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Medical Imaging Equipment Market: Staggering Increase In Cancer Cases To Boost Demand

Summary

Medical Imaging Equipment Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast 2015 - 2023

The global medical imaging equipment market is fairly consolidated with leading players GE Healthcare, Philips Healthcare, Siemens Healthcare, and CareStream Health, Inc. accounting for over 51% in 2014. The market is competitive and in coming years there may be a possibility of compounded price wars, states Transparency Market Research (TMR) in its new report.

As per Transparency Market Research, the global medical imaging equipment market will be worth US$45.30 bn by 2022. The x-ray devices market, on the basis of product, is anticipated to lead and be worth US$12.34 bn by 2023. The market medical imaging equipment is estimated to be lucrative in North America in the years to come and be worth US$13.50 bn by 2023, on account of supportive healthcare regulations from government, growing healthcare infrastructure, and higher adoption of advanced medical imaging devices. Also, investing in developing economies such as Brazil, India, and Russia will prove to be profitable for market players as these nations have a huge population and there are unmet medical needs.  

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Improvements in Terms of Accuracy Driving Demand for Medical Imaging Equipment

The increasing number of imaging modalities that are improving in terms of accuracy on account of 3D visualization is boosting the demand of medical imaging devices. 3D medical imaging is extensively being used for the detection of breast cancer, which is witnessing a staggering rise in recent times. These devices are helping oncologists to understand the intensity of the disease and will continue to be in high demand. The growing incidences of oral, cardiovascular, respiratory, and orthopedic diseases will boost the demand for diagnostic devices in recent times. Moreover, increasing prevalence of chronic diseases is also creating a huge demand for imaging modalities such as MRI and CT scanners across hospitals.

High Cost of CT Scans and MRIs to Deter Adoption and Act as Challenge for Medical Imaging Equipment Market

The reduction in healthcare budgets across the U.S. especially is disrupting the dynamics of the medical imaging equipment market overall. The growing awareness among doctors as well as the patients about the health hazards of the radiations from these devices will also pose a challenge for the growth of the market. “Reluctance of patients in cost sensitive nations of the world to go through CT scans and MRIs on account of their high cost will also restrain the market’s growth,” said a TMR analyst.