Asia Pacific diagnostic imaging market to record 7.5% CAGR through 2025
Asia Pacific Diagnostic Imaging Market - Overview
The research report on ‘Asia Pacific diagnostic imaging market’ consists of an in-depth analysis and statistics of this business vertical which comprises of country-wise and regional market prediction, overall size, and growth rate. Besides, it highlights crucial aspects such as growth driving factors, obstacles, and opportunities which will shape the industry dynamics over the period of 2020-2025.
According to credible estimates, Asia Pacific diagnostic imaging market is projected to record a y-o-y growth rate of 7.5% over 2020-2025. The growth is attributable to constant developments in medical infrastructure across economies such as Japan, India, and China, along with rising healthcare expenditure.
As per the report, Asia Pacific diagnostic imaging market is scrutinized based on end-user scope, application spectrum, component type, and geographical landscape. In addition, the report also expounds the competitive arena of this business sphere, discussing the strategies adopted by various companies to sustain the competition. The document also considers both long and short term COVID-19 footprint on this industry vertical.
Moreover, improving cognizance regarding early detection of chronic diseases such as cancer is adding to the demand for diagnostic imaging devices across the region. Additionally, several initiatives by government for early identification of chronic disease to fight these chronic diseases are augmenting Asia Pacific diagnostic imaging market share.
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Speaking of the restraints, the outbreak of COVID-19 pandemic has led to strict regulations and lockdowns, disrupting the value chain, thereby negatively impacting Asia-Pacific diagnostic imaging industry. The slowdown caused in logistics, payments, and procurement processes, due to the Coronavirus pandemic is likely to remain during 2020-2021, although a momentum is expected in the second half of 2021.
Analyzing the market segmentations
Based on end-user scope, hospital segment generated substantial revenues for Asia-Pacific diagnostic imaging industry in the recent past and is expected to offer lucrative growth opportunities in the upcoming years. This can be credited to high number of teachings and trainings offered by hospitals for advanced technology.
Speaking of component type, MRI segment accounted for a substantial share in Asia-Pacific diagnostic imaging industry in terms of revenue in the year 2019, creditable to increasing number of chronic disorders in the region.
Asian and Southeast Asian countries like South Korea, India, and Thailand have gained traction in the installation of 3.5T MRI systems. In addition, rising awareness about various technologies and increasing foreign direct investment (FDI) policies are likely to influence the overall industry outlook in Asia-Pacific.
Meanwhile, X-ray segment share is poised to amass high returns through 2025, owing to growing demand for retrofitting upgrade kits and mobile X-rays, as well as increasing number of hospitals. Moreover, the mounting elderly population in economies is boosting the product demand in Asia-Pacific.
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Highlighting the competitive arena
Major players influencing Asia-Pacific diagnostic imaging market trends are Samsung Electronics Co. Ltd., Shimadzu Corporation, Canon Medical Systems Corporation, Siemens AG, Shanghai Untied Healthcare Co. Ltd., Koninklijke Philips N.V., Hologic Inc., Hitachi Medical Corporation, Fujifilm Holdings Corporation, CareStream Health SA, and General Electric Company.
Asia-Pacific Diagnostic Imaging Market by End-Use Scope (Revenue, USD Million, 2015-2025)
- Diagnostic/ Imaging Centers
Asia-Pacific Diagnostic Imaging Market by Application Reach (Revenue, USD Million, 2015-2025)
Asia-Pacific Diagnostic Imaging Market by Component Type (Revenue, USD Million, 2015-2025)
- High End Scanners
- Mid-Range Scanners
- Low End Scanners
- Very High and Ultra High Field MRI Systems
- High Field MRI Systems
- Low and Mid Field MRI Systems
- 3D Ultrasound
- 2D Ultrasound
- Digital Systems
- Analog Systems
- Computed Tomography
- Single Photon Emission
- Positron Emission Tomography
Asia-Pacific Diagnostic Imaging Market Geographical Scope (Revenue, USD Million, 2015-2025)
- South Korea
Asia-Pacific Diagnostic Imaging Market Top Vendors (Revenue, USD Million, 2015-2025)
- Samsung Electronics Co. Ltd.
- Shimadzu Corporation
- Canon Medical Systems Corporation
- Siemens AG
- Shanghai Unied Healthcare Co. Ltd.
- Koninklijke Philips N.V.
- Hologic Inc.
- Hitachi Medical Corporation
- Fujifilm Holdings Corporation
- CareStream Health SA
- General Electric Company
Global Diagnostic Imaging Market Size, Regional Forecasts 2020-2027
Global Diagnostic Imaging Market is valued approximately USD 25.70 million in 2019 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2020-2027. Diagnostic imaging makes the visual representation of the interior of the body for medical intervention. The imaging helps in maintaining a database of normal anatomy and physiology if the internal organs for identification of abnormality. The anatomy of the human body is taken using electromagnetic radiation for accurate diagnosis of the patient having applications in multiple medical fields such as cardiology, oncology, orthopedics and neurology.
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