The medical imaging market is estimated to represent a global market of USD 32.67 billion by 2017 with growth rate of 5.1%.
The global rise in the number of people affected by chronic disease conditions such as respiratory diseases, cardiac disorders, and cancer is expected to drive the market growth significantly. According to the Centers for Disease Control and Prevention, as of 2012, more than 117 million populations had one or more types of chronic health conditions across the globe. The organization also stated that in 2014, seven out of ten death was due to the chronic disease condition. Medical imaging plays an important role in the diagnosis of such chronic disease conditions, driving the market demand.
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In addition, with the convergence of technology breakthroughs, the pace of advancements in this sector is accelerating. Several companies are coming up with novel and innovative technologies in order to diagnose critical disease conditions safely and effectively. For instance, the emergence of diagnostic imaging systems with a lowered dose of ionizing radiation, aiming to reduce adverse effects of radiations to the patients is considered to be one of the important inventions in this area. Moreover, other factors such as the shift from analog to digital technology, favorable government initiatives, and aging population are likely to create further growth opportunities for this industry.
In terms of product, the market is segmented as X-Ray, Nuclear imaging, Computed Tomography, Ultrasound, and MRI. X-ray equipment accounted for the largest share of the total market, around 8.16 billion in 2017, and projected to dominate the market over the forecast period. This segment covers the overall estimation for handheld, stationary and mobile X-ray devices. On another side, nuclear and ultrasound segment is anticipated to grow with the highest CAGR during the forecast period. Notable advancements in elastography, 4D imaging technology, contrast agents, and fusion imaging are anticipated to support these segments to grow consistently. Based on types, the global industry is categorized into Stationary, and Portable devices.
Regionally, North America and Europe accounted for the largest share of the total market. Increasing chronic disease incidences, aging population coupled with rising purchasing power is supporting the regional growth. The Asia Pacific is likely to grow at the fastest growth rate over the forecast period. Countries such as Japan, India, and China are considered to support the strong growth of this region. For example, advancement in technology and presence of major diagnostic imaging players like Toshiba and Hitachi in Japan will help APAC to capture significant revenue share in the future period.
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Key Vendor Takeaway
Companies such as Phillips, GE Healthcare, Shimadzu Corporation, Aribex, and Siemens Healthineers are extensively profiled in the study. Key participants in medical imaging industry are continuously striving to gain a competitive edge by introducing innovative products coupled with geographic expansion. For instance, in June 2016, Shimadzu Corporation introduced Mobile X-Ray system that offers better functionality, high-quality images, and new software functions to capture large customer base.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY TYPE
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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