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.
According MarketsandMarkets Research – 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% during the forecast period.
Market Size Estimation;
A detailed market estimation approach was followed to estimate and validate the size of the BRIC diagnostic imaging equipment market and other dependent submarkets, as mentioned above. The key players in the BRIC diagnostic imaging equipment market were identified through secondary research, and their market shares in the respective countries were determined through primary and secondary research.This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets, and presented in this report. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
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The MRI systems segment accounted for the largest share of the BRIC diagnostic imaging equipment market.
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.
- In 2019, GE Healthcare (US) has launched ‘Vector CT Scan’ in China.
- In 2019, Hitachi, Ltd. (Japan) launched three new systems ARIETTA 65, ARIETTA 50, and ARIETTA 50 LE at the European Society of Radiology (ECR) in Russia.
- In 2019, Koninklijke Philips N.V. (Netherlands) launched the EPIQ Elite ultrasound system for general imaging as well as obstetrics & gynecology platforms in India.
- In 2018, Siemens Healthineers (Germany) introduced its Mammomat Revelation Mammography System and NX Series Ultrasound machines in India.
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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.
Key Market Players;
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), Allengers (India), CURA Healthcare (India), Neusoft Corporation (China), NP JSC Amico (Russia), SONTU Medical Imaging Equipment Co., Ltd. (China), FUJIFILM Holdings Corporation (Japan), and United Imaging Healthcare Co, Ltd. (China), among others