WELLESLEY, MA--(Marketwired - September 20, 2016) - Healthcare reimbursement changes, the high price of imaging systems, and increasing competition have intensified the pressure on manufacturers of medical imaging systems to deliver better systems as affordable costs. BCC Research reveals in its new report that manufacturers have transitioned from adding features to their systems to optimizing current technologies instead.
The global market for medical imaging systems should reach $31.8 billion and $42.6 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 6.1%.
North America dominated the global market with revenues totalling $12.2 billion in 2015. This region should reach revenues of about $16.5 billion by 2021, growing at a projected five-year CAGR of 5.2%. The European market should total about $9.5 billion and $12.3 billion in 2015 and 2021, respectively, reflecting a five-year CAGR of 5.3%. Emerging markets, which should reach about $13.9 billion by 2021, are expected to surpass the European market on a five-year CAGR of 8%.
Expanding globalization, increasing research and development, along with continual technological innovations and advancements, have influenced market growth. Additionally, factors such as an expanding and aging population, increasing incidence of chronic diseases, and the growing focus on early diagnosis and treatment, have keyed intense demand for imaging systems worldwide.
Global sales of imaging systems remain affected by the limited availability of resources and high cost of imaging procedures. In the past decade, the global financial downturn and changes in healthcare reimbursement policies have challenged market growth.
"To remain effective in the market, it's important for manufacturers to improve their products and services," says BCC Research analyst Shalini Dewan. "As such, some companies are offering upgrades for existing systems for superior workflow efficiency and faster exams. Meanwhile, other leading market players have introduced several new systems as well as advanced versions of their existing systems with many cutting-edge technologies, which facilitate more advanced and efficient examinations."
Global Markets for Medical Imaging Analysis Equipment (HLC040E) analyzes the market, reviewing its applications, regulatory environment, technology, market projections and market shares. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.