CHICAGO, May 31, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets™, the BRIC Diagnostic Imaging Equipment Market is 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.
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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.
The MRI systems segment accounted for the largest share of the BRIC Diagnostic Imaging Equipment Market, by modality, in 2018
Based on modality, the BRIC Diagnostic Imaging Equipment Market is broadly segmented into six segments—X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The MRI systems segment held the largest share of the BRIC Diagnostic Imaging Equipment Market in 2018. This large share can be attributed to the growing demand for early and accurate diagnosis, high adoption of MRI systems by hospitals & diagnostic centers, and advances in technology.
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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.
China accounted for the largest share of the BRIC Diagnostic Imaging Equipment Market in 2018
On the basis of countries, the BRIC Diagnostic Imaging Equipment Market is 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.
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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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