The latest market report published by Credence Research, Inc. “Global Medical Imaging Equipment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2022,” the medical imaging equipment market was valued at USD 27,548.6 Mn in 2015, and is expected to reach USD 44,887.4 Mn by 2022, expanding at a CAGR of 5.4% from 2016 to 2022.
Market Insights
The technology and process of creating visual representations of the body for clinical analysis and medical intervention of organs and tissues is known as medical imaging. The developing technologies, aging demographic trends, evolving epidemiological patterns, and changing patient care strategies are the major factors driving the medical imaging equipment market. The aging population will lead to an increasing level of diseases, and other health risks that are detected and analyzed through in vivo techniques.
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In the near future trends promoting value-based patient care approaches are expected to impact positively on the medical imaging equipment that yield fast and accurate testing results. Computed Tomography (CT) scanners are expected to generate the fastest revenue growth during the forecast period 2016 - 2022 due to increasing number of installed systems that might reach the end of their product life cycles and are will be replaced with higher value-added new-generation models in the near future. Thus, the technological advances in the field of medical imaging equipment market are trending towards manufacturing of cost-effective, minimally invasive, portable and precise equipments.
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Market Competition Assessment:
GE Healthcare, Toshiba America Medical System, Philips Healthcare, Shimadzu Corporation., Siemens Healthcare and Hitachi Medical Corporation are the key players that dominate the global medical imaging equipment market. In 2015 it was observed that overall the market was highly oligopolistic in nature with the top three players accounting for around 50% of the global market revenue. The market experts suggested that the medical imaging equipment market is highly capital intensive and requires huge research and development expenditures, hence the well established companies with huge capital reserves are expected to the market throughout the forecast period.
Key Market Movements:
- Increased preference for minimally invasive, portable and cost-effective medical imaging equipment
- Rapid shift towards advanced technologies such as computed tomography, and magnetic resonance imaging
- Rise in geriatric population and improving healthcare infrastructure in developing countries from Asia Pacific and Latin America such as China, India, Brazil, Mexico, Indonesia, Malaysia and others.
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