Medical Imaging Equipment Market in India to Cross $ 1.6 Billion Sales: Pharmaion Report
NEW YORK, April 25, 2016 /PRNewswire/ --
Increasing Prevalence of Chronic Diseases and Growing Patient Population Coupled With New Product Launches to Drive India Medical Imaging Equipment Market Through 2021
According to Pharmaion report, "India Medical Imaging Equipment Market Opportunities, 2011 - 2021", the medical imaging equipment market in India is projected to cross US$ 1.6 billion by 2021. A wide array of factors anticipated to positively influence the country's medical imaging equipment market during forecast period include rising patient population, launch of low cost diagnostic imaging equipment and growing number of hospitals across the country. Moreover, growing awareness regarding early diagnosis of diseases among people and increasing technological advancements is expected to drive the medical imaging equipment market in India over the next five years.
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"India Medical Imaging Equipment Market"
As per the Institute of Cytology & Preventive Oncology (ICPO), over 700,000 new cancer cases are being registered in the country every year. In addition, oral and lung cavity cancer in males, and breast cancer and cervix cancer in females account for more than 50% of cancer deaths in India. Moreover, in 2015, an estimated 30 million people suffered from heart disease in the country. Due to high mortality associated with chronic conditions, there has been a growing awareness about early diagnosis of these diseases, thereby positively influencing the demand for medical imaging equipment in India.
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On the basis of type of modality, the medical imaging equipment in India has been categorized into seven broader segments that include Magnetic Resonance Imaging (MRI) equipment, Computed Tomography (CT) Scan, Ultrasound equipment, X-Ray Imaging equipment, Nuclear Imaging equipment, Mammography equipment & Others. Among these categories, MRI equipment dominated India's medical imaging equipment market in 2015, and the segment is anticipated to continue its dominance until 2021. However, in terms of growth, the ultrasound equipment segment is anticipated to outpace MRI equipment during 2016-2021 on account of its low cost as compared to MRI, and its high usage in diagnostic applications as compared to other costly imaging equipment.
"With growing adoption of 4D imaging technology, Cloud-based Imaging, and Multimodality Trend, India medical imaging equipment market will continue to exhibit promising growth in the coming years. Moreover, various government initiatives and workshops are being organized across the country towards creating awareness among consumers about latest imaging technologies. These workshops also offer a unified platform to clinicians, researchers, scientists and manufacturers to share their inputs for better medical imaging technique development. All these factors present a positive outlook for medical imaging equipment market in India over the course of next five years." said Mr. Karan Chechi, Research Director with Pharmaion Consultants, a research based global management consulting firm focused on pharma and healthcare industry.
"India Medical Imaging Equipment Market Opportunities, 2011 - 2021" has analyzed the potential of medical imaging equipment market in India and provides statistics and information on market sizes, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by India medical imaging equipment market.
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