the global medical imaging equipment market was valued at US$ 29.4 Bn in 2015 and is expected to reach US$ 45.3 Bn by 2023, growing at a CAGR of 5.6% during the forecast period from 2015 to 2023.
Improvement in health care reforms in major countries such as Japan, the U.S., China, and U.K. has enhanced access to various diagnostic and treatment services thereby increasing life expectancy of the population. Rise in geriatric population is expected to intensify the need for healthcare products and services in these countries. Moreover, the rising incidence of diseases across the globe continue to increase the demand for diagnosis equipment, particularly non-invasive imaging solutions. According to the World Health Organization (WHO), an estimated 17.5 Mn people died due to cardiovascular diseases in 2012, accounting for approximately 31% of global deaths. Moreover, 235 Mn people were diagnosed with asthma across the world in 2014.
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On account of all these factors, the global medical imaging equipment market is expected to grow at a CAGR of 5.6% during the forecast period from 2015 to 2023. The market is driven by the major developed economies of the U.S., Europe, and Asia Pacific. However, emerging markets, particularly, China, India and Brazil are expected to be the fastest growing market in terms of CAGR during the forecast period.
With a share of more than 30% in 2015, North America was the largest market for medical imaging equipment primarily due to high awareness about medical imaging devices financial capability to purchase expensive machines, rising demand for technologically advanced and innovative products in hospitals, diagnostics laboratories and outpatient ambulatory surgery centers, and high investment in improving healthcare infrastructure. Obesity is one of the major causes of several diseases of cardiovascular system that has led to increase in demand for diagnostic imaging in the U.S. According to the Centers for Disease Control and Prevention (CDC), the percentage of obese children aged between 6 years and 11 years increased from 7% in 1980 to 18% in 2012 in the U.S. In addition, increasing healthcare expenditure in the U.S. in recent years has also assisted in dramatic rise in the usage of medical imaging.
Emerging economies such as China, India, Indonesia, Malaysia, Singapore and Thailand are providing much needed boost to the medical imaging equipment market. The Asia Pacific market is driven by demand for refurbished imaging systems as more equipment are needed with less funds dedicated to healthcare budgets. However, demand for new devices that offer superior imaging, speed, flexibility and portability are also being adopted in China and India, countries with the largest market potential. Europe was ranked third, in terms of market size, after North America and Asia Pacific. Demand in the region is similar to North America, wherein demand for advanced equipment for all modalities is higher. Western Europe, which includes major economies such as Germany, U.K., France, and Italy, holds a major share in the region.
Others markets on the global map include Latin America and Middle East & Africa. As the markets in the developed world are becoming saturated, most the market players are focusing on emerging markets in Brazil and member states of Gulf Cooperation Council. Looking at the proximity of Brazil to the U.S., major market players find it convenient to have manufacturing facilities in Brazil. Therefore, the Latin America market is poised to grow rapidly. In addition, the government efforts in GCC member states to invest in improving the healthcare infrastructure and promote medical tourism are facilitating the demand for newer medical imaging equipment.
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Key participants in global imaging equipment market include, GE Healthcare, Shimadzu Corporation, Philips Healthcare, Genesis Medical Imaging inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Hitachi Medical Corporation, Fujifilm Holdings Corporation, Toshiba Corporation and Fonar Corporation. The medical imaging equipment market is highly capital.
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