BANGALORE, India – September 28, 2018: Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Medical Imaging Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (September 2018).
According to Infoholic Research, The market is expected to see a moderate growth rate during the forecast period. It has significant potential opportunity to grow in both developed and developing countries due to development of advanced imaging technologies letting to huge attraction by healthcare facilities such as (hospitals, diagnostic centers, and PHCs). The development and advancement in technology has enabled high safety and accuracy towards high-end machines which emit harmful rays. Further, awareness and effective programs towards chronic medical conditions will drive the market. However, stringent government regulations, risk associated with the procedure and lack of reimbursement are some of the factors hampering the market growth. Factors such as aging population, advancement in technology, progressive health condition, hypertension, alcohol consumption, chronic medical conditions such as, cardiovascular, neurology, orthopedic disorders and another serious medical condition is driving the market.
The sales of medical imaging systems have increased due to advancement and technological adoption of various hybrid and multi-modality imaging systems in hospitals. The healthcare facilities focus in providing maximum focus towards diagnostic procedures and treatment to offer wide range of medical services. Further, the hospitals, diagnostic centers, and other healthcare facilities target to improve their operational efficiency and focus to create a smooth environment for both patient and radiologists.
Majority of the vendors have established their R&D and manufacturing facilities in developing countries to target the upcoming market growth. Emerging countries such as India and China have huge potential opportunity for medical imaging industry due to presence of large pool of patients base and increasing disposable income. Companies are focusing on developing innovative products, and most of them are trying to implement technology with high investment in R&D. They focus to improve patient care and provide programs for collaborating their product with doctors and patients for mutual benefit. The market has various competitors that play purely on single product line with advanced technology, these players called pure play vendors have huge potential in the market. However, leading companies target to acquire or collaborate for future benefits.
The Global Medical Imaging Market is analyzed on five segments, namely product types, portability, type, end-users, and regions. The Market is product is segmented into General X-ray, MRI, CT, Ultrasound, and Nuclear imaging. X-ray equipment is the major share of the market with increase number of hospitalizations for wide range of chronic diseases and emergency cases (accidents, injuries, trauma etc.,). The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are the leading countries. Europe is the second leading region with a market share of more than 25%, in 2016. The market in Europe was largely driven by advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adaption of advanced technologies, and increase in aging population is driving the market. The countries such as Germany, France, UK, and Italy are the major contributor to the market.
The APAC region is expected to grow faster and share negligible amount of new sales in the market in coming years. This is due to the high demand for imaging equipment due to a fast increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China. The major factors driving the growth of the market are the aging population, rise in the number of chronic diseases, large pool presence, and advances in medical imaging systems.
“Medical Imaging systems are vital systems in healthcare facilities providing the basic need for any diagnostic procedure. The availability of advanced imaging systems has increased the quality and analysis of images with 3D and 4D images. This has resulted in targeting the accurate analysis for identifying the right cause of condition. The need of medical imaging systems on specific radiological procedures have increased the demand of different sizes of medical imaging and portability of medical imaging systems in the market. The portable imaging medical systems are widely adopted due user friendly, adjustable, and have got easy access to according to embodiment of the medical application.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report aims to cover the below points –
1. Provides an in-depth analysis of the key business opportunities in countries and verticals
2. Provides complete details about the various types of medical imaging systems
3. Provides complete details of trending medical imaging
4. Provides complete details about the analysis of top players
5. Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies
Ms. Sunanda Ganguli
Infoholic Research LLP