BRIC Diagnostic Imaging Equipment Market Size Expands at CAGR of 9.25% to Reach USD 9.86 Billion by 2030
BRIC Diagnostic Imaging Equipment Market is flourishing due to an increase in the target sickness load and investments in the identification of BRIC disorders and growing elderly population more prone to sickness.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global BRIC Diagnostic Imaging Equipment Market size at USD 5.80 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global BRIC Diagnostic Imaging Equipment Market size to expand at a CAGR of 9.25% reaching a value of USD 9.86 billion by 2030. BRIC diagnostic imaging equipment’s increasing use in diagnosing and treating elderly population, who are more vulnerable to the ailment, is expected to drive the global market's growth in the coming years. Improvements in imaging technology and a rise in funding from both public and private institutions will fuel the growth of global market. Launches of innovative products have helped the market and will continue to drive the market.
Opportunity: Rapidly aging population
The prevalence of liver-related conditions, including Benign recurrent intrahepatic cholestasis (BRIC), tends to increase with age. The geriatric population often experiences a higher incidence of liver diseases, and diagnostic imaging plays a crucial role in the early detection and management of these conditions. As individuals age, there is a higher demand for comprehensive healthcare services, including diagnostic imaging. The geriatric population may require more frequent and thorough diagnostic assessments, creating a sustained demand for imaging equipment. Generally, elderly people suffer with multiple and complex health conditions. Diagnostic imaging equipment that allows for detailed and accurate assessments of liver function and structure is essential for managing the healthcare needs of the geriatric population.
Impact of Geopolitical Tensions on Global BRIC Diagnostic Imaging Equipment Market
Geopolitical tensions have an impact on the Global BRIC Diagnostic Imaging Equipment Market in various ways. Global supply chain interruptions may result from geopolitical crises. The market for diagnostic imaging equipment is dependent on the import and export of parts and completed goods. Geopolitical tensions can result in trade barriers, taxes, or other limitations that might disrupt the supply chain, causing delays and higher prices. Uncertainty in politics can exacerbate economic instability by causing swings in the value of currencies and financial markets. The cost of capital and investment decisions can be impacted by market volatility, which may have an impact on the expansion and development of the BRIC diagnostic imaging equipment market.
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Global BRIC Diagnostic Imaging Equipment Market
Segmental Information
Global BRIC Diagnostic Imaging Equipment Market - By End User
Based on end user, the hospitals segment is expected to grow at the highest CAGR in the Global BRIC Diagnostic Imaging Equipment Market during the forecast period. In order to offer complete healthcare services, hospitals frequently strive to improve their diagnostic skills. Purchasing innovative imaging equipment, such as liver imaging-compatible technologies, will help the hospital better diagnose and treat illnesses like BRIC. Hospitals serving as treatment and management centers for liver diseases may prioritize the acquisition of state of the art diagnostic imaging equipment. It is especially important for diseases like BRIC, which need a precise diagnosis in order to receive the right medical care.
Global BRIC Diagnostic Imaging Equipment Market - By Region
Based on region, Global BRIC Diagnostic Imaging Equipment Market is divided into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Over the anticipated period, North America is expected to continue to dominate the market for diagnostic imaging equipment, accounting for about two thirds of the global revenue generated by this region in 2022. Additionally, growing knowledge of the benefits offered by diagnostic imaging equipment in the healthcare industry may be the cause of the regional market expansion. In addition, the substantial presence of major medical device producers in the United States and Canada will facilitate the expansion of the regional market in the years to come.
Competitive Landscape
The Global BRIC Diagnostic Imaging Equipment Market is fragmented, with numerous players serving the market. The key players dominating the Global BRIC Diagnostic Imaging Equipment Market include United Imaging, Siemens Healthineers, GE Healthcare, Neusoft Corporation, Basler AG, Carestream Healthcare, Inc., Arterys, Hologic Inc., AiCure, CURA Healthcare, iCAD Inc., and Koninklijke Philips N.V. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global BRIC Diagnostic Imaging Equipment Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global BRIC Diagnostic Imaging Equipment Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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