Attractive Market Opportunities In The Medical Imaging Equipment Market By 2023

20/feb/2020 10:30:20 persistencemarketresearch Contatta l'autore

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According to a new market report published by Persistence Market Research " Global Market Study on Medical Imaging Equipment,"  the  global medical imaging equipment market  was  valued at US $ 29.4 Bn in 2015  and is expected to reach  US $ 45.3 Bn by 2023 , growing at a  CAGR of 5.6%  during the forecast period from 2015 to 2023.

Improvement in health care reforms in major countries such as Japan, the U.S., China, and U.K. has enhanced access to various diagnostic and treatment services thereby increasing life expectancy of the population. Rise in geriatric population is expected to intensify the need for healthcare products and services in these countries.

Moreover, the rising incidence of diseases across the globe continue to increase the demand for diagnosis equipment, particularly non-invasive imaging solutions. According to the World Health Organization (WHO), an estimated 17.5 Mn people died due to cardiovascular diseases in 2012, accounting for approximately 31% of global deaths. Moreover, 235 Mn people were diagnosed with asthma across the world in 2014.

On account of all these factors, the global medical imaging equipment market is expected to grow at a CAGR of 5.6% during the forecast period from 2015 to 2023.  The market is driven by the major developed economies of the U.S., Europe, and Asia Pacific. However, emerging markets, particularly, China, India and Brazil are expected to be the fastest growing market in terms of CAGR during the forecast period.

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Key Findings of the Report:

  • To investigate the competitive landscape – product launches, expansions, collaborations and acquisitions in the market.
  • To analyze and research the global market landscape and growth outlook, which includes, revenue, production, consumption, historical and forecast.
  • To recognize important drivers, restraints, opportunities, and threats (DROT Analysis)(SWOT Analysis).
  • To tactically examine the growth pattern and contribution to the market of every segment.
With a share of more than 30% in 2015, North America was the largest market for medical imaging equipment primarily due to high awareness about medical imaging devices financial capability to purchase expensive machines, rising demand for technologically advanced and innovative products in hospitals, diagnostics laboratories and outpatient ambulatory surgery centers, and high investment in improving healthcare infrastructure. Obesity is one of the major causes of several diseases of cardiovascular system that has led to increase in demand for diagnostic imaging in the U.S.

According to the Centers for Disease Control and Prevention (CDC), the percentage of obese children aged between 6 years and 11 years increased from  7% in 1980 to 18% in 2012  in the US In addition, increasing healthcare expenditure in the US in recent years has also assisted in dramatic rise in the usage of medical imaging.

Emerging economies such as China, India, Indonesia, Malaysia, Singapore and Thailand are providing much needed boost to the medical imaging equipment market. The Asia Pacific market is driven by demand for refurbished imaging systems as more equipment are needed with less funds dedicated to healthcare budgets.

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However, demand for new devices that offer superior imaging, speed, flexibility and portability are also being adopted in China and India, countries with the largest market potential. Europe was ranked third, in terms of market size, after  North America and Asia Pacific.

Demand in the region is similar to North America, wherein demand for advanced equipment for all modalities is higher. Western Europe, which includes major economies such as Germany, UK, France, and Italy, holds a major share in the region.

Others markets on the global map include Latin America and Middle East & Africa. As the markets in the developed world are becoming saturated, most the market players are focusing on emerging markets in Brazil and member states of Gulf Cooperation Council. Looking at the proximity of Brazil to the US, major market players find it convenient to have manufacturing facilities in Brazil.

Therefore, the Latin America market is poised to grow rapidly. In addition, the government efforts in GCC member states to invest in improving the healthcare infrastructure and promote medical tourism are facilitating the demand for newer medical imaging equipment.

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