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(Medical-NewsWire.com, July 22, 2020 ) 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.
How the Market Growth looks like and Industry Segmentation?
The BRIC Diagnostic Imaging Equipment Market is projected to reach USD 8.3 billion, at a CAGR of 9.2% during the forecast period.
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.
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.
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What are the opportunities available for new entrants as well as existing market players in the BRIC diagnostic imaging equipment market?
Rapid expansion of diagnostic infrastructure in emerging countries, rising awareness on early disease detection, adoption of AI and analytics in diagnostic imaging are some of the key available opportunities for players in this market. Of all the major imaging modalities, the adoption of AI is higher in CT and MRI systems; likewise, based on applications, AI is majorly used in neuroradiology. Furthermore, several companies are significantly progressing in their offerings in the field of AI; key market players have also identified this opportunity and are focusing on the launch of AI-based platforms.
Recent Developments:
- 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.
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Geographical Regions Mapped in Report (medical imaging equipment market):
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.
Major Key Players Mapped in Research Report:
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),
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