The report “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″, is Diagnostic Imaging Equipment Market 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 Rapidly growing geriatric population coupled with the subsequent increase in the prevalence of associated diseases and increasing demand for early disease diagnosis are some of the key factors fueling market growth. Moreover, technological advancements in diagnostic imaging modalities and increasing investments, funds, and grants by public-private organizations are anticipated to further drive the growth of the diagnostic imaging market in BRIC countries.
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Hospitals were the largest end-user segment in the market in 2018;
On the basis of end users, the hospitals segment commanded the largest share of the BRIC diagnostic imaging equipment market in 2018. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, growing inclination toward the automation and digitization of radiology patient workflow, and increasing adoption of minimally invasive procedures.
Geographical View in-detailed:
On the basis of countries, segmented into Brazil, Russia, India, and China. China accounted for the largest share of the BRIC diagnostic imaging equipment market in 2018, followed by India. China has a dynamic and fast-growing healthcare industry with significant government emphasis on the modernization and expansion of the rural healthcare infrastructure. Moreover, rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and rising adoption of advanced modalities are the key factors fueling the growth of the Chinese market.
Global Key Leaders:
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), 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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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.
