Medical imaging equipment market to hit $35.4B in 2019
The global medical imaging equipment market was valued at $24.4 billion in 2012 and will reach a market value of $35.4 billion by 2019, according to Medical Imaging Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast
, 2013-2019, a new market report published by Transparency Market Research.
The projected 2019 figure represents a compound annual growth rate of 5.4 percent, driven by the global rise of various conditions such as cardiovascular diseases (CVDs), brain disorders, lung disorders and oral conditions such as gingivitis. Medical imaging equipment helps in diagnosing these and other complex diseases such as chromosomal abnormalities, atherosclerosis and Parkinson’s disease. Growth of this market will also be supported by the increasing geriatric population worldwide because elderly people are highly susceptible to diseases such as osteoporosis, stroke and CVDs, the company noted.
The market comprises various imaging modalities, from x-ray to SPECT (single-photon emission computed tomography), and from MRI to CT and beyond. CT and nuclear imaging are expected to show the highest growth at more than 5 percent apiece.
Support from various private and government bodies will also trigger the growth of the medical imaging equipment market. In the US, for example, the Medicare Benefit Schedule (MBS) was introduced in 2011 to provide rebates for various categories of items, including medical devices. But an imposition of excise tax on the sale of medical devices will hamper the growth of this market: Medical device manufacturers are expected to pay an additional medical device excise tax (MDET) of 2.3 percent on the sale of every device, in accordance with the Patient Protection and Affordable Care Act (PPACA).
Geographically, the North American region made up the largest share by revenue for medical imaging equipment in 2012, but the Asia-Pacific is predicted to see the highest growth rate of more than 7 percent from 2013 to 2019 because of the rise in the geriatric population and improving health care infrastructure in that region.
In addition, the favorable demand-supply gap for diagnostic services in this region will also propel the growth of this market.