The major factors boosting the market growth include technological advancements, rising incidence of chronic diseases, and increasing geriatric population worldwide. In addition, increase the number of medical imaging procedures, and rising awareness of early diagnosis of clinical disorders are anticipated to further drive the demand for healthcare services in the global medical imaging market. However, scarcity of helium, high cost of imaging technologies, and unfavorable reimbursement scenario in the emerging economies are some of the factors restricting the market growth.
Medical/Diagnostic Imaging Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $45.0 billion by 2022, registering a CAGR of 5.1% during the period 2015-2022. X-ray imaging systems are expected to continue to be the highest revenue-generating segment throughout the forecast period. North America accounted for around one-third of the market share in 2015, and is expected to dominate the overall market during the study period.
The cardiovascular and thoracic disease application segment is projected to maintain its lead throughout the analysis period owing to increase in the number of medical imaging services and technological advancements. In addition, technological innovations in the imaging industry have facilitated the development of cost-effective and smaller point-of-care ultrasound systems for cardiac evaluation. Mammography systems has emerged as the fastest growing segment, registering a CAGR of 8.3%, in terms of revenue, during the forecast period. Innovation and digitalization of mammography devices are the major factors contributing to this segments growth.
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Geographically, the Asia-Pacific region accounted for the majority of the share in the medical/diagnostic imaging market in 2015, and is expected to maintain this lead throughout the forecast period. This is mainly attributed to the improving healthcare infrastructure and healthcare expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs in these countries. However, LAMEA is projected to be the fastest growing region throughout the analysis period. Increasing incidence of chronic disorders (such as heart disease, cancer, and diabetes) and rapidly growing geriatric population drive the LAMEA medical/diagnostic imaging market.
Key Findings of Medical/Diagnostic Imaging Market:
- In 2015, X-ray imaging systems were the highest revenue-generating segment, accounting more than one-fourth of the overall market revenue, and is projected to grow at a CAGR of 3.7% during the forecast period.
- The mammography systems segment is expected to grow at a remarkable CAGR of 8.3%, owing to the innovation and digitalization of mammography devices.
- Asia-Pacific accounted for about one-third share of the medical imaging market in 2015.
- The cardiovascular and thoracic application segment is projected to maintain its lead in the market until 2022.
- China and Japan are the major shareholders in the Asia-Pacific region, jointly accounting for more than 50% share of the Asia-Pacific medical imaging market.
The key players profiled in this report include GE Healthcare, Philips Healthcare, Hitachi Medical Corporation, Hologic, Inc., Siemens Healthcare, Samsung Medison, Shimadzu Corporation, Toshiba Medical Systems Corporation, Esaote S.P.A, and Fujifilm Corporation.
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