Modern and technologically advanced imaging techniques and equipment have aided the diagnosis of even complex diseases such as Parkinson’s and Alzheimer’s. Sophisticated medical imaging equipment are not only non-invasive in nature but also deliver accurate and speedy diagnosis.
Factors such as rising incidence of target diseases, expanding percentage of geriatric population, technological advancements, and increasing initiatives by government and private bodies have contributed to the overall growth of the global medical imaging equipment market. In addition, rise in disposable income and growing patient pool in emerging economies is likely to boost the demand for medical imaging equipment in the near future.
In contrast, excise duty imposed on the sale of medical devices in the U.S. and low patient adoption rate for conventional MRI and CT scanners are expected to restrict the growth of the medical imaging equipment market.
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CT Scanners, Nuclear Imaging Equipment Fastest Growing Product Segments
On the basis of product type, the medical imaging equipment market is categorized into computed tomography (CT) scanners, x-ray devices, magnetic resonance imaging (MRI) equipment, ultrasound systems, and nuclear imaging equipment.
Being the oldest form of imaging technique and also most popular in terms of patient comfort, x-ray devices held the largest share of the medical imaging equipment market in 2012. On the other hand, CT scanners and nuclear imaging equipment are both anticipated to record the highest CAGR of 5% from 2013 to 2019 due to increasing global prevalence of different types of cancers.
X-ray Devices Emerge as Largest Technology Segment
The medical imaging equipment market, by technology, is immensely fragmented. The x-ray devices market is segmented into computer radiography (CR), analog, and digital radiography (DR). CT scanners are broken down into high, medium, and low-slice scanners. Ultrasound systems include technologies such as Doppler, 2D imaging, 3D imaging and 4D imaging, lithotripsy, and HIFU. MRI equipment is segmented into low, medium, and high-field. Nuclear imaging equipment includes technologies such as positron emission tomography (PET) and single photon emission computed tomography (SPECT).
Technology-wise, the x-ray devices segment held the largest share of the overall medical imaging equipment market, while the segments of CT and nuclear imaging equipment are anticipated to register the highest growth rate by 2019.
North America Most Dominant Region, Asia Pacific Fastest Growing One
Geographically, the medical imaging equipment market is segmented into North America, Asia Pacific, Europe, and Rest of the World. While North America dominates the global market in terms of size, Asia Pacific is anticipated to be the fastest growing regional market for medical imaging equipment by 2019. Factors such as rising geriatric population, advancement in healthcare infrastructure, and development of medical tourism are expected to support the Asia Pacific medical imaging equipment market to register a growth rate of over 5% from 2013 to 2019.
The consolidated nature of the global medical imaging equipment market is reflected in the fact that the top three players together account for almost 50% of the overall market. Some of the prominent names in the medical imaging equipment market are GE Healthcare Ltd., Samsung Medison Co. Ltd., Carestream Health, Inc., Toshiba America Medical Systems Inc., Shimadzu Corp., Philips Healthcare, Hologic Inc., Hitachi Medical Corp., Fonar Corp., Fujifilm Holdings Corp., Genesis Medical Imaging Inc., and Siemens Healthcare.
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