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Healthcare Reforms in the BRIC Countries are Offering New Growth Opportunities for the Leading Players in Diagnostic Imaging Equipment Market
The diagnostic imaging industry has evolved significantly over the past two decades. These devices provide improved image quality and patient safety. Nevertheless, leading market players are continuously focusing their efforts to develop advanced low-cost diagnostic imaging modalities, owing to the increasing government pressure to reduce healthcare costs. The increasing launches of cost-effective diagnostic imaging devices, along with developing healthcare facilities in emerging countries, are driving the demand of the diagnostic imaging equipment market in BRIC nations.
Among BRIC countries, China commanded the largest share in the diagnostic imaging equipment market in 2013 and is estimated to grow at the highest rate in the next five years. The growth of the diagnostic imaging equipment market in China is primarily driven by ongoing healthcare reforms, growing government investments to develop its healthcare infrastructure in rural areas, and favorable demographic scenario (high incidence and prevalence of target diseases and rapidly aging population). Moreover, increasing focus of international diagnostic imaging device vendors on China’s rural healthcare market and rising efforts by domestic players to expand their customer base in China are some of the other key factors fuelling the growth of the Chinese diagnostic imaging equipment market. Leading global players such as GE Healthcare (U.K.), Siemens Healthcare (Germany), and Philips Healthcare (Netherlands) have adopted a number of strategies such as launching low-cost devices, offering training services to the healthcare professionals, and opening R&D and manufacturing facilities in China, to leverage the growth opportunities in this market.
After China, India is the second fastest-growing nation in the BRIC diagnostic imaging equipment market. The various initiatives taken by market players and government to improve healthcare awareness and diagnostic facilities, increasing healthcare insurance coverage, and high incidence and prevalence of cancer and cardiovascular diseases are stimulating the growth of the Indian diagnostic imaging equipment market. GE Healthcare, Siemens Healthcare, and Philips Healthcare are some key global players making high investments to expand their presence in the Indian diagnostic imaging equipment market. The combined efforts of government agencies and public sector organizations to increase healthcare awareness have enabled India to become an attractive market for diagnostic imaging equipment manufacturers.
The increasing adoption of technologically advanced MRI scanners and ultrasound systems in BRIC nations is indicative of the high growth opportunities available in these regions. BRIC nations have also shown an increasing demand for high-end MRI and ultrasound systems due ongoing healthcare infrastructure developments in urban areas. Several companies such as GE Healthcare (U.K.), Siemens Healthcare (Germany), and Philips Healthcare (Netherlands), Toshiba Medical Systems Corporation (Japan), and Hitachi Medical Corporation (Japan) are investing in these high-growth regions to gain profit and increase their share of the BRIC MRI and ultrasound systems market.
Diagnostic Imaging Equipment Market by Modality [Digital X-ray Imaging, Ultrasound (Color Doppler, Portable), Magnetic Resonance Imaging, CT Scanner (Low-, Mid-, & High-end), Mammography, PET, SPECT] - Emerging Markets (BRIC - Brazil, Russia, India, and China) - 2011-2018
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