Medical Imaging Market Outlook To 2024: Key Product Categories (Handheld X-Ray Devices, CT, Ultrasound, Nuclear Imaging, MRI, Analog, DR, CR, 4D/5D, Slice Scanners), Applications (Oncology, Gynecology, Cardiovascular, Orthopedics, Neurology, General Imaging), Regional Segmentation, Competitive Dynamics, Pricing Analysis (OPP, IPP, RAP) And Segment Forecast

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The global medical imaging market was valued at $25.7bn in 2016 and is forecast to grow at a modest 5.4% CAGR between 2017 and 2024, culminating in 2024 global sales of $43.3 bn.

 

The factors such as the growing geriatric population, rising prevalence of chronic diseases, technological advancements, increase in public and private healthcare expenditure, the rise in the number of diagnostic imaging centers and growing thrust for preventive screening are expected to drive the market growth over the next few years. However, some of the factors such as high costs, access to latest technology, shortage of key raw materials and unfavorable healthcare reforms in U.S. are anticipated to impact the market growth rate.

 

The rise in a number of minimally invasive treatments is also a key aspect boosting the usage of advanced medical imaging and diagnostics. In the U.S., as per the Administration of Aging (AoA), in 2014 there were nearly 46.2 million people aged 65 years and above, and this population is expected to reach over 98 million by 2060. The growth of the aging population coupled with the growing prevalence of chronic diseases such as cancer, cardiovascular and neurological diseases, increase in the number of accidents, and emergency cases are expected to boost the usage of various medical imaging products over the forecast period.

Medical Imaging Market 2024

 

Pricing Analysis

 

“Optimal Price Point (OPP) for Medical Imaging Products”

 

Estimated Average medical imaging product cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.

 

The continuous advancements in technology, high R&D costs, and the introduction of new products are key factors impacting the product pricing across different regions. The presence of a well-developed reimbursement framework in the U.S. and the EU region enables the faster adoption of latest technologies. However, the constant decline in Medicare budgets over the past few years is increasing the market competition and impacting the profit margins. Therefore, product pricing and market access are expected to have a strong weightage in determining the commercial success of products. For instance, companies such as GE Healthcare and Siemens Healthcare are focusing on reverse engineering to lower the development costs and ensure that the products are positioned at an optimal price point to boost the product sales across different regions.

 

Product Outlook

 

The medical imaging market includes a very broad portfolio and the key product categories analyzed in our study include X-ray, CT, MRI, nuclear imaging and ultrasound. In 2014, X-ray segment accounted for the majority share of over 31% in 2014 and is expected to retain its strong share through the forecast period. Based on product type, the X-ray category is segmented as portable, handheld and stationary systems. These products have a high penetration in the emerging and low developed nations due to the relatively low price of equipment compared to advanced products such as MRI and CT. Furthermore, the advancements in imaging technology such as the use of filmless X-ray systems, improvement in radiation and safety standards, miniaturization of products are amongst the key factors driving the market growth.

 

However, the nuclear imaging category which includes PET (positron emission tomography) and SPECT (single photo emission computed tomography) is expected to emerge as the fastest growing with a CAGR of over 6.5% over the forecast period. The growing use nuclear imaging coupled with the use of CT scan and MRI systems in conventional surgeries and minimally invasive procedures are expected to reinforce the market growth over the forecast period.

 

Technology Outlook

 

Based on technology, the X-ray category is segmented as analog X-ray, computed radiography X-ray, and digital X-ray. The computed tomography category is segmented as low-slice, medium-slice, and high-slice computed tomography systems. The ultrasound category is classified as 2D ultrasound systems, 3D & 4D ultrasound system, Doppler ultrasound system, HIFU ultrasound system and lithotripsy ultrasound system. The MRI equipment category is segmented as high field MRI, midfield MRI and low field MRI. Furthermore, the nuclear imaging segment is split based on technology as SPECT imaging and PET imaging.

 

Application and End Use Insight

 

Based on the application the market is segmented into obstetrics/gynecology (OB/GYN) health, cardiovascular and thoracic, neurology and spine, oncology, general imaging, orthopedics and musculoskeletal, breast health, and others. Based on end use, the market is segmented into hospitals, diagnostic imaging centers, and other end users (including pharmaceutical & biotechnology companies, academic & research centers, sports academies, and CROs)

 

Regional Segmentation

 

The key regions analyzed in the study include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. In 2016, North America dominated the market with a revenue share of over 31%. The high share can be attributed to the presence of a large patient pool, access to latest technology, well-developed regulatory and reimbursement framework and high collaboration amongst the different stakeholders such as research centers, manufacturers, healthcare practitioners and federal agencies to improve the overall healthcare outcomes.

 

Asia-Pacific is expected to emerge as the fastest growing region with a CAGR of 7.5% over the forecast period. High growth in the public and private healthcare expenditure, large patient pool, growing number of diagnostic and healthcare centers are providing thrust to the market growth in this region. Moreover, growing awareness about the latest technologies and improvement in reimbursement scenario are also contributing the market expansion in several emerging economies in this region.

 

Merger and Acquisition Insight

 

The top players in the market account for the high market share due to the presence of a large product basket and due to market consolidation through mergers and acquisitions. In the U.S., there is a decline in the number of diagnostic centers operating independently due to acquisitions from various hospital networks. On the other hand, big manufacturers are increasingly acquiring smaller players with niche portfolio to consolidate their presence in a regional market, and to enhance their product offerings. Companies usually opt for M&A as these are high risk and high rewarding proposals and can significantly improve the growth prospects if the integration process is carefully strategized. Also, some companies sell off their assets which are non-profitable, or if they want to exit the market with profitable returns. The M&A scenario is also diversifying as companies are looking to acquire several technology companies to meet future market demands and stay relevant in the competition.

 

For instance, some of the recent M&A activities in the market include the following,

  • In 2016, Siemens Healthineers acquired Conworx Technology GmbH to leverage the open connectivity for over 100 point-of-care instruments
  • In 2016, Cannon has completed the acquisition of Toshiba Medical Systems Corporation

Top Players & Company Share

 

As of 2016, major players in the market include GE Healthcare (U.S), Siemens Healthcare GmBH (Germany) Koninklijke Philips N.V. (The Netherlands), Toshiba Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Fujifilm Corporation (Japan), Samsung Medison (South Korea), and Shimadzu Corporation (Japan)

 

 

Market Segmentation

 

Medical Imaging Systems Market by Product (Revenue, USD Million, 2014- 2024)

 

  • X-ray
    • Stationary
    • Mobile
    • Handheld
  • Computed Tomography
    • Stationary
    • Portable/Mobile
  • Ultrasound Systems
    • Trolley/Cart based
    • Compact/Portable
  • Magnetic Resonance Imaging
    • Closed
    • Open
  • Nuclear Imaging Devices

Medical Imaging Systems by Technology (Revenue, USD Million, 2014 – 2024)

 

X-ray

  • Analog
  • Computed Radiography

Digital Radiography

  • Computed Tomography
    • Low – Slice Scanners
    • Medium – Slice Scanners
    • High – Slice Scanners
  • Ultrasound Systems
    • 2D
    • 3D & 4D
    • Doppler
    • HIFU
    • Lithotripsy
  • Magnetic Resonance Imaging
    • High Field
    • Mid Field
    • Low Field
  • Nuclear Imaging Devices
    • SPECT
    • PET

Medical Imaging Systems Market by Application (Revenue, USD Million, 2014- 2024)

 

  • Obstetrics/gynecology (OB/GYN) health
  • Cardiovascular and thoracic
  • Neurology and Spine
  • Oncology
  • General Imaging
  • Orthopedics and musculoskeletal
  • Breast Health and others

Medical Imaging Systems Market by End-Use (Revenue, USD Million, 2014- 2024)

 

  • Hospitals
  • Diagnostic Imaging Centers
  • Others

Medical Imaging Systems Regional Outlook (Revenue, USD Million, 2014- 2024)

 

North America

  • U.S.
  • Canada

Europe

  • UK
  • Germany
  • France
  • Italy
  • Spain

Asia Pacific

  • Japan
  • China
  • India

Latin America

  • Brazil
  • Mexico
  • Columbia

Middle East and Africa

  • South Africa
  • Saudi Arabia

Chapter 1 Methodology and Scope

  • Research Methodology
  • Research Scope & Assumptions
  • List of Data Sources

Chapter 2 Executive Summary

Chapter 3 Medical Imaging Overview

  • Market Ecosystem
  • Key Stakeholders
  • Industry Trends& Analysis

Chapter 4 Medical Imaging Industry Outlook

  • Market Overview
  • Market Segmentation
  • Market Size & Growth Prospects
  • Market Analysis by Product
  • Market Analysis by Application
  • Market Analysis by Technology
  • Market Analysis by End-Use
  • Leading Brand Dynamics
  • Key Market Drivers
    • Miniaturization and portability of equipments
    • Increasing number of cancer patients
    • Growing thrust for preventive screening and diagnosis
    • Increasing investment in healthcare infrastructure
  • Key Market Challenges/ Restraints
  • High cost of diagnostic imaging systems
  • Technology transfer and IPR issues
  • Key Market Opportunities
  • Technological advancements in diagnostic imaging modalities
  • Major Trends &Issues
  • Penetration & Growth Prospects
  • Industry Analysis - Porter’s
  • Medical Imaging Market-PESTEL Analysis
  • Company Market Share/Heat Map Analysis

Chapter 5: Pipeline Intelligence

  • Executive Summary
  • Upcoming/ Emerging Products and/or Solutions
  • Key R&D Trends

Chapter 6: Regulatory and Patent Analysis

  • Regulatory Landscape by Region (U.S., Europe, and RoW)
  • Patent Landscape by Region (U.S., Europe, and RoW)

Chapter 7: Merger and Acquisition Outlook

  • Factors driving M&A in medical imaging market
  • Historic trends and future outlook
  • Average deal size by region

Chapter 8: Regional Market Outlook by Revenue (USD Billion)

Medical Imaging Market Landscape by Region- 2014

  • North America Market Landscape Analysis, 2014-2024 (USD Bn)
    • U.S. Market Landscape Analysis, 2014-2024
    • Canada Market Landscape Analysis-2014-2024
  • Europe Market Landscape Analysis, 2014-2024 (USD Bn)
    • U.K Market Landscape Analysis, 2014-2024
    • Germany Market Landscape Analysis, 2014-2024
    • France Market Landscape Analysis, 2014-2024
    • Italy Market Landscape Analysis, 2014-2024
    • Spain Market Landscape Analysis, 2014-2024
  • Latin America Market Landscape Analysis, 2014-2024 (USD Bn)
    • Brazil Market Landscape Analysis, 2014-2024
    • Mexico Market Landscape Analysis, 2014-2024
    • Colombia Market Landscape Analysis, 2014-2024
  • Asia Pacific Market Landscape Analysis, 2014-2024 (USD Bn)
    • Japan Market Landscape Analysis, 2014-2024
    • China Market Landscape Analysis, 2014-2024
    • India Market Landscape Analysis, 2014-2024
  • Middle East & Africa Market Landscape Analysis, 2014-2024 (USD Bn)
    • Saudi Arabia Market Landscape Analysis, 2014-2024
    • UAE Market Landscape Analysis, 2014-2024

Chapter 9: Regional Market Outlook by Volume (000’units)

Medical Imaging Market Landscape by Region- 2014

  • North America Market Landscape Analysis, 2014-2024 (000'units)
    • U.S. Market Landscape Analysis, 2014-2024
    • Canada Market Landscape Analysis-2014-2024
  • Europe Market Landscape Analysis, 2014-2024 (000'units)
    • UK Market Landscape Analysis, 2014-2024
    • Germany Market Landscape Analysis, 2014-2024
    • France Market Landscape Analysis, 2014-2024
    • Italy Market Landscape Analysis, 2014-2024
    • Spain Market Landscape Analysis, 2014-2024
  • Latin America Market Landscape Analysis, 2014-2024 (000'units)
    • Brazil Market Landscape Analysis, 2014-2024
    • Mexico Market Landscape Analysis, 2014-2024
    • Colombia Market Landscape Analysis, 2014-2024
  • Asia Pacific Market Landscape Analysis, 2014-2024 (000'units)
    • Japan Market Landscape Analysis, 2014-2024
    • China Market Landscape Analysis, 2014-2024
    • India Market Landscape Analysis, 2014-2024
  • Middle East & Africa Market Landscape Analysis, 2014-2024 (000'units)
    • Saudi Arabia Market Landscape Analysis, 2014-2024
    • UAE Market Landscape Analysis, 2014-2024

Chapter 10: Pricing Analysis

  • Optimal Price Points (OPP), Indifference Price Points (IPP) and Range of Acceptable Prices (RAP) of leading brands and revenue estimation by Region- 2015
  • North America Pricing Analysis (OPP, IPP and RAP- 2016)
    • U.S. Pricing Analysis-2016
    • Canada Pricing Analysis-2016
  • Europe Pricing Analysis (OPP, IPP and RAP - 2016)
    • UK Pricing Analysis-2016
    • Germany Pricing Analysis-2016
    • France Pricing Analysis-2016
    • Italy Pricing Analysis-2016
    • Spain Pricing Analysis-2016
  • Latin America Pricing Analysis (OPP, IPP and RAP- 2016)
    • Brazil Pricing Analysis-2016
    • Mexico Pricing Analysis-2016
    • Colombia Pricing Analysis-2016
  • Asia Pacific Pricing Analysis (OPP, IPP and RAP- 2016)
    • Japan Pricing Analysis-2016
    • China Pricing Analysis-2016
    • India Pricing Analysis-2016
  • Middle East & Africa Pricing Analysis (OPP, IPP and RAP- 2016)
    • Saudi Arabia Pricing Analysis-2016
    • UAE Pricing Analysis-2016

Chapter 11: Competitive Landscape

  • GE Healthcare
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Siemens Healthcare
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Toshiba Medical Systems
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Samsung Medison
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Hitachi Medical Corporation
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Shimadzu Corporation
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Esaote S.p.A
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Koninklijke Philips N.V.
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Hologic Inc.
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Carestream Health, Inc.
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
 

List of Tables

 
  • TABLE 1 Medical Imaging Market - Industry Snapshot & Key Buying Criteria, 2014 - 2024
  • TABLE 2 Global Medical Imaging Market, 2014 – 2024 (USD Billion)
  • TABLE 3 Global Medical Imaging Market by Product, 2014 – 2024 (USD Billion)
  • TABLE 4 Global Medical Imaging Market by End-Use, 2014 – 2024 (USD Billion)
  • TABLE 5 Medical Imaging Market - Key Market Driver Analysis
  • TABLE 6 Medical Imaging Market - Key Market Restraint/ Challenge Analysis
  • TABLE 7 Medical Imaging Market – Key Opportunity Analysis
  • TABLE 8 North America Medical Imaging Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 9 U.S. Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 10 Canada Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 11Europe Medical Imaging Market Landscape Analysis, 2014-2024(USD Billion)
  • TABLE 12 U.K Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 13 Germany Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 14 France Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 15 Italy Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 16 Spain Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 17Latin America Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 18 Brazil Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 19 Mexico Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 20 Colombia Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 21 Asia pacific Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 22 Japan Medical Imaging Market Landscape Analysis, 2014-2024(USD Billion)
  • TABLE 23 China Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 24 India Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 25 Middle East & Africa Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 26 Saudi Arabia Medical Imaging Market Landscape Analysis, 2014-2024(USD Billion)
  • TABLE 27 UAE Medical Imaging Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 28 North America Pricing Analysis
  • TABLE 29 North America Pricing Analysis (OPP, IPP and RAP- 2016)
  • TABLE 30 U.S. Pricing Analysis-2016
  • TABLE 31 Canada Pricing Analysis-2016
  • TABLE 32 Europe Pricing Analysis (OPP, IPP and RAP- 2016)
  • TABLE 33 UK Pricing Analysis-2016
  • TABLE 34 Germany Pricing Analysis-2016
  • TABLE 35 France Pricing Analysis-2016
  • TABLE 36 Italy Pricing Analysis-2016
  • TABLE 37 Spain Pricing Analysis-2016
  • TABLE 38 Latin America Pricing Analysis (OPP, IPP and RAP- 2016)
  • TABLE 39 Brazil Pricing Analysis-2016
  • TABLE 40 Mexico Pricing Analysis-2016
  • TABLE 41 Colombia Pricing Analysis-2016
  • TABLE 42 Asia Pacific Pricing Analysis (OPP, IPP and RAP- 2016)
  • TABLE 43 Japan Pricing Analysis-2016
  • TABLE 44 China Pricing Analysis-2016
  • TABLE 45 India Pricing Analysis-2016
  • TABLE 46 Middle East & Africa Pricing Analysis (OPP, IPP and RAP- 2016)
  • TABLE 47 Saudi Arabia Pricing Analysis-2016
  • TABLE 48 UAE Pricing Analysis-2016
 

List of Figures-

  • FIG. 1 Medical Imaging Market Segmentation
  • FIG. 2 Market Size & Growth Prospects
  • FIG. 3 Leading Brand Dynamics
  • FIG. 4 Penetration & Growth Prospects
  • FIG. 5 Industry Analysis – Porter’s
  • FIG. 6 Medical Imaging Market – PESTEL Analysis
  • FIG. 7 Medical Imaging Market Share by Product, 2015 & 2024
  • FIG. 8 Medical Imaging Market Share by End-Use, 2015 & 2024
  • FIG. 9 Medical Imaging Market Share by Region, 2015 & 2024

Key Insights Addressed:  

  • Defining market size from 2013 to 2015.
  • Estimating market growth till 2024 and consequence market forecast.
  • Identifying market drivers, restraints & future opportunities and allowing decision-maker with a range of possible outcomes and the probabilities that will occur for any choice of action.
  • Market segments and regions that will drive or lead market growth.
  • Defining Optimal Price Point (OPP) which will be accepted and recommended by maximum customers.
  • A bird’s-eye view of the competitive landscape and the key market players.
  • Key strategic growth driver adopted by market players. In-depth analysis of their strategies and implication on competition & growth.
    Key Findings:    
  • The global medical imaging market was valued at $25.7bn in 2016 and is forecast to grow at a modest 5.4% CAGR between 2017 and 2024, culminating in 2024 global sales of $44bn.
  • The factors such as the growing geriatric population, rising prevalence of chronic diseases, technological advancements, increase in public and private healthcare expenditure, the rise in the number of diagnostic imaging centers and growing thrust for preventive screening are expected to drive the market growth over the next few years.
  • Companies such as GE Healthcare and Siemens Healthcare are focusing on reverse engineering to lower the development costs and ensure that the products are positioned at an optimal price point to boost the product sales across different regions.
  • The growing use nuclear imaging coupled with the use of CT scan and MRI systems in conventional surgeries and minimally invasive procedures are expected to reinforce the market growth over the forecast period.
  • As of 2016, major players in the market include GE Healthcare (U.S), Siemens Healthcare GmBH (Germany) Koninklijke Philips N.V. (The Netherlands), Toshiba Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Fujifilm Corporation (Japan), Samsung Medison (South Korea), and Shimadzu Corporation (Japan)

Ameri Research implies a unique methodology of published information and primary research to bring key insights to customer decision making process. Our analytics model helps us to understand the structured and unstructured information from various sources. Key steps involves in the process are as below-  

    1. Analyzing Published Information- Access to large pool of paid and unpaid published information via different sources and analyzing market trend.
    2. Setting Foundation- Input from analysis of secondary sources set our foundation to market analysis and helps in setting the scope for further research. Setting the scope involves Ameri Research proprietary statistical model, discussion with industry leaders, internal brainstorming, key discussion pointers from various forums etc.
    3. Need Gap Analysis- Defining the gap between our scope and availability of information.
    4. KOL Panel Discussion- Focused Group Discussion with a structured discussion guide to fine tune the gap and deriving the factors driving/restraining the market trend.
    5. Quantitative Research- Sampling large number of industry players, Education/Research Institutes, Government bodies, NGOs, Individual acclaimed researchers and conducting the primary interview with a structured questionnaire.
    6. Data Triangulation- We apply bottom-up demand approach or top-down estimation or a combined approach to triangulate the data points.
    7. Analyst Comment- Each of our analysts carries large pool of experience from domain perspective and add their value which is directional in nature
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Description

The global medical imaging market was valued at $25.7bn in 2016 and is forecast to grow at a modest 5.4% CAGR between 2017 and 2024, culminating in 2024 global sales of $43.3 bn.

 

The factors such as the growing geriatric population, rising prevalence of chronic diseases, technological advancements, increase in public and private healthcare expenditure, the rise in the number of diagnostic imaging centers and growing thrust for preventive screening are expected to drive the market growth over the next few years. However, some of the factors such as high costs, access to latest technology, shortage of key raw materials and unfavorable healthcare reforms in U.S. are anticipated to impact the market growth rate.

 

The rise in a number of minimally invasive treatments is also a key aspect boosting the usage of advanced medical imaging and diagnostics. In the U.S., as per the Administration of Aging (AoA), in 2014 there were nearly 46.2 million people aged 65 years and above, and this population is expected to reach over 98 million by 2060. The growth of the aging population coupled with the growing prevalence of chronic diseases such as cancer, cardiovascular and neurological diseases, increase in the number of accidents, and emergency cases are expected to boost the usage of various medical imaging products over the forecast period.

Medical Imaging Market 2024

 

Pricing Analysis

 

“Optimal Price Point (OPP) for Medical Imaging Products”

 

Estimated Average medical imaging product cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.

 

The continuous advancements in technology, high R&D costs, and the introduction of new products are key factors impacting the product pricing across different regions. The presence of a well-developed reimbursement framework in the U.S. and the EU region enables the faster adoption of latest technologies. However, the constant decline in Medicare budgets over the past few years is increasing the market competition and impacting the profit margins. Therefore, product pricing and market access are expected to have a strong weightage in determining the commercial success of products. For instance, companies such as GE Healthcare and Siemens Healthcare are focusing on reverse engineering to lower the development costs and ensure that the products are positioned at an optimal price point to boost the product sales across different regions.

 

Product Outlook

 

The medical imaging market includes a very broad portfolio and the key product categories analyzed in our study include X-ray, CT, MRI, nuclear imaging and ultrasound. In 2014, X-ray segment accounted for the majority share of over 31% in 2014 and is expected to retain its strong share through the forecast period. Based on product type, the X-ray category is segmented as portable, handheld and stationary systems. These products have a high penetration in the emerging and low developed nations due to the relatively low price of equipment compared to advanced products such as MRI and CT. Furthermore, the advancements in imaging technology such as the use of filmless X-ray systems, improvement in radiation and safety standards, miniaturization of products are amongst the key factors driving the market growth.

 

However, the nuclear imaging category which includes PET (positron emission tomography) and SPECT (single photo emission computed tomography) is expected to emerge as the fastest growing with a CAGR of over 6.5% over the forecast period. The growing use nuclear imaging coupled with the use of CT scan and MRI systems in conventional surgeries and minimally invasive procedures are expected to reinforce the market growth over the forecast period.

 

Technology Outlook

 

Based on technology, the X-ray category is segmented as analog X-ray, computed radiography X-ray, and digital X-ray. The computed tomography category is segmented as low-slice, medium-slice, and high-slice computed tomography systems. The ultrasound category is classified as 2D ultrasound systems, 3D & 4D ultrasound system, Doppler ultrasound system, HIFU ultrasound system and lithotripsy ultrasound system. The MRI equipment category is segmented as high field MRI, midfield MRI and low field MRI. Furthermore, the nuclear imaging segment is split based on technology as SPECT imaging and PET imaging.

 

Application and End Use Insight

 

Based on the application the market is segmented into obstetrics/gynecology (OB/GYN) health, cardiovascular and thoracic, neurology and spine, oncology, general imaging, orthopedics and musculoskeletal, breast health, and others. Based on end use, the market is segmented into hospitals, diagnostic imaging centers, and other end users (including pharmaceutical & biotechnology companies, academic & research centers, sports academies, and CROs)

 

Regional Segmentation

 

The key regions analyzed in the study include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. In 2016, North America dominated the market with a revenue share of over 31%. The high share can be attributed to the presence of a large patient pool, access to latest technology, well-developed regulatory and reimbursement framework and high collaboration amongst the different stakeholders such as research centers, manufacturers, healthcare practitioners and federal agencies to improve the overall healthcare outcomes.

 

Asia-Pacific is expected to emerge as the fastest growing region with a CAGR of 7.5% over the forecast period. High growth in the public and private healthcare expenditure, large patient pool, growing number of diagnostic and healthcare centers are providing thrust to the market growth in this region. Moreover, growing awareness about the latest technologies and improvement in reimbursement scenario are also contributing the market expansion in several emerging economies in this region.

 

Merger and Acquisition Insight

 

The top players in the market account for the high market share due to the presence of a large product basket and due to market consolidation through mergers and acquisitions. In the U.S., there is a decline in the number of diagnostic centers operating independently due to acquisitions from various hospital networks. On the other hand, big manufacturers are increasingly acquiring smaller players with niche portfolio to consolidate their presence in a regional market, and to enhance their product offerings. Companies usually opt for M&A as these are high risk and high rewarding proposals and can significantly improve the growth prospects if the integration process is carefully strategized. Also, some companies sell off their assets which are non-profitable, or if they want to exit the market with profitable returns. The M&A scenario is also diversifying as companies are looking to acquire several technology companies to meet future market demands and stay relevant in the competition.

 

For instance, some of the recent M&A activities in the market include the following,

  • In 2016, Siemens Healthineers acquired Conworx Technology GmbH to leverage the open connectivity for over 100 point-of-care instruments
  • In 2016, Cannon has completed the acquisition of Toshiba Medical Systems Corporation

Top Players & Company Share

 

As of 2016, major players in the market include GE Healthcare (U.S), Siemens Healthcare GmBH (Germany) Koninklijke Philips N.V. (The Netherlands), Toshiba Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Fujifilm Corporation (Japan), Samsung Medison (South Korea), and Shimadzu Corporation (Japan)

 

 

Market Segmentation

 

Medical Imaging Systems Market by Product (Revenue, USD Million, 2014- 2024)

 

  • X-ray
    • Stationary
    • Mobile
    • Handheld
  • Computed Tomography
    • Stationary
    • Portable/Mobile
  • Ultrasound Systems
    • Trolley/Cart based
    • Compact/Portable
  • Magnetic Resonance Imaging
    • Closed
    • Open
  • Nuclear Imaging Devices

Medical Imaging Systems by Technology (Revenue, USD Million, 2014 – 2024)

 

X-ray

  • Analog
  • Computed Radiography

Digital Radiography

  • Computed Tomography
    • Low – Slice Scanners
    • Medium – Slice Scanners
    • High – Slice Scanners
  • Ultrasound Systems
    • 2D
    • 3D & 4D
    • Doppler
    • HIFU
    • Lithotripsy
  • Magnetic Resonance Imaging
    • High Field
    • Mid Field
    • Low Field
  • Nuclear Imaging Devices
    • SPECT
    • PET

Medical Imaging Systems Market by Application (Revenue, USD Million, 2014- 2024)

 

  • Obstetrics/gynecology (OB/GYN) health
  • Cardiovascular and thoracic
  • Neurology and Spine
  • Oncology
  • General Imaging
  • Orthopedics and musculoskeletal
  • Breast Health and others

Medical Imaging Systems Market by End-Use (Revenue, USD Million, 2014- 2024)

 

  • Hospitals
  • Diagnostic Imaging Centers
  • Others

Medical Imaging Systems Regional Outlook (Revenue, USD Million, 2014- 2024)

 

North America

  • U.S.
  • Canada

Europe

  • UK
  • Germany
  • France
  • Italy
  • Spain

Asia Pacific

  • Japan
  • China
  • India

Latin America

  • Brazil
  • Mexico
  • Columbia

Middle East and Africa

  • South Africa
  • Saudi Arabia

Additional information

Price

Single User $2,650, Multiple User $3,650, Enterprise User $4,650