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2020-09-01
740
Global
Global medical device industry is highly diversified and witnessing unprecedented progression in implementing innovative and advance technologies for the development of new medical devices. About 8% of value of shipment (VOS) of the U.S. medical devices includes X-ray, computed tomography (CT) scanner and diagnostic imaging equipments. Growing improvement and launch 3D orthopedic imaging equipment is making the diagnosis easier and provides several options for clinical and doctors. In March 2016, at European Congress of Radiology (ECR), Siemens Healthcare launched equipment which offers precise neurological imaging assessment. Siemens also introduced Multitom Rax an advanced robotic X-ray, which can take 3D images under natural weight bearing condition of patients. Countries like Canada is investing the development of portable 3D/4 D ultrasound diagnostic imaging equipment for the diagnosis of non-visible injuries.
Global orthopedic imaging equipment market is segmented on the following basis:
Global orthopedic imaging equipment market valued USD 7.52 billion in 2015 and is estimated to grow at a CAGR of 5.2% during the forecast period of 2017-2030.
North America and Europe are the dominant regions for orthopedic imaging equipment market and are expected to dominate over the forecast period. North America orthopedic imaging equipment market is expected to grow at a CAGR of 4.0% over the forecast period. U.S. medical device industry faces huge competition from countries such as Germany, the Netherlands and Japan due to low price of medical devices. However, Trans-Pacific Partnership agreement (TPP) between U.S. and with countries such as Australia, Canada, Chile, Japan, Malaysia, Mexico, Brunei, New Zealand, Peru, Singapore and Vietnam are expected to expand the orthopedic imaging equipment market in North America region. U.S. orthopedic imaging equipment market valued USD 2.06 billion in 2016 and is projected to reach over USD 2.87 billion in 2024.
Europe orthopedic imaging equipment market valued USD 2.54 billion in 2015 and is expected to hold 30% share of the orthopedic imaging equipment market over the forecast period. Germany is the dominating country and largest manufacturer of orthopedic imaging equipment market followed by the Netherlands and Belgium. Germany held 26% revenue share of Europe orthopedic imaging equipment market in 2016.
Rising number of manufacturers for orthopedic imaging equipments in countries such as Japan, China, Singapore, Taiwan and Korea are contributing in the growth for orthopedic imaging equipment market in Asia-Pacific region. Asia-Pacific orthopedic imaging equipment market is expected to grow at a CAGR of 7.0% during the forecast period. Whereas, Latin America orthopedic imaging equipment market valued USD 0.48 billion in 2016 and is anticipated to register healthy growth owing to the increasing sales in countries such as Brazil, Chile and Mexico.
Rising geriatric population and increasing prevalence of bone-related issues or disorders are bolstering the demand for orthopedic imaging equipment market. However, high tariffs on medical devices are restricting the growth of foreign medical device companies of developing countries, for expansion of their orthopedic imaging equipment business in international market. Countries such as India and other developing part of Asia-Pacific are still facing high tariffs on medical devices resulting in the declining sales of orthopedic imaging equipments. Availability of limited funds for medical device purchases and lack of authentic information about the medical devices from the manufacturer are limiting the growth of medical device market mainly in emerging economies. This is eventually affecting the business expansion of orthopedic imaging equipments.
Market Synopsis
Market Segmentation
The Global Orthopedic Imaging Equipment Market is segmented as follows:
By Region
Market Dynamics: Growth Drivers, Restraints and Opportunities
Impact of COVID-19 Outbreak on “Global Orthopedic Imaging Equipment Market ”, Manufacturers, Contract Manufacturers Suppliers and Recovery Strategy. A complete detailed chapter of 50-70 pages which includes the data and information focused on impacts of the pandemic on the Global Orthopedic Imaging Equipment Market . It also showcases the expected recovery schedule and losses in the industry and other various major factors.
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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