Medical/Diagnostic Imaging Systems Market To Present Opportunity Worth $38 Billion By 2020

The global medical imaging systems market is anticipated to reach nearly USD 38 billion by 2020. It stood at around USD 25,710.5 million in 2013. Factors that drive demand are high prevalence of chronic diseases, growing susceptibility to such ailments, and rapidly expanding geriatric population. Introduction of digital & computed systems, economical diagnostic imaging modalities, and use of mobile imaging devices are other essential factors that can positively impact the market during the forecast period (2014 to 2020).

Portable imaging systems can be carried across various locations and departments of a healthcare organization. They are uncomplicated to use even in home healthcare arrangements. The market for diagnostic imaging is mainly propelled by high incidence of cardiovascular, respiratory, orthopedic, renal, and brain disorders. Popularity of retrofitted and refurbished devices, picture archiving & communication systems (PECS), and other such systems is anticipated to encourage market expansion in the years to come.

The worldwide market for medical imaging systems is segmented on the basis of products, technologies, and geographies. On the basis of products, the categories are computed tomography (CT), magnetic resonance imaging (MRI), x-ray, ultrasound systems, and nuclear imaging devices. X-ray is further segmented into stationary, handheld, and portable systems. CT systems are bifurcated into portable and stationary. MRI systems are sub-segmented into open and closed, while ultrasound systems are further categorized into compact and trolley or cart-based. In 2013, X-ray held the largest share owing to high demand from underdeveloped and developing markets. It is anticipated that nuclear imaging systems will expand at the highest CAGR over the forecast period.

In-depth research report on global medical/diagnostic imaging systems market -

As per technologies, the segments are product specific. Technologies pertaining to X-ray systems are digital radiography, computed radiography, and analog. Ultrasound technologies are lithotripsy, high intensity focused ultrasound (HIFU), Doppler, 3D & 4D, and 2D. Nuclear imaging technologies comprise SPECT (single photo emission computed tomography) and PET (positron emission tomography). CT scan methods are segmented into high-slice, medium-slice, and low-slice scanners. MRI technologies are categorized into low field, mid field, and high field. Computed tomography led the market due to ease of use and low investments in skill development. However, it is expected that digital radiography-enabled systems will dominate the market owing to rapid image capturing capacity, easy transfer & storage, and affordable rates.

Geographically, the diagnostic imaging market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America led the overall market in 2013. High purchasing power of end users, access to sophisticated healthcare infrastructure, and government support for medical reimbursements are key regional drivers. However, Asia Pacific is anticipated to emerge the fastest growing segment supported by greater access to healthcare, higher spending capacity, awareness, and effective healthcare reforms.

Key players operating in the worldwide medical imaging systems market are GE Healthcare, Hitachi Medical Corporation, Shimadzu Corporation, Siemens Healthcare, and Toshiba America Medical Systems. Product innovations and new product launches are major strategies adopted by most market players. This enables them to prosper and grow in the face of stiff market competition.

Cloud services, software as a service (SaaS), predictive analysis, and artificial intelligence (AI) are anticipated to shape the future of medical imaging systems. For instance, in 2016 Cancer Moonshot or Cancer Breakthroughs 2020 declared its plans to develop vaccines for cancer via cloud computing. The rationale behind such an initiative is to gather the best possible resources like biotechnology & pharmaceuticals companies, oncologists, and academic institutions to explore drugs that can effectively fight against cancer.

Mentorship is also expected to revolutionize diagnostic imaging in the near future. Organizations are teaming up to establish strong mentorship and sponsor networks especially to empower and attract women to pursue radiology as a career option. For example, RAD Woman Initiative (RADxx), a cloud-based program announced by Ambra Health in November 2016, is aimed at initiating mentoring programs for women as well as men.

Source: Medical/Diagnostic Imaging Systems Market Analysis & Segment Forecast Report, 2020

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