According to FutureWise analysis, the market for BRIC diagnostic imaging equipment is projected to expand at a CAGR of 8.7% from 2023-2031.
The factors inflating the BRIC diagnostic imaging equipment market size are increasing permission for the advancement of imaging facilities and the growing prevalence of associated diseases. Technological advancements in imaging modalities and increasing funds from private and public organizations are complementing the growth of the market.
The market is divided into modality, end-user, and region. Based on modality, MRI systems are expected to control the growth of the market. Increasing disposable income from BRIC countries is increasing the demand for MRI, which in this, is inflating the BRIC diagnostic imaging equipment market size. Advancement in technology coupled with increasing demand for accurate and early diagnosis is also boosting the market. Increasing adoption of MRI systems by diagnostic centres and hospitals is also proliferating the market.
In terms of end-users, hospitals are the front runner of the market. The increase in the number of diagnostic imaging procedures alongside a growing preference of imaging modalities to improve the workflow is accelerating the BRIC diagnostic imaging equipment market growth. Increasing inclination toward digitization and automation of radiology patient workflow and increasing adoption of minimally invasive procedure is escalating the market size.
In terms of regions, the market is classified into Brazil, Russia, India, and China. China is expected to show notable growth owing to increasing government emphasis on upgrading the healthcare infrastructure. Favourable government policies have resulted in prominent players investing in the region. Easy accessibility to diagnostic imaging modalities, increasing geriatric population and growing preference towards advanced modalities remain key factors boosting the market in the region.
Koninklijke is the leading player in the market. The company has bolstered its foothold in sectors like patient monitoring, image-guided therapy, health informatics, and diagnostic imaging. Philips's strong geographical presence has also helped in inflating the BRIC diagnostic imaging market size. The company is aiming to penetrate emerging economies like India and China. Philips launched Epiq Elite Ultrasound System, Ingenia Edition MRI systems in India and GE Healthcare in 2019, launched Vector CT Scan in China
Hitachi, Ltd launched three new systems ARIETTA 50, ARIETTA 50 LE and ARIETTA 65 at European Society of Radiology in Russia earlier this year
Siemens Healthineers launched its NX Series Ultrasound machines and Mammomat Revelation Mammography System in India in 2018