Increased Use of Refurbished Systems in Small Diagnostic Centers to Fulfill the Demand for Medical Imaging Systems in Developing Markets Until 2020, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the global medical imaging market is expected to reach close to USD 37 billion in revenue by 2020.

This research report titled ‘Global Medical Imaging Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all leading regions.

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“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.

“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.

Segmentation of the global medical imaging market by technique 2015

General X-ray         40.15%
Ultrasound         21.71%
MRI         17.35%
CT scanner         15.21%
SPECT/PET         5.58%

Top three segments of the global medical imaging market:

  • General X-ray
  • Ultrasound
  • MRI

General X-ray: largest revenue contributor

The general X-ray segment is the highest growing segment and accounts for 40% of the total medical imaging market. Major players in this segment are focusing more on emerging markets such as India and China. These market 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 R&D 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.

Ultrasound: second largest revenue contributor

The global ultrasound market had grown at a rate of 4.76% in 2015, accounting for a revenue of close to USD 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 3D 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 USD 8.16 billion over the next four years.

Global MRI imaging market

The global market for MRI imaging is estimated to grow at a CAGR of 6.25% 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 USD 6.97 billion.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the global medical imaging market is expected to reach close to USD 32 billion in revenue by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com