Medical imaging systems market is expected to grow over the forecast period owing to the increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer. The other drivers of this market are growing geriatric population, high patient awareness and the introduction of PACS & advanced medical imaging systems. Globally, geriatric population base is more impressionable towards respiratory diseases, orthopedic and cardiovascular disease. Chronic diseases especially pertaining to cardiovascular systems, respiratory and brain will drive the market over the forecast period. Chronic disease is that type of disease which exists for more than three months and its effects are shown after some period of time. As per the recent report published by WHO, it say that it is the leading cause of mortality globally. It says that as of 2013, nearly 45 million deaths occurred globally due to chronic diseases and among all deaths, its share is above 65%.
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Globally, medical imaging systems market as of 2013 was valued $ 25,710.5 million and over the forecast period i.e. upcoming five years, it will grow at a CAGR of over 6%. PACS stands for picture archiving and communication systems and it stores and transfer medical images, which obtained from medical imaging devices such as CT and X-ray. The market has a huge opportunity over the forecast period as due to increasing demand for computed and digital radiography systems and through introduction of mobile imaging systems.
Product Insights
Medical imaging systems market is segmented on the basis of product types into handheld X-ray devices, portable X-ray devices, ultrasound, CT, closed & open MRI, nuclear imaging, high slice, medium slice and low slice scanners. Among these, X-ray devices held the largest market share in 2013. Further, this market is classified into stationary, handheld and portable devices. Availability of a relatively higher application base coupled with increasing penetration rate in underdeveloped and emerging market is one of the major reasons for its entire market dominance. The evolution of filmless X-ray systems, as it is environment friendly, increasing demand for back fitted and cost effective systems is expected to boost the market. At the fastest CAGR of 7%, SPECT and PET market will grow over the upcoming five years. Under non-invasive and minimally invasive interventional medical procedures, nuclear imaging in combo with CT and MRI scan systems has a huge opportunity over the forecast period.
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Technology Insights
Medical imaging systems market is segmented on the basis of technology into digital radiography, computed radiography system, 4D & 5D and X-ray systems include analog. Among these, computed radiography held the largest market share in 2013, as it is user friendly which cuts the costs associated in re-training of employees when healthcare system is shifted from analog to digital system. Digital radiography will grow at a CAGR of 5.8% over the forecast period as it is add on features like easy storage & transmission, faster image acquisition rates and cost effectiveness. 4D & 5D are expected to witness lucrative and highest growth rate over upcoming five years.
Regional Insights
Geographically, the medical imaging systems market is studied with respect to four regions such as North America, Europe, Asia Pacific and RoW. North America is dominating the whole market as it has high disposable income, strong R&D, favorable policies, and better healthcare infrastructure. Asia Pacific is expected to show a lucrative growth rate over the forecast period. The presence of high geriatric population and developing economy are the factors expected to drive the growth of medical imaging market in this region.
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Competitive Insights
The major market players in the medical imaging systems market are, GE Healthcare, Shimadzu Corporation, Philips healthcare, Toshiba America Medical Systems, Siemens healthcare and Hitachi Medical Corporation.
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