The new market report titled "Medical Imaging Equipment Market (X-ray, Ultrasound, Computed Tomography (CT), Magnetic Resonance Imaging (MRI) and Nuclear Imaging Equipment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," published by Transparency Market Research studies and evaluates the key market drivers, opportunities, current market scenario restraints, and challenges of the medical imaging market in various geographies of the world.
According to this new report, the global medical imaging equipment market was valued at $24.39 billion and is expected to grow at a CAGR of 5.4% during the forecast period of 2013 to 2019. The market is predicted to reach a market value of $35.35 billion by 2019.
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The global medical imaging equipment segment is expected to grow and expand at a stable rate in the forecast period. Growing awareness about early disease diagnosis, increasing applications of diagnostic procedures in emerging markets, increasing funds by government bodies, investments by public-private partnerships in medical imaging equipment, rising number of cancer patients, and investments in technological advancements worldwide are some of the factors driving the global market for medical imaging equipment.
Moreover, prevalence of diseases such as, cardiovascular diseases, cancer, and neurological disorders, and increasing number of ongoing research activities have boosted growth in the medical imaging equipment market. Also, as elderly population are extremely susceptible to different types of diseases such as, stroke, osteoporosis, and cardiovascular diseases (CVDs), major growth in the medical imaging equipment sector is supported by the rising geriatric population.
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Medical imaging equipment utilizes energy waves to generate 2-D and 3-D images of human organs. This equipment is highly useful in diagnosing several complex diseases including, Parkinson's disease, chromosomal abnormalities, and atherosclerosis disease. Other conditions such as, brain disorders, cardiovascular diseases (NYSE:CVD), and oral conditions such as gingivitis, and lung disorders are effectively diagnosed with the help of medical imaging equipment.
Likewise, equipment such as computed tomography (CT) scanners and nuclear imaging devices within the medical imaging equipment market help in diagnosing all the above mentioned diseases accurately in a short span of time. Due to their capability to diagnose various diseases effectively in less time, the nuclear imaging equipment and CT scanners market segments are expected to show the highest growth in the future. In 2012, the market for CT scanners was valued at $4.35 billion and that for nuclear imaging equipment the value was $1.47 billion. The market growth for both these segments is expected to rise at a CAGR of over 5% each.
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An introduction of advanced medical products such as, upright MRI scanners and handheld X-ray machines are expected to augment growth in the global market for medical imaging equipment over the forecast period.
The report studies the global medical imaging equipment market based on the different technologies used in each product segment, as well the types of equipment. Some of the major product categories studied in this report include, computed tomography (CT), magnetic resonance imaging (MRI), X-ray, ultrasound, and nuclear imaging equipment.
The market for medical imaging equipment has also been segmented into four major regions of the world such as, North America, Europe, Asia-Pacific and Rest of the World. Geographically, the North American region is in the leading place constituting the largest share in 2012 (in terms of revenue for medical imaging equipment). However, due to rising geriatric population and improving healthcare conditions and infrastructure in the Asia-Pacific, this region is predicted to witness the highest growth rate of over 7% over the forecast period. Asia-Pacific will also experience growth in medical imaging equipment due to the favorable demand-supply gap for diagnostic services in the overall region.