Albany, NY -- (SBWIRE) -- 04/30/2014 -- Medical Imaging Equipment Market was valued at USD 24.39 billion and is expected to grow at a CAGR of 5.4% during the forecast period of 2013 to 2019 to reach a market value of USD 35.35 billion by 2019.
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Medical imaging equipment helps in diagnosing various complex diseases such as chromosomal abnormalities, atherosclerosis and Parkinson's disease. This equipment utilizes energy waves to produce 2-D and 3-D images of human organs. With rise in incidences of various diseases such as cardiovascular diseases (CVD), brain disorders, oral conditions such as gingivitis, and lung disorders, the market is expected to grow at a CAGR of 5.4% during the forecast period of 2013 to 2019.
According to an estimate of the World Health Organization (WHO), around 8.7 million people suffered from tuberculosis (TB) in 2011 worldwide and around 23.3 million people will die due to CVDs. Growth of this market will also be supported by the increasing geriatric population worldwide because elderly people are highly susceptible to various diseases such as osteoporosis, stroke and CVDs. Equipment such as nuclear imaging devices and computed tomography (CT) scanners help in diagnosing these diseases precisely within a short span of time. Moreover, introduction of various technologically advanced products such as handheld X-ray machines and upright MRI scanners will also augment growth of this market. This is attributed mainly to increase in their utilization in various medical institutes, such as hospitals and diagnostic labs, since they reduce installation cost and also provide convenience of use.
Likewise, support from various private and government bodies will also trigger the growth of this market. For instance, the U.S. government introduced the Medicare Benefit Schedule (MBS) in 2011 which provides rebates for different categories of items including medical devices. However, imposition of excise tax on the sale of medical devices by the manufacturers and low adoption rate in patients for conventional MRI and CT scanners will hamper the growth of this market. According to the Patient Protection and Affordable Care Act (PPACA) of the U.S., medical device manufacturers are expected to pay an additional medical device excise tax (MDET) of 2.3% on the sale of every device.
The CT scanners and nuclear imaging equipment market segments are expected to show the highest growth among all market segments due to their capability to diagnose large number of diseases effectively in less time. The market for CT scanners was valued at USD 4.35 billion and that for nuclear imaging equipment was value at USD 1.47 billion, in 2012. Both these market segments are expected to show growth at a CAGR of over 5% each.
Geographically, the North American region constituted the largest share by revenue for medical imaging equipment in the year 2012; however, Asia-Pacific is predicted to foresee the highest growth rate of over 7% from 2013 to 2019. This is attributed to rise in geriatric population, and improving healthcare infrastructure in the Asia-Pacific region. In addition, the favorable demand-supply gap for diagnostic services in this region will also propel the growth of this market.
The global medical imaging equipment market is dominated by players such as GE Healthcare, Toshiba America Medical System, Philips Healthcare, Shimadzu Corporation., Siemens Healthcare and Hitachi Medical Corporation. The market is highly oligopolistic in nature with the top three players accounting for about 50% of the global market revenue.
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The report studies the global medical imaging equipment market based on the various types of equipments (product categories) as well as the different technologies used in each product segment. The five major categories of imaging equipments studied in this report include X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI) and nuclear imaging equipments.
The market has also been segmented into four major geographies of the world, namely, North America, Europe, Asia-Pacific and Rest of the World. The market sizes and forecasts for each segment of the market have been calculated for the period 2011-2019 considering 2012 as the base year and have been expressed in the report in terms of USD million. The CAGR % for the forecast period 2013 to 2019 has also been provided for each market segment and sub-segment.
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