The medical imaging systems market is projected at around USD 37.8 billion by 2020, growing at 5.7% CAGR over the forecast period (2014 to 2020). It was worth USD 25.7 billion in 2013. Increasing geriatric population coupled with its susceptibility to chronic diseases will drive the market in the coming six years. One of the other drivers includes adoption of digital & portable X-ray systems, refurbished devices, and PACS (picture archive and communication systems) in hospitals.
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Medical imaging systems are mobile devices. They take visual pictures of human internal organs for diagnostic and therapeutic purposes. These systems would play a vital role in the home healthcare industry.
Product segments of the medical imaging systems market are X-ray devices, ultrasound systems, computed tomography (CT), nuclear imaging, and magnetic resonance imaging (MRI) equipment. X-ray devices led the market with 31.4% shares in 2013. They are further sub-divided into handheld, stationary, and portable.
Demand for home healthcare and reduced costs of handheld & portable X-ray devices account for the expansion of this segment. Ultrasound systems were the second largest product with 23% shares in 2013. Nuclear imaging comprising SPECT (single photo emission computed tomography) and PET (positron emission topography) may grow at around 6.7% CAGR in the forecast period.
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Technologies in the medical imaging systems market are product-specific. Those associated with X-ray devices include computed radiography, digital radiography, and analog systems. Computed radiography led the market with 36.7% shares in 2013. This was attributed to reduced training costs in hospitals and clinics.
Demand for digital radiography due to its fast image acquisition and easy storage is anticipated to grow at 5.8% CAGR in the future. Technologies associated with ultrasound systems comprise Doppler, HIFU (high intensity focused ultrasound), lithotripsy, 2D, 3D, and 4D. 2D dominated the market with 48% shares in 2013. But 3D & 4D could substitute 2D and grow at 10.7% CAGR in the six years ahead.
North America led the market in 2013 with more than 32% shares. This was owing to its sophisticated medical infrastructure. Asia Pacific is predicted to witness 7.5% CAGR over the forecast period. Notable players in the global medical imaging systems market encompass Toshiba Medical Systems, GE Healthcare, Philips Healthcare, Siemens Healthcare, and Shimadzu Corporation.
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