The global medical imaging workstations market is projected to reach USD 1,377 million by 2023 from USD 897 million in 2018, at a CAGR of 8.9%. The rising global burden of target diseases, increased product commercialization, rising public-private investments to support product development, evolving user preference for digital platforms, and the establishment of new medical facilities are the major factors driving the growth of the global medical imaging workstations market.
The analysis of market developments between 2015 and 2018 has revealed that several growth strategies, such as product launches, product approvals, acquisitions, partnerships, and agreements were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical imaging workstations market. Partnerships and agreements were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.
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General Electric Company (US) held a dominant share in the medical imaging workstations market in 2017. GE Healthcare (a key business division of General Electric Company) is among the top players engaged in the development of medical imaging workstations for CT-based advanced visualization. The company focuses on maintaining its leadership position in the medical imaging workstations market through organic growth strategies such as product launches, product upgradation, and product showcases. GE’s strong brand image and excellent geographic reach are expected to help the company to maintain its leading position in this market during the forecast period.
Koninklijke Philips N.V. (Netherlands) held the second position in the medical imaging workstations market in 2017. The company provides technologically advanced workstations for cardiology, digital mammography, radiology, and nuclear medicine. In June 2017, the company launched Azurion, which helps in the interaction between electronic health records, PACS, ultrasound, hemodynamic monitors, and 3D workstations. The introduction of such innovative products helps the company to maintain and enhance its position in the market. Philips Healthcare has a well-established supply chain and a strong network of raw material suppliers and product distributors. This reduces the company’s dependability on specific raw material suppliers or product dealers/distributors, which can be seen as a key strength of the company.
Medical Imaging Workstations Market by Component (CPU, Hardware, Image Software), Modality (CT, MRI, Mammography), Application (Clinical Review, Diagnostic Imaging, 3D Imaging), Specialty, and Region - Global Forecast to 2023
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