(PharmaNewsWire.Com, April 23, 2021 ) The report "BRIC 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", the Diagnostic Imaging Equipment Market projected to reach USD 8.3 billion by 2024 from USD 5.3 billion in 2019, at a CAGR of 9.2% from 2019 to 2024.
What Drives the BRIC Diagnostic Imaging Equipment Market Growth?
The Rapidly growing geriatric population coupled with the subsequent increase in the prevalence of associated diseases and increasing demand for early disease diagnosis are some of the key factors fueling market growth. Moreover, technological advancements in diagnostic imaging modalities and increasing investments, funds, and grants by public-private organizations are anticipated to further drive the growth of the diagnostic imaging market in BRIC countries.
Based on modality, s broadly segmented into six segments—X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The MRI systems segment held the largest share of the BRIC diagnostic imaging equipment market in 2018. This large share can be attributed to the growing demand for early and accurate diagnosis, high adoption of MRI systems by hospitals & diagnostic centers, and advances in technology.
On the basis of end users, the hospitals segment commanded the largest share of the BRIC diagnostic imaging equipment market in 2018. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, growing inclination toward the automation and digitization of radiology patient workflow, and increasing adoption of minimally invasive procedures.
Geographical View in-detailed:
The diagnostic imaging equipment market is segmented into Brazil, Russia, India, and China. China accounted for the largest share of the market in 2018, followed by India. China has a dynamic and fast-growing healthcare industry with significant government emphasis on the modernization and expansion of the rural healthcare infrastructure. Moreover, rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and rising adoption of advanced modalities are the key factors fueling the growth of the Chinese market.
The major players in BRIC Diagnostic Imaging Equipment Market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Carestream Health, Inc. (US), Hologic, Inc. (US), Hitachi, Ltd. (Japan), Allengers (India), CURA Healthcare (India), Neusoft Corporation (China), NP JSC Amico (Russia), SONTU Medical Imaging Equipment Co., Ltd. (China), FUJIFILM Holdings Corporation (Japan), and United Imaging Healthcare Co, Ltd. (China), among others.
An analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product launches, upgrades, and enhancements; agreements, partnerships, and collaborations; expansions; acquisitions; and other strategies were adopted by market players to strengthen their product portfolios and maintain a competitive position in the BRIC diagnostic imaging equipment market. Among these business strategies, product launches, upgrades, and enhancements was the most widely adopted growth strategy by market players.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
