News | March 10, 2016

Refurbished Systems Fulfilling Medical Imaging Demand

Used systems are helping small imaging centers keep costs down as global medical imaging revenue expected to reach near $37 billion by 2020

Technavio market report, global medical imaging market, refurbished systems

March 10, 2016 — According to the latest research study released by Technavio, the global medical imaging market is expected to reach close to $37 billion in revenue by 2020.

“The global medical imaging market is experiencing increased use of refurbished systems due to high cost of devices and installation. As small diagnostic centers are unable to afford these expenses, these centers prefer refurbished medical imaging equipment that come with a warranty period of a couple of years,” said Brahadeesh Chandrasekaran, one of Technavio’s lead analysts for medical imaging research.

“Many local vendors are also engaged in the import/export of used and refurbished mammography equipment. Apart from low purchasing power and lack of awareness in developing nations, customers trust local companies that provide products at a low cost and have better after-sales support. This trend will enable many low-cost hospitals in developing regions to gain access to advanced medical imaging technologies during the forecast period,” added Brahadeesh.

The general X-ray segment is the highest growing segment and accounts for 40 percent of the total medical imaging market. Major players in this segment are focusing more on emerging markets such as India and China. These markets have high potential for growth and are predicted to expand rapidly during the forecast period. As technical advances find wide adoption in the industry, there is a constant pressure on vendors to invest in research and development and improve X-ray techniques to deliver early and accurate diagnosis of medical conditions, monitoring and treatment of various diseases.

Such technology-driven innovations in the medical imaging market have come from Carestream Health's DRX-Revolution Mobile X-ray systems. With many more innovations in the pipeline, the launch of new products into the market by other market vendors will significantly buoy the market over the next four years.

The global ultrasound market had grown at a rate of 4.76 percent in 2015, accounting for a revenue of close to $6.38 billion. Over the years, the market has witnessed many technology innovations in ultrasound devices. Manufacturers have focused on design to make devices portable and more mobile. For instance, Siemens introduced ultrasound systems with wireless transducers. Other technological inventions included contrast-enhanced imaging, volume imaging and elastography.

These advancements allowed physicians to capture images of blood flow and blood perfusion, enabling them to take real-time 3-D images of the internal structures of the human body, allowing them to properly distinguish between malignant and benign tumors. These technological advancements have helped physicians overcome problems faced while using traditional ultrasound systems. It is expected to result in an increase in demand for advanced ultrasound devices, and it is expected to help the market reach close to $8.16 billion over the next four years.

The global market for magnetic resonance imaging (MRI) is estimated to grow at a CAGR of 6.25 percent over the next four years. The market for MRI devices is dominated by North America, followed by European countries. Emerging Asian countries such as India and China are expected to present immense growth potential for the leading market vendors during the forecast period. Considering the growth opportunities and market potential of this technique, it is expected that by 2020 the market will generate a revenue of close to $6.97 billion.

For more information: www.technavio.com

Related Content

Philips Launches CardioMD IV Cardiac SPECT Solution at ASNC 2017
Technology | SPECT Imaging| September 15, 2017
September 15, 2017 — Philips highlighted its newest solution for...
Mississippi Surgical and Vascular Center Uses Toshiba Ultimax-i FPD to Save Patients' Limbs
News | Angiography| September 14, 2017
The southern U.S. sees some of the highest numbers of chronic medical conditions, such as peripheral artery disease...
Philips Showcases Integrated Vascular Solutions at VIVA 2017
News | Peripheral Artery Disease (PAD)| September 13, 2017
Philips announced its presence at the Vascular Interventional Advances (VIVA 17) Annual Conference in Las Vegas from...
Vascular screening for abdominal aortic aneurysm, peripheral artery disease and hypertension during the VIVA Study in Denmark

Vascular screening for abdominal aortic aneurysm, peripheral artery disease and hypertension during the VIVA Study. Photo credit: Lisbeth Hasager Justesen, Viborg Hospital.

News | Cardiac Diagnostics| September 12, 2017
September 12, 2017 — A new screening program for vascular disease saves one life for every 169 men assessed, accordin
Orange County, Calif. Hospital Adopts Siemens Somatom Force CT for Cardiac Imaging
News | Computed Tomography (CT)| September 12, 2017
Hoag Memorial Hospital Presbyterian recently became the first hospital in Orange County, Calif., to install the Siemens...
Cardiovascular Research Foundation (CRF) announced the promotion of Juan F. Granada, M.D., as the foundation’s president and chief executive officer (CEO). CRF sponsors TCT.

The Cardiovascular Research Foundation (CRF) announced the promotion of Juan F. Granada, M.D., as the foundation’s president and chief executive officer (CEO).

Feature | Cath Lab| September 12, 2017
September 12, 2017 – The Cardiovascular Research Foundation (CRF) a
Siemens Healthineers Receives FDA Clearance for TrueFusion Structural Heart Disease Feature
Technology | Cardiovascular Ultrasound| September 06, 2017
The U.S. Food and Drug Administration (FDA) has cleared TrueFusion, a new cardiovascular application from Siemens...
Advances in FFR, FFR-CT, was the most popular cardiology story in August 2017.

The most popular article in August was about advances in fractional flow reserve (FFR) technologies. The image shows Philips' new version of its iFR system that displays hemodynamic pressure drop points in an overlay on live angiographic images, matching up the iFR readings with corresponding lesions.

Feature | September 01, 2017 | Dave Fornell
September 1, 2017 — Here is the list of the most popular articles and videos on the Diagnostic and Interventional Car
GE’s blood speckle imaging (BSI) software shows the flow of blood cells’ trajectories. It is a form of blood vector flow imaging.

GE’s blood speckle imaging (BSI) software offers the ability to view a graphical representation of the blood cells’ trajectories.

News | Cardiovascular Ultrasound| September 01, 2017
Cardiologists are constantly on the lookout for new methods to examine the heart using new imaging technology advance
Overlay Init