The global market for medical imaging systems is expected to reach USD 37.83 billion by 2020, according to a new study by Grand View Research, Inc. Increasing geriatric population base augmenting the susceptibility of patients towards chronic diseases such as cardiovascular, orthopedic and respiratory diseases coupled with increasing patient awareness levels is expected to drive market growth over the next six years. Some of the other drivers for this market include growing demand for refurbished and retrofitted devices, introduction of digital and portable X-ray systems and increasing adoption rates of PACS in healthcare establishments as a cost effective and technologically advanced alternative.
X-ray equipment dominated the overall market in terms of share in 2013, with market revenue valued at USD 8.1 billion. Increasing demand for home healthcare, reduction in handling and maintenance cost post the introduction of handheld and portable devices are some of the factors accounting for X-ray equipment demand growth. Ultrasound systems followed X-ray in 2013 accounting for a revenue share of over 23% on account of the rising demand for portable and mobile devices.
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Further key findings from the study suggest:
- Computed radiography dominated the overall X-ray technology market and was valued at over USD 2.80 billion in 2013. Growing demand for higher quality digital images for effective diagnostic purposes and the increasing demand for PACS implementation are some of the factors expected to drive market growth during the forecast period.
- North America, owing to its sophisticated healthcare infrastructure, reimbursement framework and high healthcare expenditures dominated the market in 2013, accounting for over 32% of global revenue.
- Asia Pacific on the other hand is expected to register the highest CAGR of 7.5% during the forecast period, and is expected to outgrow North America by 2020. The presence of high unmet medical needs coupled with constantly improving healthcare infrastructure and healthcare expenditures in emerging markets such as China and India is expected to boost demand over the next six years. In addition, high demand for retrofitted and refurbished medical imaging systems in these markets is expected to serve as a driver.
- Key players for this market include GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems, Siemens Healthcare and Philips Healthcare.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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