BRIC Diagnostic Imaging Equipment Market Forecast to 2024

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Aug 02, 2019, 13:00 ET

DUBLIN, Aug. 2, 2019 /PRNewswire/ -- The "Diagnostic Imaging Equipment Market by Modality ((X-Ray Imaging (Digital, Analog), MRI (High & Low Field), CT (Conventional, CBCT), Nuclear Imaging (SPECT, Hybrid PET)), End User (Hospitals, Imaging Centers) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The BRIC diagnostic imaging equipment market is projected to reach USD 8.3 billion by 2024 from USD 5.3 billion in 2019.

The major factors driving the growth of the BRIC diagnostic imaging equipment market include the rising burden of target diseases and increasing investments, funds, and grants for the modernization of imaging facilities.

The MRI systems segment accounted for the largest share of the BRIC diagnostic imaging equipment market in 2018.

On the basis of modality, the BRIC diagnostic imaging equipment market is segmented into MRI systems, ultrasound systems, CT scanners, X-ray imaging systems, nuclear imaging systems, and mammography systems. In 2018, the MRI systems segment accounted for the largest share of this market.

Advances in technology such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications; growing awareness about the benefits of early diagnosis; and rising healthcare expenditure in emerging BRIC countries fueled the adoption of MRI systems. On the other hand, high costs of MRI scanners, hospital budget cuts, and incompatibility of MRI machines for imaging in some patients may hinder the growth momentum of this market.

The mammography systems segment to register the highest growth in the BRIC diagnostic imaging equipment market during the forecast period.

The mammography systems segment is projected to grow at the highest CAGR during the forecast period. The growing demand for minimally invasive diagnostic imaging procedures; increasing funding from governments, key players, and private organizations; and increasing awareness among women regarding the benefits of early diagnosis of breast cancer are driving the growth of this market.

China is anticipated to register significant growth over the forecast period of 2019-2024.

The BRIC diagnostic imaging equipment market is segmented into four major countries, namely, Brazil, Russia, India, and China. China is expected to grow at the highest CAGR during the forecast period. The increasing burden of target diseases and growing preference for advanced diagnostic techniques among healthcare professionals in the country are the key contributing factors for the growth of this market.

Market Dynamics

Drivers

Growing Burden of Cancer
Rising Awareness on Early Disease Detection
Funding & Investments for the Modernization of Healthcare Facilities
Technological Advancements in Diagnostic Imaging Modalities
Expanding Applications of Diagnostic Imaging Equipment

Restraints

High Product Costs
Insufficient Helium Supply

Opportunities

Adoption of AI and Analytics in Diagnostic Imaging
Contract-Based Radiology Solutions and Mobile Solutions

Challenges

Increasing Adoption of Refurbished Diagnostic Imaging Systems
Technological Limitations of Standalone Systems

Pricing Analysis, 2018 (USD)

Companies Mentioned

Allengers
Canon
Carestream Health
CURA Healthcare
FUJIFILM
GE Healthcare (General Electric Company)
Hitachi Ltd.
Hologic, Inc.
Koninklijke Philips N.V.
Neusoft Corporation
NP JSC Amico
Shimadzu Corporation
Siemens Healthineers (Subsidiary of Siemens Group)
SONTU Medical Imaging Equipment Co, Ltd
United Imaging Healthcare Co, Ltd.

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