Market Size of Asia-Pacific Diagnostic Imaging Equipment Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 7.50 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Diagnostics Imaging Devices Market Analysis
Over the next few years, the Asia-Pacific diagnostic imaging equipment market is expected to grow at a CAGR of 7.5%.
The COVID-19 epidemic caused several significant problems for the healthcare sector. Since the majority of chronic therapies were considered non-urgent during the COVID-19 pandemic, all outpatient treatments were delayed or restricted to lower the danger of viral transmission. Lung imaging, however, became a significant component of COVID-19 diagnoses with the emergence of the infection, as it assisted in determining the severity of the illness in the afflicted population. According to a study published in the Indian Journal of Radiology and Imaging in January 2021, portable chest radiography had become a popular technique for rapidly assessing the degree of lung involvement in COVID-19 pneumonia in hospitalized symptomatic patients and calculating its progression. As a result, the use of diagnostic imaging grew during COVID-19 and had a favorable influence on the market. However, currently, the market has reached its pre-pandemic nature in terms of diagnostic imaging procedures and is expected to witness strong growth in the coming years.
Factors such as an increase in the prevalence of chronic diseases, technological advancements in imaging modalities, and the growing need for early diagnostics are driving the market.
There is a growing burden of life-threatening chronic diseases in Asian countries, which is one of the leading factors responsible for the market growth in the region. For instance, a research article by the National Institute of Health published in August 2021 highlighted in their research paper that both the prevalence and incidence of heart failure (HF) increase with increasing age and that HF places a considerable burden on health systems in China. Thus, the burden of cardiovascular diseases among the target populations in the countries of the Asia-Pacific region is expected to demand the availability of diagnostic imaging products for disease diagnosis and treatment. As a result, it is expected to contribute to market growth.
Furthermore, with the technological innovation in the area, many products are expected to be launched over the forecast period, which may also positively impact market growth. For instance, in April 2022, Wipro GE Healthcare announced the release of an innovative imaging solution that was entirely developed and produced in India. In accordance with the Atma Nirbhar Bharat mission, the imaging solution, the Revolution Aspire CT (computerized tomography) scanner, was produced at the recently opened Wipro GE Medical Devices Manufacturing unit. With the release of these new imaging devices in Asian countries, the market that was looked at is expected to grow quickly over the next few years.
However, the high cost of instruments and lack of skilled radiologists have been restraining the growth of this market.
APAC Diagnostics Imaging Devices Industry Segmentation
As per the scope of the report, diagnostic imaging is used to take images of the internal structure of the human body using electromagnetic radiation for an accurate diagnosis of the patient. Diagnostic imaging uses radiation to diagnose and treat diseases. The Asia-Pacific Diagnostic Imaging Equipment Market is segmented by product (MRI, Computed Tomography, Ultrasound, X-Ray, Nuclear Imaging, Fluoroscopy, and Mammography), application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Other Applications), end-user (Hospitals, Diagnostic Centers, Others), and geography (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific). The report offers the value (in USD million) for the above segments.
By Modality | |||||
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Fluoroscopy | |||||
Mammography |
By Application | |
Cardiology | |
Oncology | |
Neurology | |
Orthopedics | |
Gastroenterology | |
Gynecology | |
Other Applications |
By End-User | |
Hospital | |
Diagnostic Centers | |
Other End-Users |
Geography | |
China | |
Japan | |
India | |
Australia | |
South Korea | |
Rest of Asia-Pacific |
Asia-Pacific Diagnostic Imaging Equipment Market Size Summary
The Asia-Pacific diagnostic imaging equipment market is poised for significant growth, driven by an increasing prevalence of chronic diseases, technological advancements, and a rising demand for early diagnostics. The market, which experienced a surge in demand during the COVID-19 pandemic due to the critical role of lung imaging in diagnosing the virus, has since stabilized to pre-pandemic levels. However, it is expected to expand robustly in the coming years. The growing burden of life-threatening conditions, particularly cardiovascular diseases and cancer, is a major factor propelling market growth. The need for advanced diagnostic imaging products to support disease diagnosis and treatment is becoming increasingly critical, especially in countries like China, where the aging population and chronic disease prevalence are on the rise.
Technological innovations and new product launches are further fueling the market's expansion. Companies such as Wipro GE Healthcare and Mindray are introducing advanced imaging solutions, contributing to the market's dynamic growth. Additionally, significant investments in medical imaging facilities, like the National Biomedical Imaging Center in Beijing, are expected to enhance market capabilities. Key players in the market, including Carestream Health, Fujifilm Holdings Corporation, and GE Healthcare, are actively involved in research and development, aiming to improve their product offerings and expand their geographical presence. Despite challenges such as high equipment costs and a shortage of skilled radiologists, the market is set to grow, supported by strategic collaborations and technological advancements in diagnostic imaging.
Asia-Pacific Diagnostic Imaging Equipment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Prevalence of Chronic Diseases
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1.2.2 Technological Advancement in Imaging Modalities
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1.2.3 Growing Emphasis on Early Diagnosis
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1.3 Market Restraints
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1.3.1 Lack of Skilled Radiologist
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1.3.2 High Cost of Advanced Diagnostic Imaging Devices
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Modality
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2.1.1 MRI
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2.1.1.1 Low and mid field MRI systems (<1.5 T)
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2.1.1.2 High field MRI systems (1.5-3 T)
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2.1.1.3 Very High, and Ultra High Field MRI Systems (3T and more)
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2.1.2 Computed Tomography
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2.1.2.1 Low End Scanners (~16-Slice)
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2.1.2.2 Mid Range Scanners (~64-Slice)
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2.1.2.3 High End Scanners (128-Slice and More)
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2.1.3 Ultrasound
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2.1.3.1 2D Ultrasound
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2.1.3.2 3D Ultrasound
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2.1.3.3 Other Types of Ultrasound
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2.1.4 X-Ray
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2.1.4.1 Analog Systems
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2.1.4.2 Digital Systems
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2.1.5 Nuclear Imaging
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2.1.5.1 Positron Emission Tomography (PET)
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2.1.5.2 Single Photon Emission Computed Tomography (SPECT)
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2.1.6 Fluoroscopy
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2.1.7 Mammography
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2.2 By Application
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2.2.1 Cardiology
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2.2.2 Oncology
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2.2.3 Neurology
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2.2.4 Orthopedics
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2.2.5 Gastroenterology
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2.2.6 Gynecology
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2.2.7 Other Applications
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2.3 By End-User
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2.3.1 Hospital
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2.3.2 Diagnostic Centers
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2.3.3 Other End-Users
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2.4 Geography
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2.4.1 China
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2.4.2 Japan
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2.4.3 India
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2.4.4 Australia
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2.4.5 South Korea
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2.4.6 Rest of Asia-Pacific
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Asia-Pacific Diagnostic Imaging Equipment Market Size FAQs
What is the current Asia-Pacific Diagnostic Imaging Equipment Market size?
The Asia-Pacific Diagnostic Imaging Equipment Market is projected to register a CAGR of 7.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Diagnostic Imaging Equipment Market?
Carestream Health, Fujifilm Holdings Corporation, Hologic, Inc, Koninklijke Philips N.V. and GE Healthcare are the major companies operating in the Asia-Pacific Diagnostic Imaging Equipment Market.