The global medical imaging market is expected to grow at a compound annual growth rate (CAGR) of around 5% between 2016 and 2020, according to market research firm Big Market Research.
The cause for growth is the focus on research and development to provide high-quality imaging for better diagnosis and treatment of diseases. The Asia-Pacific region is the fastest-growing region in the medical imaging market, and the introduction of government initiatives that focus on the improvement of healthcare infrastructure in developing economies is a significant factor that results in this region's growth, the firm said.
The general x-ray imaging segment currently dominates the market, occupying 40% of the total market share, according to the company. Factors such as increased regulatory approval of imaging systems, the advent of improved imaging technologies, and the growing focus on early diagnosis and treatment will lead to growth in this market segment during the forecast period.
The leading vendors in the market include Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, and Carestream Health. The market is highly competitive due to the presence of many multinational companies that consistently focus on research and development to bring about product innovations.