DUBLIN–(BUSINESS WIRE)–The “Medical
X-Ray Equipment and Imaging Software Market – Growth, Trends, and
Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s
offering.
The medical X-ray equipment and imaging software market was valued at
USD 15.62 billion in 2018, and is expected to reach a value of USD 19.9
billion by 2024, at a CAGR of 3.92% over the forecast period (2019-2024).
The growing aging population, coupled with rising investments in the
healthcare ecosystem, is expected to have a positive impact on the
overall market growth, over the forecast period. Developed nations have
been facing this demographic challenge and have been investing to bring
affordable healthcare systems to these people, thereby providing impetus
to the market.
According to WHO, approximately 70% of cancer deaths are recorded in the
middle- and low-income countries. This is likely to create an
opportunity and open new avenues for the companies to invest in R&D
activities and offer equipment and imaging software at a competitive
rather than standard market value.
Most of the countries spend highly on the healthcare industry and
upgrade to the latest equipment and solutions with an aim to improve
health. However, a few countries, such as the United States, relatively
underperform in terms of healthcare. For instance, the United States
spends approximately 7%-10% more than other similar countries; however,
life expectancy is low. This creates a new avenue for the companies to
invest in advanced equipment and imaging software, in order to improvise
the healthcare ecosystem.
Notably, in Asia-Pacific, investment in healthcare is rigorously
increasing, with an aim to provide adequate and quality healthcare
services in the region. For instance, in November 2018, MGM Healthcare
Pvt. Ltd announced its plan to launch a new chain of hospitals,
establishing 400-bed state-of-the-art medical institution, in South
India. As a result, it is expected to boost the need for X-ray equipment
and imaging software in the country, thus having a positive impact on
the market growth.
Key Market Trends
Diagnostic Centers Majorly Drive the Market Demand
-
Diagnostic centers provide comprehensive screening and diagnostics to
ensure the highest quality care and to service the patients’ needs.
With the growing number of communicable and non-communicable diseases,
the number of diagnostic centers is increasing to provide an accurate
diagnosis of patients. -
These diagnostic centers will provide X-ray and imaging services and
the government also plans to introduce more advanced imaging
techniques, like CT scan. The Meghalaya government has also sanctioned
INR 20 crore for the construction of diagnostic centers in the state. -
However, the growing collaboration between developing and developed
countries in the diagnostic industry is expected to increase the
number of diagnostic centers, which is estimated to affect the market
studied positively. For instance, in 2017, India and Japan
collaborated in the diagnostic sector, and launched a program approved
by the ministries of both the countries, to address the diagnostic
technological differences between India and Japan. They aim to provide
healthcare services in remote areas.
Asia-Pacific to Account for a Significant Share
-
Asia-Pacific is expected to grow at a higher rate than some of the
regions, owing to the rising prevalence of chronic diseases and
increased demand for quality healthcare. The growing implementation of
PACS (Picture Archiving and Communication System) in digital X-ray
systems will also drive the market substantially, attributed to the
advantages, such as better image quality and less processing time. -
According to a report published by WHO, Asia-Pacific has the highest
number of cases recorded for TB. The region accounted for 6.2 million
recorded cases in 2017 and has been prone to outbreaks of severe acute
respiratory syndrome (SARS) and avian influenza. -
The governments of emerging economies in the region are initiating
efforts to improve the healthcare infrastructure in their respective
countries. For instance, in 2018, the Ministry of Health collaborated
with the government of China to install computed tomography (CT) scan
units in 37 county hospitals. In installing these units, the
government emphasized hospitals located along major highways to
enhance fast diagnosis on victims of emergency cases, such as road
accidents.
Competitive Landscape
The medical X-ray equipment and imaging software market is highly
competitive and consists of several major players. Many companies are
increasing their market presence by introducing new products or by
entering into strategic mergers and acquisitions.
Noteworthy Developments
-
January 2019 – Shimadzu Medical Systems, USA, acquired Core Medical
Imaging Inc. to strengthen its healthcare business in the North
American region. The latter provided medical imaging products and
services, acting as an authorized dealer, including Shimadzu. -
May 2017 – Zeiss announced OCT angiography technology in collaboration
with ARI Network, in order to offer faster, deeper, and wider imaging
of the retina and choroid.
Key Topics Covered
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Incidences of Diseases and Growing Geriatric Population
4.3.2 Rising Investments in Healthcare Industry and Favorable Government
Initiatives
4.4 Market Restraints
4.4.1 Stringent Regulations and Validator Guidelines
4.4.2 Security Issues Associated with the Software
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.6 Value Chain / Supply Chain Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Equipment
5.1.2 Software
5.2 By Technology
5.2.1 Radiography/Mammography
5.2.2 Computed Tomography
5.2.3 Fluoroscopy/Angiography
5.3 By Image Type
5.3.1 2-Dimensional
5.3.2 3-Dimensional
5.4 By End User
5.4.1 Hospitals
5.4.2 Diagnostic Centers
5.4.3 Research Centers
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Latin America
5.5.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 GE Healthcare Inc.
6.1.2 Koninklijke Philips N.V.
6.1.3 Hitachi Ltd.
6.1.4 Canon Inc.
6.1.5 Siemens Healthcare GmbH
6.1.6 Shimazdu Corporation
6.1.7 Carestream Health Inc.
6.1.8 Fujifilm Holdings Corporation
6.1.9 Konica Minolta Inc.
6.1.10 Varex Imaging Corporation
6.1.11 IBM Corporation
6.1.12 Hologic Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/9g1o8p
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Related
Topics: Software,
Radiography
