July 16, 2020
According to the research report titled ‘Asia-Pacific Diagnostic Imaging Market Analysis, 2020’, available with Market Study Report LLC, Asia-Pacific diagnostic imaging market is projected to expand with a CAGR of 7.5% over 2020-2025.
Rise in healthcare expenditure and constant improvement of medical healthcare facilities in countries like Japan, India, and China are the major growth drivers of Asia-Pacific diagnostic imaging market. Rising cognizance towards early detection of chronic diseases like Cancer is boosting the demand for diagnostic imaging. Furthermore, programs conducted by government for early diagnosis and screening of diseases contributes to the industry expansion in the region.
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The COVID-19 pandemic outbreak has led to curfews and lockdowns throughout the region, resulting in a halt of the value chain and decline in the revenue of APAC diagnostic imaging market. Further, The payments, procurement, and entire logistics observed a slowdown, which is expected to follow through 2021. Although, a rise is likely to be witnessed in the second half of 2021.
Based on end-user scope, Asia-Pacific diagnostic imaging market is segmented into diagnostic/imaging centers, hospitals, and others. Among these, hospital segment currently accounts for majority market share. Teachings and trainings offered by hospitals for operating advanced technology like diagnostic imaging systems is supporting the segment growth. Asian and Southeast Asian countries, including 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) will positively influence the overall industry outlook.
Elaborating on the component, the market is categorized into low end scanners, MRI, ultrasound, X-ray, nuclear imaging, fluoroscopy, and mammography. In 2019, the MRI segment led the industry in terms of share, pertaining to escalating cases of chronic disorders in the region. Early treatment of these diseases is possible through MRI, making it popular in emerging economies.
X-ray segment holds a significant market share, pertaining to rising demand for retrofitting/upgrade kits and mobile X-rays, and surging number of hospitals. Additionally, growing elderly population who are more susceptible to various health complications is augmenting the demand for x-rays for disease screening application.
Major players in Asia-Pacific diagnostic imaging market are Samsung Electronics, Shimadzu Corporation, Canon Medical Systems Corporation, Siemens, Shanghai United Healthcare Co. Ltd., Philips, Hologic, Hitachi Medical Corporation, Fujifilm Holdings Corporation, Carestream Health, and GE.