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

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Jul 15, 2019, 18:29 ET

NEW YORK, July 15, 2019 /PRNewswire/ -- Market Overview
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.

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- 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.

Scope of the Report
X-ray equipment and imaging software are one of the basic healthcare systems incorporated in many of the hospitals and other medical facilities. X-ray imaging has a wide adoption in medical applications, as it allows non-invasive and painless diagnosis and therapy monitoring. X-ray imaging equipment is used to detect diverse diseases, such as fractures, infection, different cancers, and arthritis. The increasing number of cases associated with these diseases will have 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.

- 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.

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