TBRC Report Suggests Decline in the Diagnostic Imaging Equipment Market Due to Covid-19
LONDON, June 17, 2020 /PRNewswire/ -- The global diagnostic imaging equipment market is expected to decline from $44.3 billion in 2019 to $36.5 billion in 2020 at a compound annual growth rate (CAGR) of -17.7%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Governments across countries prioritized coronavirus screening, and imaging is not routinely used to screen for COVID-19. Also, most factories manufacturing diagnostic imaging equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, and MRI systems and/or their components, are currently shutdown in order to keep the staff safe and contain the spread. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $54.2 billion in 2023.
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Diagnostic Imaging Equipment Market Overview
The diagnostic devices (or) equipment market consists of sales of diagnostic equipment and related services by entities (organizations, sole traders and partnerships) that produce diagnostic equipment used in diagnosis of various diseases. This industry includes establishments that produce diagnosis equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, magnetic resonance imaging systems and other diagnostics equipment.
North America was the largest region in the global diagnostic imaging equipment market, accounting for 45% of the total share in 2019. Asia Pacific was the second largest region accounting for 24% of the global diagnostic imaging equipment market. Africa was the smallest region in the global diagnostic imaging equipment market.
Diagnostic Imaging Equipment Market Segments And Key Players
The global diagnostic imaging equipment market is segmented by type into x-ray systems devices and equipment, ultrasound systems devices and equipment, computed tomography (CT) scanners devices and equipment, magnetic resonance imaging systems devices and equipment, cardiovascular monitoring and diagnostic devices and equipment, and nuclear imaging devices and equipment. By end user, the market is segmented into hospitals and clinics, diagnostic laboratories, and others. By type of expenditure, it is segmented into public and private expenditure. By product, the market is segmented into instruments/equipment, and disposables.
Major players in the global diagnostic imaging equipment market include Philips Healthcare, Hitachi Medical Systems, Fujifilm Holdings, Siemens Healthcare, and GE Healthcare.
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Increasing Popularity Of Portable Diagnostic Equipment
Portable diagnostic equipment is expected to be a fast-growing segment, and competitors are focusing on developing new and innovative portable equipment during the forecast period. Owing to their ease of use and point-of-care applications, their adoption rates are steadily increasing, not only for emergency and intensive care units in hospitals, but also as a part of homecare organizations. There is also a growing need for portable devices in emergency care units for easy and quick usage, faster interventions for acute events, and better monitoring. Well-known products include Samsung Electronics' 32-SLICE CT scanner, Brain Biosciences' CERPET portable PET scanner, Siemens Healthcare's Mobilett mira max portable X-ray systems, and Sonosite's MicroMaxx portable ultrasound system.
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