NEW YORK, Nov. 17, 2017 /PRNewswire/ -- The global market for medical imaging systems was valued at around USD 53.0 billion in 2016 and is expected to reach USD 74.1 billion by 2023, growing at a CAGR of around 5.0% during the forecast period of 2017 to 2023. Medical imaging is the technique and process of creating visual representations of the interior of a body for clinical analysis and medical intervention, as well as visual representation of the function of some organs or tissues. Imaging systems enable healthcare professionals to make processes within the human body visible so that they can diagnose pathological changes and precisely target therapeutic procedures.

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The early beginnings of imaging partially originate in small and medium-sized companies, both the quest for economies of scale and competitive dynamics have created an industry that is to a great extent characterized by oligopolistic competition with large and dominant businesses among equipment manufacturers and pharmaceutical companies. However, the imaging industry will profoundly change during the next decade with novel technologies and new players entering and redefining the competitive landscape. The incumbent equipment manufacturers face increasing competition from new entrants such as Samsung Electronics, Neusoft Medical Systems or Mindray Medical in emerging but also developed markets.
Key driving factors for this market include rise in prevalence of chronic diseases, technological advancements in diagnostic imaging modalities, increasing number of imaging procedures, rising awareness among the patients about early diagnosis of clinical disorders and rise in base of aging population. In addition, increasing demand from emerging countries, improved government funding towards chronic disorders, increasing investment in public private organizations, and increasing disposable income among the population will further expected to drive the market in the coming years. However, there are certain restraining factors such as high costs associated with these devices and unfavorable reimbursement scenario are expected to hinder the market growth in future. Nevertheless, growing healthcare spending in emerging countries and technological advancements will continue to boost the market growth.

Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to the presence of large number of players offering these products, and large base of patients with greater affordability. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, and growing awareness among the population about the diagnostic options available in the market.

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