Albany, NY, March 25, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Medical Imaging Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019," the global medical imaging equipment market was valued at USD 24.39 billion in 2012, and is further expected to grow at a CAGR of 5.4% during the forecast period of 2013 - 2019 to reach a market value of USD 35.35 billion by 2019.
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Owing to increasing geriatric population, expanding middle class, rise in healthcare reforms, susceptibility to various diseases, advances in operational imaging, and enhanced supply in emerging markets, the global medical imaging equipment market has evolved and grown at a healthy pace over the past decade.
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Medical imaging equipment helps in diagnosing complex diseases such as atherosclerosis, chromosomal abnormalities, and Parkinson's disease. Many elderly people also suffer from various types of diseases such as heart stroke, osteoporosis, and CVDs which are normally treated using computed tomography (CT) scanners and nuclear imaging devices. Such equipment helps in diagnosing the disorders precisely within a short span of time.
The nuclear imaging equipment and CT scanners market segments are expected to show the highest growth among other verticals in the industry. This growth is due to their capability to diagnose large number of diseases effectively in a short period of time. The market for CT scanners was valued at USD 4.35 billion, while the nuclear imaging equipment was valued at USD 1.47 billion, in the year 2012. Both these market sectors are expected to show a rising growth at a CAGR of over 5% each.
According to the World Health Organization (WHO) statistics, approximately 8.7 million people on a global level suffered from tuberculosis (TB) in 2011, and nearly 23.3 million people will die due to CVDs. Such maladies have necessitated a need for medical imaging equipment in the market. These devices help in diagnosing and treating various diseases efficiently. The contribution of medical imaging equipment to the medical practice with new advancements and enhanced technologies has ultimately made it a constantly growing market worldwide.
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Medical imaging equipment utilizes energy waves to create 2-D and 3-D images of human organs. Imaging scans are highly preferred during diagnoses because they give more accurate diagnoses and results that may further lead to optimized treatment regimes. The evolution of a wide range of efficient medical imaging modalities such as CT scans, x-rays, MRIs, mammographies, SPECT and PET scans, and more, have caused a major impact on the overall diagnosis and treatment procedures of varying diseases.
With consecutive rise in incidences of numerous diseases such as brain disorders, cardiovascular diseases (CVD), lung disorders, and oral conditions such as gingivitis, the medical imaging equipment market is expected to grow at a CAGR of 5.4% during the forecast period of 2013 to 2019.
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Intricate detailed imaging at a molecular level is enabling healthcare and pharmaceutical market players to visualize disease in new ways. Likewise, substantial support from government sectors and various private bodies will also propel the growth of the medical imaging equipment market in the coming years.
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Geographically, in 2012, the North American region held the largest share by revenue for medical imaging equipment. However, Asia-Pacific is projected to experience the highest growth rate of over 7% from 2013 - 2019 due to factors such as favorable demand-supply gap for diagnostic services and rise in geriatric population.
Furthermore, the global medical imaging equipment market is dominated by key players such as Toshiba America Medical System, GE Healthcare, Siemens Healthcare, Philips Healthcare, Shimadzu Corporation., and Hitachi Medical Corporation. The market is highly oligopolistic in nature including the top three players that accounts for about 50% of the global market revenue.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.