow at the highest CAGR of 5.8% from 2014 to 2020. Technologies associated with ultrasound systems include 2D, 3D&4D, Doppler, HIFU (high intensity focused ultrasound) and lithotripsy. 2D technologies dominated the overall market in 2013 at 48.8% on account of its high market penetration rates. Nevertheless, the 3D and 4D technology segment is expected to serve 2D as an internal substitute and grow at the highest CAGR of 10.7% over the next six years.
North America, Europe, Asia-Pacific and RoW are the major geographies analyzed in this study. North America owing to the presence of sophisticated healthcare infrastructure, high end-user purchasing power and reimbursement framework dominated the overall market in 2013 at over 32.0%. Asia Pacific is expected to exhibit the highest CAGR of 7.5% from 2014 to 2020. The introduction of healthcare reforms aimed at improving healthcare access such as the 12th Five Year Plan in China and the growing healthcare expenditures and patient awareness levels in emerging markets such as India, China, Malaysia, and Philippines are some of the factors attributing to Asia Pacific’s high growth.
Key players of this market include Shimadzu Corporation, GE Healthcare, Toshiba America Medical Systems Philips healthcare, Hitachi Medical Corporation and Siemens healthcare.
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