Albany, NY, April 19, 2016 (GLOBE NEWSWIRE) -- According to a recent market research report published by Transparency Market Research, the global medical imaging equipment market is projected to expand at a CAGR of 5.6% during the period between 2015 and 2023. The report, titled “Medical Imaging Equipment Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2015 - 2023”, estimates the global medical imaging equipment market to reach a valuation of US$45.3 bn by 2023. The overall market was worth US$27.7 bn in 2014.
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The report points out that the growing prevalence of target diseases and rapidly increasing geriatric population will fuel the demand for medical imaging equipment. Rise in demand for 3D medical imaging equipment, coupled with initiative taken by government and private organizations, will further propel the growth of the global medical imaging equipment market. However, the increasing pressure on healthcare budgets in the U.S. and excise duty imposed on medical device manufacturers will play spoilsport in the growth of the market during the forecast horizon. Low adoption of digital technology-based systems, conventional CT, and MRI scanners among patients will also negatively impact the market. The global medical imaging equipment market has a huge opportunity to grow with the introduction of cloud-based medical imaging.
In terms of product types, the report segments the global medical imaging equipment market into ultrasound systems, X-ray devices, computer tomography (CT) scanners, magnetic resonance imaging (MRI) equipment, and nuclear imaging equipment. X-ray imaging devices dominated the overall market in 2014. The growing prevalence of cardiovascular, respiratory, and gastrointestinal disorders and easy availability of X-ray devices have driven the demand for X-ray imaging devices. Stationary X-ray devices are more in demand compared to portable X-ray equipment devices due to their low cost.
The demand for ultrasound systems is expected to surge during the forecast horizon owing to high adoption rates across the globe. Cost-effectiveness, safety, and real-time image formation are some of the benefits of ultrasound imaging over CT and MRI scans. Earlier, the applications of ultrasound systems were restricted to abdominal imaging. However, they are now extensively used to image the kidneys, heart, and other organs. In ultrasound imaging, the commonly used technologies are 2-D, 3-D, and 4-D imaging, lithotripsy, Doppler, and high intensity focused ultrasound (HIFU). Nuclear imaging devices have emerged as a recent development in the global medical imaging equipment market and are expected to witness wide adoption by the end of the forecast horizon.
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Describing competitive landscape, the report profiles some of the key players in the global medical imaging equipment market such as GE Healthcare, Hitachi Medical Corporation, Philips Healthcare, Siemens Healthcare, Shimadzu Corporation, Hologic Inc, Samsung Medison Co. Ltd., Carestream Health Inc., Genesis Medical Imaging Inc., Fonar Corporation, Toshiba Corporation, and Fujifilm Holdings Corporation. The global medical imaging equipment market has witnessed the dominance of a few leading players such as GE Healthcare, Philips Healthcare, Toshiba Corporation, and Siemens Healthcare.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.