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Highest Growth in the Ultrasound Imaging Systems Segment to Offer Opportunities for Market Leaders in Emerging Countries such as China, India, and South Korea
The global diagnostic imaging market is expected to reach $27 billion by 2018, growing at a CAGR of 4.7%. A number of factors such as the increasing incidence/prevalence of diseases (such as cancer and CVD), rising number of diagnostic centers/ procedures, high number of research activities, technological advancements, government investments, and public-private partnerships are driving the diagnostic imaging market across the globe.
The diagnostic imaging market is growing at a stable rate in mature markets. However, the Asia-Pacific countries such as China, India, and South Korea are expected to witness the highest growth in the next five years. The growth of the diagnostic imaging market in these emerging regions is primarily driven by various economic developments, improvements in healthcare infrastructure and insurance coverage, increasing public-private investments, and the huge number of ongoing research activities. Moreover, the growing awareness about early-stage diagnosis of diseases and increasing workshops/seminars/conferences to spread awareness about the latest technological advancements in the diagnostic imaging field amongst the medical and research community are some of the other key factors fuelling the growth of the diagnostic imaging market in the Asia-Pacific region.
Market players such as GE Healthcare (U.K.), Hitachi Medical Corporation (Japan), Philips Healthcare (Netherlands), Shimadzu Corporation (Japan), and Siemens Healthcare (Germany) are some of the market players contributing to the diagnostic imaging market in the Asia-Pacific region. Companies are increasingly focusing on launching and promoting their products in this region to gain a competitive advantage. For instance, Samsung launched the 5D Ultrasound technology—the UGEO WS80 series—in November 2013 in Malaysia. This system allows parents to observe images of their unborn babies through 3D glasses on a Smart TV. In addition, in October 2013, Samsung Medison showcased a new ultrasound system—UGEO WS80A—at the 23rd ISUOG (International Society of Ultrasound in Obstetrics and Gynecology) World Congress in Australia, a part of its product promotion strategy.
Asia-Pacific is followed by RoW (which comprises Latin America, the Middle East, and Africa) with the second-highest growth rate. The various initiatives by market players and governments to improve healthcare facilities and improving insurance coverage in this region have contributed to the growth of the diagnostic imaging market in the RoW region.
Furthermore, hybrid diagnostic imaging modalities are also opening new business development opportunities for industry players. Several diagnostic imaging companies are investing in these high-growth markets, in order to gain more profits and increase their shares in the global diagnostic imaging market.
Diagnostic Imaging Market by X-ray Systems (Digital, Analog, Portable), Computed Tomography, Ultrasound Imaging Systems (2D, 3D, 4D, Doppler), MRI Machines (Closed & Open), and Nuclear Imaging Systems (SPECT, PET, PET/CT) - Global Forecasts to 2018
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