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