The world medical imaging equipment market is witnessing massive growth owing to the rise in investments in the healthcare sector across the globe. With growth in technology, hospitals and other medical institutions are arming themselves with the latest in the field of medicine and diagnostics, medical imaging devices included. Medical imaging equipment list features devices for nuclear imaging, computed tomography, magnetic resonance imaging (MRI), ultrasound, and x-ray. The global medical imaging market is projected to value US$45.3 bn at the end of the forecast period of 2015 up to 2023 from US$29.4 bn in 2015. The market is expected to rise at a steady 5.6% CAGR.
Rise in Diseases Driving Global Medical Imaging Equipment Market
The healthcare sector is witnessing major rise in various diseases such as cardiovascular, orthopedic, and respiratory. This has resulted in the rise in demand for diagnostic devices across the globe, especially in North America, Europe, and Asia Pacific owing to the rise in cases in these regions. The World Health Organization estimated 17.5 million people to have succumbed to heart diseases in 2012 which accounts to 31% if the deaths globally.
Consumers prefer opting for non-invasive mode of diagnosis and medical imaging equipment offers the same. The rise in geriatric population across the globe is also a major factor driving the global medical imaging equipment market. The need for diagnosis is frequent in the geriatric population leading to a rise in demand for portable imaging equipment to be used at home or in ambulatory diagnostic centers.
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Low Budgets and Investments Boost Demand for Refurbished Medical Imaging Equipment
Developing markets such as India and African countries have limited budgets to invest in new imaging equipment leading to the rise in demand for refurbished devices in the regions. The refurbished devices allow the regions to be equipped with medical imaging equipment on a lower budget. Though there is inflow of new medical imaging equipment in the regions, the refurbished devices is allowing the global market to grow at a fast rate owing to the rise in demand from other regions opting for newer devices.
Medical Imaging Equipment Market Undergoing Major Shift
The global medical imaging equipment market is expected to undergo a major shift in trend with regulatory authorities planning to control costs to benefit the patients. Rising insurance reimbursements are helping boost the global market, but for other market regions with non-uniform policy of reimbursements or no reimbursements, this move is expected to be a welcome change.
The regulatory authority in the U.S. has declared a control of cost for the medical imaging equipment making is easier for all medical institutions to acquire the equipment. Also, the body has claimed to continue improving the quality of the equipment to increase accuracy and quality.
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Major players in the global medical imaging equipment include Fonar Corporation, Carestream Health Inc., Toshiba Corporation, Hologic Inc., GE Healthcare, Siemens Healthcare, Genesis Medical Imaging Inc., Shimadzu Corporation, Samsung Medison Co. Ltd, Fujifilm Holdings Corporation, Hitachi Medical Corporation, and Philips Healthcare.