News | Radiology Imaging | March 10, 2016

Refurbished Systems Fulfilling Medical Imaging Demand

Used systems are helping small imaging centers keep costs down as global medical imaging revenue expected to reach near $37 billion by 2020

Technavio market report, global medical imaging market, refurbished systems

March 10, 2016 — According to the latest research study released by Technavio, the global medical imaging market is expected to reach close to $37 billion in revenue by 2020.

“The global medical imaging market is experiencing increased use of refurbished systems due to high cost of devices and installation. As small diagnostic centers are unable to afford these expenses, these centers prefer refurbished medical imaging equipment that come with a warranty period of a couple of years,” said Brahadeesh Chandrasekaran, one of Technavio’s lead analysts for medical imaging research.f

“Many local vendors are also engaged in the import/export of used and refurbished mammography equipment. Apart from low purchasing power and lack of awareness in developing nations, customers trust local companies that provide products at a low cost and have better after-sales support. This trend will enable many low-cost hospitals in developing regions to gain access to advanced medical imaging technologies during the forecast period,” added Brahadeesh.

The general X-ray segment is the highest growing segment and accounts for 40 percent of the total medical imaging market. Major players in this segment are focusing more on emerging markets such as India and China. These markets have high potential for growth and are predicted to expand rapidly during the forecast period. As technical advances find wide adoption in the industry, there is a constant pressure on vendors to invest in research and development and improve X-ray techniques to deliver early and accurate diagnosis of medical conditions, monitoring and treatment of various diseases.

Such technology-driven innovations in the medical imaging market have come from Carestream Health's DRX-Revolution Mobile X-ray systems. With many more innovations in the pipeline, the launch of new products into the market by other market vendors will significantly buoy the market over the next four years.

The global ultrasound market had grown at a rate of 4.76 percent in 2015, accounting for a revenue of close to $6.38 billion. Over the years, the market has witnessed many technology innovations in ultrasound devices. Manufacturers have focused on design to make devices portable and more mobile. For instance, Siemens introduced ultrasound systems with wireless transducers. Other technological inventions included contrast-enhanced imaging, volume imaging and elastography.

These advancements allowed physicians to capture images of blood flow and blood perfusion, enabling them to take real-time 3-D images of the internal structures of the human body, allowing them to properly distinguish between malignant and benign tumors. These technological advancements have helped physicians overcome problems faced while using traditional ultrasound systems. It is expected to result in an increase in demand for advanced ultrasound devices, and it is expected to help the market reach close to $8.16 billion over the next four years.

The global market for magnetic resonance imaging (MRI) is estimated to grow at a CAGR of 6.25 percent over the next four years. The market for MRI devices is dominated by North America, followed by European countries. Emerging Asian countries such as India and China are expected to present immense growth potential for the leading market vendors during the forecast period. Considering the growth opportunities and market potential of this technique, it is expected that by 2020 the market will generate a revenue of close to $6.97 billion.

For more information: www.technavio.com

Related Content

Clarius Mobile Health Announces Clarius AI Collective Intelligence Ultrasound Platform
News | Ultrasound Imaging | November 21, 2018
Clarius Mobile Health will announce a new collective intelligence ultrasound platform at this year's Radiological...
Civco Medical Solutions Introduces Envision Viral Barrier at RSNA 2018
News | Ultrasound Imaging | November 20, 2018
Civco Medical Solutions will present Envision, the next generation of ultrasound probe covers and scan pads, at the...
AHRA Names Daniel Kelsey Chief Executive Officer

Daniel Kelsey. Image courtesy of AHRA: The Association for Medical Imaging Management

News | Radiology Business | November 20, 2018
On November 15, AHRA: The Association for Medical Imaging Management announced the appointment of Daniel Kelsey, MBA,...
Konica Minolta Brings Motion to X-ray With Dynamic Digital Radiography
News | Digital Radiography (DR) | November 20, 2018
Konica Minolta Healthcare is bringing digital radiography (DR) to life with the ability to visualize movement using...
Bay Labs and Northwestern Medicine Enroll First Patient in AI Echocardiography Study
News | Cardiovascular Ultrasound | November 19, 2018
Medical artificial intelligence (AI) company Bay Labs and Northwestern Medicine announced that the first patient has...
QView Medical Showcases QVCAD for ABUS Exams at RSNA 2018
News | Ultrasound Women's Health | November 19, 2018
QView Medical will showcase QVCAD, the first U.S. Food and Drug Administration (FDA)-approved artificial intelligence (...
Canon Medical Receives FDA Clearance for Vantage Orian 1.5T MRI
Technology | Magnetic Resonance Imaging (MRI) | November 15, 2018
Canon Medical Systems USA Inc. received 510(k) clearance from the U.S. Food and Drug Administration (FDA) on its new...
SuperSonic Imagine Introduces Aixplorer Mach 30 Ultrasound at The Liver Meeting
Technology | Ultrasound Imaging | November 14, 2018
SuperSonic Imagine recently exhibited at The Liver Meeting, held Nov. 9-13 in San Francisco, where the company...
Merit Medical Completes Acquisition of Cianna Medical
News | Women's Health | November 14, 2018
Disposable device manufacturer Merit Medical Systems Inc. announced the closing of a definitive merger agreement to...