February 10, 2021
According to a recent study titled ‘Asia-Pacific Diagnostic Imaging Market Analysis, 2020’, available with Market Study Report LLC, Asia Pacific diagnostic imaging market is projected to record a year-over-year growth rate of 7.5% over 2020-2025.
Ongoing development of medical facilities and rising healthcare expenditure in nations like India, Japan, and China are fostering Asia Pacific diagnostic imaging market growth. Moreover, increasing government initiatives and growing awareness regarding early detection of chronic disease like Cancer are infusing growth in the industry. Besides, favorable foreign direct investment (FDI) policies, and rising cognizance about different technologies will further boost the adoption of diagnostic imaging systems in APAC.
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On the contrary, disruption in the industry value chain has been observed in 2019-20 due the Covid-19 pandemic as procurement, payments, and logistics came to a standstill due to lockdown mandates. The slowdown is expected to continue through 2021. However, the market is expected to start picking up pace in the 2nd half of 2021.
Based on component, Asia Pacific diagnostic imaging market share from MRI Segment was the highest in 2019, attributable to increasing cases of chronic diseases in the region. Moreover, MRI is witnessing an increased adoption in emerging nations as it facilitates early diagnosis.
Meanwhile, X-ray segment also showing strong growth, driven by proliferating number of hospitals along with escalating demand for mobile X-rays and upgradation of equipment. Further, expanding geriatric population is strengthening the demand for X-ray systems.
Considering the end-user spectrum, hospitals are slated to capture significant portion of Asia Pacific diagnostic imaging industry share in the forthcoming years. The demand of diagnostic imaging systems is driven by increasing cases of various disorders and application in training & teaching.
Leading players influencing Asia Pacific diagnostic imaging market trends are Shimadzu Corp., Canon Medical Systems Corp., Siemens AG, Shanghai Unied Healthcare Co., Ltd., Koninklijke Philips N.V., Hologic, Inc., Hitachi Medical Corp., Fujifilm Holdings Corp., CareStream Health, Samsung Electronics Co., Ltd., and General Electric.