Dallas, Texas (PRWEB) April 03, 2014
The global diagnostic imaging market is estimated to grow at a CAGR of 4.7% and is expected to reach ~$27,115.4 million by 2018. Although the mature markets hold larger shares in diagnostic imaging, the Asia-Pacific region is expected to grow at the highest CAGR of 5.9%. The growth of the diagnostic imaging market is primarily triggered by factors such as the rapidly increasing aging population, improving healthcare facilities in the emerging countries of the Asia-Pacific and RoW regions, geographic expansion of market players across the globe, and the government initiatives to fulfill healthcare needs. However, factors such as high cost of diagnostic imaging systems, growing preference of hospitals towards refurbished devices due to budget constraints, and reimbursement cuts in mature regions are restraining the growth of the diagnostic imaging market. Growing public-private investments by market players in the emerging regions of Asia-Pacific and RoW are creating opportunities for the growth of the diagnostic imaging market in these regions.
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Based on the type of modalities, the global diagnostic market is categorized into five segments, namely, X-ray imaging systems, computed tomography (CT) systems, ultrasound systems, magnetic resonance imaging (MRI) systems, and Nuclear imaging systems. Nuclear imaging systems are further divided into Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). X-ray imaging systems held the largest share of the global diagnostic imaging market and are poised to grow at a CAGR of 4.2% in the forecast period. Factors such as the increasing number of new product launches by market players to increase their product portfolios and strategic collaborations to offer expanded capabilities to customers for X-ray imaging systems are stimulating the growth of the global X-ray imaging systems market.
Geographically, North America (comprising the U.S. and Canada) accounted for the largest share of ~34% of the global diagnostic imaging market, followed by Europe. The diagnostic imaging market in the North American market is primarily driven by various factors, including the high incidence/prevalence of various diseases (such as cancer and CVD), the large number of diagnostic imaging centers/procedures in this region, the large number of ongoing research activities, and faster adoption of technologically advanced imaging systems. However, the Asia-Pacific region is poised to grow at the highest CAGR of 5.9% in next five years, owing to factors such as increasing government initiatives for modernization of healthcare infrastructure, improvements in healthcare insurance coverage, and the growing number of ongoing research activities in these emerging regions.
The global diagnostic imaging market is highly competitive, with a large number of global as well as local market players. GE Healthcare (U.K.), Philips Healthcare (Netherlands), and Siemens Healthcare (Germany) dominated the global diagnostic imaging market in 2012. New product launch and product development are the key growth strategies adopted by market players. Along with these strategies, expansion, partnerships, agreements, and collaborations were also adopted by a significant number of market players to strengthen their product portfolio and expand their geographic presence.
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From an insight perspective, this research report has focused on various levels of analysis such as market share analysis; market segmentation on the basis of types of modality; geographic analysis and company profiles, which together comprise and discuss basic views on competitive landscape, emerging and high growth segments of the diagnostic imaging market, high growth regions, government initiatives, and restraints, drivers, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help the firms in garnering a greater market share. Firms purchasing the report could use any one or a combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
Major points from Table of Content
8 Company Profiles
8.1 Carestream Health, Inc.
8.2 Esaote S.P.A
8.3 GE Healthcare (Division of General Electric Co.)
8.4 Hitachi Medical Corporation
8.5 Hologic, Inc.
8.6 Philips Healthcare
8.7 Samsung Medison
8.8 Shimadzu Corporation
8.9 Siemens Healthcare
8.10 toshiba Medical Systems Corporation
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