Industry Insights
Medical imaging systems market is expected to grow over the forecast
period owing to the increasing prevalence of chronic diseases such as
diabetes, cardiovascular diseases, and cancer. The other drivers of this
market are growing geriatric population, high patient awareness and the
introduction of PACS & advanced medical imaging systems. Globally,
geriatric population base is more impressionable towards respiratory
diseases, orthopedic and cardiovascular disease.
Chronic diseases especially pertaining to cardiovascular systems,
respiratory and brain will drive the market over the forecast period.
Chronic disease is that type of disease which exists for more than three
months and its effects are shown after some period of time. As per the
recent report published by WHO, it say that it is the leading cause of
mortality globally. It says that as of 2013, nearly 45 million deaths
occurred globally due to chronic diseases and among all deaths, its
share is above 65%.
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Globally, medical imaging systems market as of 2013 was valued $
25,710.5 million and over the forecast period i.e. upcoming five years,
it will grow at a CAGR of over 6%. PACS stands for picture archiving and
communication systems and it stores and transfer medical images, which
obtained from medical imaging devices such as CT and X-ray. The market
has a huge opportunity over the forecast period as due to increasing
demand for computed and digital radiography systems and through
introduction of mobile imaging systems.
Product Insights
Medical imaging systems market is segmented on the basis of product
types into handheld X-ray devices, portable X-ray devices, ultrasound,
CT, closed & open MRI, nuclear imaging, high slice, medium slice and
low slice scanners. Among these, X-ray devices held the largest market
share in 2013. Further, this market is classified into stationary,
handheld and portable devices. Availability of a relatively higher
application base coupled with increasing penetration rate in
underdeveloped and emerging market is one of the major reasons for its
entire market dominance.
The evolution of filmless X-ray systems, as it is environment
friendly, increasing demand for back fitted and cost effective systems
is expected to boost the market. At the fastest CAGR of 7%, SPECT and
PET market will grow over the upcoming five years. Under non-invasive
and minimally invasive interventional medical procedures, nuclear
imaging in combo with CT and MRI scan systems has a huge opportunity
over the forecast period.
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Technology Insights
Medical imaging systems market is segmented on the basis of
technology into digital radiography, computed radiography system, 4D
& 5D and X-ray systems include analog. Among these, computed
radiography held the largest market share in 2013, as it is user
friendly which cuts the costs associated in re-training of employees
when healthcare system is shifted from analog to digital system. Digital
radiography will grow at a CAGR of 5.8% over the forecast period as it
is add on features like easy storage & transmission, faster image
acquisition rates and cost effectiveness. 4D & 5D are expected to
witness lucrative and highest growth rate over upcoming five years.
Regional Insights
Geographically, the medical imaging systems market is studied with
respect to four regions such as North America, Europe, Asia Pacific and
RoW. North America is dominating the whole market as it has high
disposable income, strong R&D, favorable policies, and better
healthcare infrastructure. Asia Pacific is expected to show a lucrative
growth rate over the forecast period. The presence of high geriatric
population and developing economy are the factors expected to drive the
growth of medical imaging market in this region.
Competitive Insights
The major market players in the medical imaging systems market are,
GE Healthcare, Shimadzu Corporation, Philips healthcare, Toshiba America
Medical Systems, Siemens healthcare and Hitachi Medical Corporation.
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