Medical Imaging Market Size, Share, Challenges, Drivers and Forecasts To 2021

Market Research analysts forecast the global medical imaging market to grow at a CAGR of 4.95% during the period 2017-2021.

The following companies as the key players in the global medical imaging market: Fujifilm, GE Healthcare, Hitachi Medical, Philips Healthcare, Siemens Healthcare, and Toshiba Medical Systems

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Other Prominent Vendors in the market are: Accuray, Accutome, Alpinion Medical Systems, Analogic Corporation, ASAHI Roentgen, BenQ Medical Technology, Shenzhen Bestman Instrument, BMV Technology, Boston Scientific, Brain Biosciences, BrainLab, Bruker, Capintec, Carestream Health, Cephasonics, Chison, CMR Naviscan, ContextVision, CurveBeam, DDD-Diagnostic, Delphinus Medical Technologies, Ecare, EOS imaging, Esaote SpA, Fuel 3D Technologies, Gendex, GlobalMed, Guangzhou Yueshen Medical Equipment, Healcerion, Hologic, Imaging Sciences International, Insightec, Intelerad Medical System, Intrasense SAS, J. Morita Corporation, Jiangsu TongRen Medical Electronic Technology, Konica Minolta, MedGyn, Mediso, Mindray Medical International, Mithil Scans, Mobisante, NanoVibronix, Neurologica, NeuSoft, Planmeca Oy, Samsung Medison America, Shimadzu Corporation, Sirona, Sonostar, Sophie Biosciences, SOREDEX, St. Jude Medical, Sterne Medical, Telemed, TomTec Imaging Systems GmbH, Trivitron Healthcare, Viking Systems, Wuhan Tianyi Electronic, Xoran, Zhuhai Carelife Medical Technology, Zonare Medical Systems, and Zoncare

Commenting on the report, an analyst from Technavio’s team said: “The global medical imaging market has been witnessing a trend of strategic initiatives. The market is highly competitive and to survive the competition, vendors are adopting strategic collaborations and mergers and acquisitions. Leading vendors acquire other complementary players to improve their geographical presence and enhance their expertise. With the growing demand for medical imaging equipment such as MRI, CT Scanners, X-rays systems, SPECT/PET equipment, and ultrasound systems, vendors are looking to implement inorganic growth strategies such as mergers or acquisitions. Further, the market is highly cost intensive, which will drive the companies to adopt inorganic strategies. These strategies allow the vendors to quickly penetrate the market by leveraging the products of the acquired player. Also, this will enable the companies to capitalize on the existing market presence of the acquired player.

According to the report, general X-rays is the leading segment in the overall global medical imaging market. However, conventional analog X-ray systems has reached maturity and is growing at a slow rate, especially in developed countries, as the technology has become obsolete and is being replaced by newer technologies. The market has been witnessing upgrades of analog X-ray systems to digital X-ray systems. With the increased cost of digital X-ray systems, manufacturers have found a cost effective solution to convert analog X-ray systems to digital X-ray systems. This can be done by using retrofit kits. Retrofit kits are also used to convert analog X-ray systems into computed radiography systems by harnessing detection devices such as high-density solid scan systems or flat panel detectors. The average cost of a retrofit is approximately $105,000, while a new digital radiography system costs approximately $180,000. For instance, Carestream Health launched mobile retrofit kits such as DRX mobile retrofit kit, DRX transportable, and DRX field portable. The introduction of such technologies have made it possible for hospitals and other diagnostic centers to refurbish their analog systems at a cheaper price.

Further, the report states that the global medical imaging market is experiencing an increased shift toward the use of refurbished systems due to the high cost of the device and installation. Small diagnostic centers will not be able to afford these expenses, so they prefer used and refurbished medical imaging equipment as they are available at a low price in comparison with new ones and come with a warranty period of a couple of years. Many local vendors are engaged in the import/export of used and refurbished equipment. Apart from the low purchasing power and the lack of awareness in developing nations, customers trust local companies that provide products at a low cost and have better aftersales support. This trend will help low-cost hospitals gain access to medical imaging technologies.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

About Medical Imaging

body for clinical analysis and medical intervention. Medical imaging is performed to reveal the internal structures hidden by the skin and bones to examine and diagnose the medical condition. It plays a vital role not only in diagnosis but also in the treatment process as it is taken into consideration during the follow-up of various diseases. Various methods for medical imaging include X-rays, SPECT/PET, ultrasound, CT, and MRI. For the diagnosis and treatment of various diseases, these methods are used individually or in combination for a better understanding of the medical condition.

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Covered in this report 

The report covers the present scenario and the growth prospects of the global medical imaging market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of medical imaging equipment by product type such as:
MRI
CT Scanners
X-rays
Single-photon emission computed tomography (SPECT) and positron emission tomography (PET)
Ultrasound

The market is divided into the following segments based on geography: 
Americas
APAC
EMEA

Medical Imaging Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. 

Key vendors 
Fujifilm
GE Healthcare
Hitachi Medical
Philips Healthcare
Siemens Healthcare
Toshiba Medical Systems 

Other prominent vendors 
Accuray
Accutome
Alpinion Medical Systems
Analogic Corporation
ASAHI Roentgen
BenQ Medical Technology
Shenzhen Bestman Instrument
BMV Technology
Boston Scientific
Brain Biosciences
BrainLab
Bruker 
Capintec
Carestream Health

Market driver 
Growing government initiatives coupled with funding and partnership with equipment manufacturers
For a full, detailed list, view our report 

Market challenge 
Growing end-users’ preference toward refurbished equipment
For a full, detailed list, view our report 

Market trend 
Growing demand for portable imaging equipment
For a full, detailed list, view our report 

Key questions answered in this report 
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors? 

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