The BRIC diagnostic imaging equipment market is projected to reach USD 8.3 billion by 2024 from USD 5.3 billion in 2019, at a CAGR of 9.2% from 2019 to 2024. The major factors driving the growth of the BRIC diagnostic imaging equipment market include the rising burden of target diseases and increasing investments, funds, and grants for the modernization of healthcare facilities. In addition, technological advancements in the diagnostic imaging modalities, rising R&D investments, the growing geriatric population, and awareness initiatives have all supported the growth of this market in BRIC nations.
The major players in the market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Carestream Health, Inc. (US), Hologic, Inc. (US), Hitachi, Ltd (Japan), Neusoft Corporation (China), Allengers (India), CURA Healthcare (India), Neusoft Corporation (China), NP JSC Amico (Russia), SONTU Medical Imaging Equipment Co., LTD (China), FUJIFILM Holdings Corporation (Japan), and United Imaging Healthcare Co, Ltd. (China), among others.
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An analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product launches, upgrades, and enhancements; agreements, partnerships, and collaborations; expansions; acquisitions; and other strategies were adopted by market players to strengthen their product portfolios and maintain a competitive position in the BRIC diagnostic imaging equipment market. Among these business strategies, product launches, upgrades, & enhancements was the most widely adopted growth strategy by market players.
Koninklijke Philips N.V. (Netherlands) held the major share of the BRIC diagnostic imaging equipment market in 2018. As part of its strategy, Philips focuses on product launches and expansions to increase its market share in this highly competitive market. China offers significant opportunities for Philips due to its large patient pool and developing healthcare infrastructure. In order to deliver technologically advanced solutions at economical prices, the company established an AI lab in Shanghai, China. The company has also entered into partnerships & collaborations with various companies and organizations in the country to enhance its market share.
Siemens Healthineers (Germany) held the second position in the BRIC diagnostic imaging equipment market in 2018. The company has a significant presence in BRIC nations and offers a number of modalities in the diagnostic imaging market. With a robust product portfolio, Siemens Healthineers holds a strong position in the diagnostic imaging market. To maintain its competitive position, the company focuses on new product launches and expansions as key organic growth strategies. In 2018, the company introduced the Mammomat Revelation Mammography System and NX Series Ultrasound machines in India. These developments have helped the company to expand its customer base and strengthen its geographical footprint across the globe. Siemens is considered as one of the key players in the global market due to its vast product portfolio and strong distribution channels. Moreover, the company invested around USD 6.6 billion, USD 5.7 billion, and USD 5.3 billion in R&D during 2018, 2017, and 2016, respectively.
BRIC Diagnostic Imaging Equipment Market by Modality ((X-Ray Imaging (Digital, Analog), MRI (High & Low Field), CT (Conventional, CBCT), Nuclear Imaging (SPECT, Hybrid PET)), End User (Hospitals, Imaging Centers) - Global Forecast to 2024
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