The purpose of this detailed report is to present various elements of the medical imaging market that CME should pursue (Yock et al. 182-214).
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The market is segmented based on product, technology and geographical regions.
The main products are X-ray Devices; Ultrasound Systems; Computed Tomography (CT) Scanners; Magnetic Resonance Imaging (MRI) Equipment; and Nuclear Imaging Equipment. These products are further segmented based on portability, open or closed, and the type of scanner used.
The X-Ray devices have been segmented as analog, digital radiography and CT while the ultrasound systems consist of 2-D, 3-D and 4-D, Doppler, lithotripsy and high intensity frequency ultrasound (HIFU). CT scanners are either stationery or mobile, the MRI machines are segmented based on the size of the Slice, which ranges from low to high while the nuclear imaging products are based on the type of scanner mounted.
The major geographical segments include North America, Europe, Asia Pacific, Latin America and the Middle East and Africa (MEA).
Among the geographical segments, the North American market has the largest market share and revenues for these products. It is also noted that other emerging economies in the Asian Pacific will drive the growth of medical imaging equipment by more than 7 percent between 2015 and 2022. Notable demand-supply gap in the Asian and African regions will continue to drive the growth.
Specifically, X-ray imaging devices are the most shipped among product segments globally. Rising cases of diseases, acceptability and availability of these devices are the core driving factors. Oral cancer and cavities, cardiovascular and respiratory conditions have continued to define new needs for these devices.
The market researcher estimated that “the global medical imaging equipment market was valued at US$27.7 billion in 2014 and is expected to reach US$45.3 billion by 2023, at a CAGR of 5.6% during the forecast period 2015 to 2023”.
Major players in the industry include well known firms such as GE Healthcare, Phillips Healthcare, Siemens Healthcare, Hitachi Medical Corporation, Fonar Corporation, Toshiba Corporation and , Samsung Medison Co. Ltd among others.
Current Dynamics and Needs
The current dynamics and needs in the medical imaging equipment market are driven by new technologies, increasing incidence of disorders and incomes for better healthcare and quality services.
It is expected that ultrasound systems will be significantly adopted globally relative to CT scans and MRI because of low costs, safety, and real time image development. In addition, new applications in kidney, heart and other organs for these devices have increased their demands. At the same time, new technologies applied such as Doppler, lithotripsy, 2-D, 3-D, 4-D, and HIFU have enhanced their wide applications and efficiency.
New technologies have led to nuclear imaging devices, which are expected to be adopted widely in the forecasted period. Further, PET scanners have increased efficiency in detecting and noting rays and, therefore, they will experience higher growth rates than SPECT scanners.
Many patients require imaging services. The number of is expected to rise because of new cases of dental cavities.
Stationary imaging devices are the most preferred devices because they are cost-effective specifically in emerging markets such as Africa and Asia.
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Willingness to Pay
Many healthcare facilities and governments have expressed willingness to invest in modern healthcare equipment while consumers continuously seek for better services at reasonable costs.
Granot, Yair, Antoni Ivorra and Boris Rubinsky. “A New Concept for Medical Imaging Centered on Cellular Phone Technology.” PLoS ONE 3.4 (2008): e2075. Print.
Transparency Market Research. Medical Imaging Equipment Market. Albany, NY: TMR, 2015. Print.
Yock, Paul G, Stefanos Zenios, Josh Makower, Todd J Brinton, Uday N. Kumar, F.T.Jay Watkins, Lyn Denend, Thomas M. Krummel, Christina Kurihara and Christine Q Kurihara. Biodesign: The Process of Innovating Medical Technologies. Cambridge, United Kingdom: Cambridge University Press, 2015. Print.