Diagnostic Imaging Market Will Grow
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 growing importance of medical imaging places added value on the ability to replace tubes and bulbs in existing devices. The opportunity to extend the lifespan of a device with a new tube or bulb provides cost savings and increased profits without a negative impact to patient care.
“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 percent over the next six years,” according to a report by Grand View Research, a market research and consulting firm. “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.”
Key product segments analyzed in the Grand View Research 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 percent,” according to the report. “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,” according to the report. “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 percent during the forecast period. 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 market growth of this segment during the forecast period.”
“North America owing to the presence of sophisticated health care infrastructure, high end-user purchasing power and reimbursement framework, dominated the overall market in 2013 at over 32.0 percent, “ according to Grand View Research. “Asia Pacific is expected to exhibit the highest CAGR of 7.5 percent from 2014 to 2020.”