HOME Research Insight Product Launches as well as Agreements & Collaborations Were the Key Growth Strategies Adopted by Leading Market Players in the Global Diagnostic Imaging Industry

Product Launches as well as Agreements & Collaborations Were the Key Growth Strategies Adopted by Leading Market Players in the Global Diagnostic Imaging Industry

The global diagnostic imaging market is expected to grow at a CAGR of 6.6% during 2016 and 2021. Growth in this market is primarily driven by factors such as the increasing prevalence of chronic diseases, rapid growth in the geriatric population, growing government investments for modernization of diagnostic imaging facilities, rising number of private imaging centers (especially in emerging countries), and technological advancements in the field of diagnostic imaging modalities. Furthermore, expansion of healthcare infrastructure in emerging markets and availability of low-cost & technologically advanced imaging systems (those offer broader application horizons) are further stimulating the demand for diagnostic imaging modalities. However, high product costs associated with diagnostic imaging systems, technological limitations associated with standalone systems, unfavorable healthcare reforms in the U.S., and shortage of helium are expected to restrain the growth of this market.

As of 2015, major players in the market include GE Healthcare (U.S.), Siemens Healthcare GmBH (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Samsung Medison (South Korea), and Shimadzu Corporation (Japan). In addition, analysis of the market developments between 2014 and 2016 reveals that majority of the market players adopted product launches as their key growth strategy. Players adopted this strategy to strengthen their product portfolios, expand their geographic reach, and to maintain a competitive position in the market. For instance, in November 2016, Royal Philips launched the DoseWise Portal 2.2, a next-generation radiation dose management software for healthcare providers at the Radiological Society of North America (RSNA) 2016. This new version records, tracks, and analyzes radiation exposure to patients and clinicians. In November 2016, Siemens Healthineers launched its new and cost-efficient 1.5 Tesla Magnetom Sempra MRI scanner at the Radiological Society of North America (RSNA) 2016. The new MRI scanner uses 30% less energy and has a higher uptime at lower running costs.

Key players also adopted agreements and collaborations as their major growth strategy to expand their product portfolios, extend their geographic presence, and gain access to novel technologies. For instance, in December 2016, Toshiba Medical Systems Europe B.V., a regional subsidiary of Toshiba Medical Systems Corporation, entered into an agreement with Real Madrid (Spain), a football club, to be its Official Medical Systems Partner. Through this agreement, Toshiba Medical provided cutting-edge medical systems such as the 3T Vantage Titan Magnetic Resonance Imaging systems, the Aplio 500 Platinum Series, the Aplio 300 Platinum Series Ultrasound systems, and the Mobirex Radiology systems to Real Madrid’s Medical Facility. In November 2016, GE Healthcare collaborated with the Boston Children’s Hospital (U.S.) to develop and commercialize digital solutions for diagnosis and treatment of specific childhood diseases that affect the brain using diagnostic imaging solutions.

Related Reports:

Diagnostic Imaging Market by Product (X-ray Imaging (Digital, Analog), MRI (Closed, Open), Ultrasound, CT, Nuclear Imaging (SPECT, Hybrid PET)), Application (OB/GYN, MSK, Cardiology, Oncology), End User (Hospitals, Imaging Centers) - Global Forecast to 2021

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