Medical Imaging Equipment Market expected to reach US$45.3 bn by 2023, at a CAGR of 5.6% during the forecast period 2015 to 2023: Transparency Market Research

ALBANY, New York, September 18, 2015 /PRNewswire/ --

According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com), titled "Medical Imaging Equipment Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2015 - 2023," the global medical imaging equipment market was valued at US$27.7 billion in 2014 and is expected to reach US$45.3 bn by 2023, at a CAGR of 5.6% during the forecast period 2015 to 2023.

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Rapid advances in radiology that have occurred in the past few decades have paved the way for the expansion of the medical imaging equipment market. Imaging devices such as magnetic resonance imaging (MRI), computed tomography (CT or CAT), and ultrasound have allowed further options for treatment guidance with low morbidity. This has helped physicians to assess patients without surgical intervention and thereby improve the patient outcomes and quality of life.

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X-ray imaging devices constituted the largest segment in the global medical imaging equipment market. The major driving factors for the growth of this segment include increasing incidence of disorders and easy availability and acceptability of x-ray devices. Rising incidence of cardiovascular, respiratory, oral, gastrointestinal, and genitourinary disorders are boosting reliance on several advanced x-ray diagnostic devices globally. The WHO estimates that around 60% to 90% of school children and 80% to 90% adults (aged 19 to 34 years) suffer from dental cavities. Moreover, the global incidence rate of oral cancer ranges between 1-10 cases per 100,000 individuals. These two factors, coupled with a large patient pool of patients suffering from dental cavities, will boost the global x-ray market. Among the x-ray devices segments, stationary devices dominated the market by virtue of being conventionally used imaging devices. These are also a more cost effective option compared to portable x-ray equipment devices. Stationary devices are mostly preferred in the underserved markets of Asia and Africa.

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Ultrasound systems are expected grow most rapidly during the forecast period owing to high adoption rates worldwide. Real-time image formation, higher safety and cost-effectiveness are some of the advantages of ultrasound imaging over MRI and CT scans, which currently drive the market. Earlier, the applications of these devices were more or less limited to abdomen imaging. However, the range of applications has broadened over time and they are now used to image the heart, kidneys, and other organs. Technologies applied in ultrasound imaging include 2-D imaging, 3-D and 4-D imaging, high intensity focused ultrasound (HIFU), lithotripsy and Doppler. Nuclear imaging devices are a recent development in the medical imaging equipment market, and are expected to witness high adoption by the end of forecast period from 2015 to 2023. As PET scanners are capable of detecting and recording a higher percentage of emitted rays, these devices are more efficient than the SPECT scanners and are thus expected to surpass the growth of SPECT scanners market.

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Players such as Philips Healthcare, GE Healthcare, Siemens Healthcare, Hologic, Inc¸ Shimadzu Corporation, Samsung Medison Co. Ltd., Hitachi Medical Corporation, Genesis Medical Imaging, Inc., Carestream Health, Inc., Fujifilm Holdings Corporation, Fonar Corporation, and Toshiba Corporation. The global market has seen the dominance of a few leading players such as Philips Healthcare, GE Healthcare, Siemens Healthcare, and Toshiba Corporation.

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The global medical imaging equipment market is segmented into the following categories:

Medical Imaging Equipment Market, by Product 

• X-Ray Devices
  • Stationary
  • Portable
• Ultrasound Systems
  • Cart/Trolley Based Ultrasound System
  • Compact/Portable Ultrasound System
• Computed Tomography (CT) Scanners
  • Stationary
  • Mobile
• Magnetic Resonance Imaging (MRI) Equipment
  • Closed
  • Open
• Nuclear Imaging Equipment
  • SPECT Scanner
  • PET Scanner

Medical Imaging Equipment Market, by Technology 

• X-Ray Devices
  • Analog X-ray Technology
  • Digital Radiography
  • Computed Radiography
• Ultrasound Systems
  • 2-D
  • 3-D & 4-D
  • Doppler
  • High Intensity Frequency Ultrasound (HIFU)
  • Lithotripsy
• Computed Tomography (CT) Scanners
  • Stationary
  • Mobile
• Magnetic Resonance Imaging (MRI) Equipment
  • Low-Slice
  • Medium-Slice
  • High-Slice
• Nuclear Imaging Equipment
  • SPECT Scanner
  • PET Scanner

Medical Imaging Equipment Market, by Geography 

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa (MEA)
  • GCC Countries
  • Rest of MEA

Browse All Other Medical Devices Research Reports: http://www.transparencymarketresearch.com/medical-devices-market-reports-6.html

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