The players leading the global medical imaging equipment market in 2014 were Philips Healthcare, GE Healthcare, Siemens Healthcare, and CareStream Health, Inc. Collectively, these players held a share of 51% in the overall market in 2014, states Transparency Market Research’s new research report. The report describes the market as highly competitive with only a few players – a scenario that has compounded price wars with each passing year.
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The report states that the opportunity in the global medical imaging equipment market will be worth US$45.30 bn by 2022 as compared to US$27.70 bn in 2013. Between 2015 and 2023, the market is expected to register a steady CAGR of 5.6%.
“Focusing on reducing equipment prices in line with the budget cuts made by entities in the healthcare sector due to lack of funds will lure in more number of consumers,” says the lead author of this research report. Optimizing replaced devices and equipment by shipping them to regions where the healthcare sector is still struggling could also help companies to expand their geographical reach in the coming years.
Investing in emerging economies of India, Brazil and Russia, where there is a dense population of geriatrics and lack of medical facilities, is expected to open up new channels of earning revenues for the global medical imaging equipment market.
Accuracy in Examining Medical Ailments with 3D Imaging Encourages Investments Medical Imaging Equipment
The growing number of imaging modalities that are bringing in new levels of accuracy with 3D visualization have led to an increasing demand for medical imaging equipment in the recent years. Thus, 3D imaging is extensively being used for breast cancer detection, allowing oncologists to understand the intensity of the disease better. On the other hand, the 2D modalities are gaining momentum in emerging countries such as India and China are investments in healthcare infrastructure are rising.
The high incidence of oral, respiratory, cardiovascular, and orthopedic diseases have also augmented the demand for diagnostic equipment in recent years. A range of chronic diseases have generated a massive demand for imaging modalities such as nuclear imaging equipment, magnetic resonance imaging (MRI), and computed tomography (CT) scanners. A high number of tuberculosis patients in the developing countries have also contributed to the growing adoption of technologically advanced medical imaging equipment in various parts of the world.
High Cost of Scans Dents Consumer Interest
The growing pressure to cut down the healthcare budgets, especially across the U.S., has caused a disruption in the dynamics of the overall medical imaging equipment market. Growing awareness amongst physicians about the health hazards of radiation to the patients and to the equipment handlers is also restraining the overall market. Reluctance of patients to opt for CT scans or MRIs due to their high cost has also hampered the market to a considerable extent.
North America leads Global Market with 4.6% CAGR between 2015 and 2023
X-Ray devices will be the largest product segment in the global market, representing an opportunity worth US$12.34 bn by 2023 as it rises at a CAGR of 4.5% during the forecast period. The revolutionary changes in X-ray technologies and devices will lead the way for this product segment.
TMR expects that North America will retain its dominant position in the global medical imaging equipment market, clocking a steady CAGR of 4.6% between 2015 and 2023. This regional market was valued at US$8.98 bn in 2014 and is expected to reach US$13.50 bn by 2023. Technological advancements, higher adoption rate of medical devices, and supportive healthcare and government infrastructure will also augment the medical imaging equipment market’s growth in North America.
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