The Asia-Pacific diagnostic imaging market is expected to register a CAGR of 7.5% during the forecast period of 2018-2023. China is anticipated to grow at a high rate in the Asia-Pacific diagnostic imaging market owing to the presence of a huge patient pool and rise in the number of hospitals and diagnostic centers in the region.
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Growing Emphasis on Early Diagnosis
Early detection of chronic disorders, like cancer, greatly increases the chances for successful treatment. Therefore, healthcare sector in developing countries is emphasizing on the early detection of such diseases rather than spending on expensive treatments. Government organizations are conducting programs to create awareness about early diagnosis. For instance, to promote awareness about breast cancer, a three-day international conference was organized by the Department of Surgical Disciplines, AIIMS, National Cancer Institute-India, and Safdarjung Hospital. The need for early diagnosis of diseases for effective treatment, with increasing number of cases of chronic diseases in Asia-Pacific, is likely to drive the market for diagnostic imaging in the region. Additionally, rising number of hospitals and diagnostic centers, technological advancement in imaging modalities, and rising prevalence of chronic diseases, are further driving the market for diagnostic imaging.
Key Developments in the Market
- April 2017: Toshiba Medical Systems Corporation launched two latest 1.5 Tesla MRI systems u2013 Vantage Titanu2122 Zen Edition and Vantage Elanu2122 Zen Edition.
- March 2017: Shanghai United Imaging Healthcare (UIH) signed an official cooperation agreement with Shanghai Jiaotong University (STJU)uff0cone of the top universities in China, to build STJU-UIH Research Institute for Advanced Medical Imaging Technology.
Major players-
CARESTREAM HEALTH, FUJIFILM HOLDINGS CORPORATION, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, HOLOGIC, INC., KONINKLIJKE PHILIPS N.V., SHIMADZU CORPORATION, SIEMENS AG, TOSHIBA MEDICAL SYSTEMS CORPORATION, AND SHANGHAI UNITED IMAGING HEALTHCARE CO., LTD, amongst others.
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Lack of Skilled Radiologists
The development of imaging devices and new imaging technology has continued uninterrupted, but involvement of physicians specializing in diagnostic imaging is necessary to draw out the optimal performance of the test and make sufficient clinical use, of the modalities. In Asia-Pacific, however, many CT and MRI systems are operated in the absence of a radiologist. Moreover, this tendency has shown no improvement since the last decade. For instance, in Japan CT or MRI systems are introduced by the judgment of medical organizations, and no political measures have been taken about the arrangement or installment conditions of medical instruments. As a result, the numbers of CT and MRI systems per population are markedly higher than in foreign countries, and 60-70% of them are in operation in the absence of a radiologist. Thus, lack of skilled radiologist and the high cost of advanced diagnostic imaging devices are likely to impede the market.
Japan to Dominate the Market
Japan has the largest diagnostic imaging market in Asia. Recent growth has come from X-ray and ultrasound, which are the largest market segments, based on sales revenue. China and India are the fastest growing countries in Asia-Pacific, owing to favorable government reimbursement policies for diagnostic imaging procedures, growing government funding, coupled with growing investment from public and private hospitals in the diagnostic imaging equipment in India and China.
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