(EMAILWIRE.COM, April 14, 2021 ) The major factors driving the growth of the BRIC Diagnostic Imaging Equipment Market include the rising burden of target diseases and increasing investments, funds, and grants for the modernization of healthcare facilities. In addition, technological advancements in the diagnostic imaging modalities, rising R&D investments, the growing geriatric population, and awareness initiatives have all supported the growth of this market in BRIC nations.

According to the new market research report “BRIC Diagnostic Imaging Equipment Market by Modality ((X-Ray Imaging (Digital, Analog), MRI (High & Low Field), CT (Conventional, CBCT), Nuclear Imaging (SPECT, Hybrid PET)), End User (Hospitals, Imaging Centers) – Global Forecast to 2024” published by MarketsandMarkets™.

The BRIC Diagnostic Imaging Equipment Market is projected to reach USD 8.3 billion by 2024 from USD 5.3 billion in 2019, at a CAGR of 9.2% during the forecast period.

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Geographical Scenario in Depth:

The BRIC diagnostic imaging equipment market is segmented into Brazil, Russia, India, and China. China accounted for the largest share of the diagnostic imaging equipment market in 2018, followed by India. China has a dynamic and fast-growing healthcare industry with significant government emphasis on the modernization and expansion of the rural healthcare infrastructure. Moreover, rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and rising adoption of advanced modalities are the key factors fueling the growth of the Chinese market.

Leading Key-Players:

The major players in the market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Carestream Health, Inc. (US), Hologic, Inc. (US), Hitachi, Ltd. (Japan), Neusoft Corporation (China), Allengers (India), CURA Healthcare (India), NP JSC Amico (Russia), SONTU Medical Imaging Equipment Co., Ltd. (China), FUJIFILM Holdings Corporation (Japan), and United Imaging Healthcare Co, Ltd. (China), among others.

An analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product launches, upgrades, and enhancements; agreements, partnerships, and collaborations; expansions; acquisitions; and other strategies were adopted by market players to strengthen their product portfolios and maintain a competitive position in the diagnostic imaging equipment market. Among these business strategies, product launches, upgrades, & enhancements was the most widely adopted growth strategy by market players.

Koninklijke Philips N.V. (Netherlands) held the major share of the BRIC diagnostic imaging equipment market in 2018. As part of its strategy, Philips focuses on product launches and expansions to increase its market share in this highly competitive market. China offers significant opportunities for Philips due to its large patient pool and developing healthcare infrastructure. In order to deliver technologically advanced solutions at economical prices, the company established an AI lab in Shanghai, China. The company has also entered into partnerships & collaborations with various companies and organizations in the country to enhance its market share.

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Recent Developments in Diagnostic Imaging Equipment Market:

- In 2019, GE Healthcare (US) has launched ‘Vector CT Scan’ in China.

- In 2019, Hitachi, Ltd. (Japan) launched three new systems ARIETTA 65, ARIETTA 50, and ARIETTA 50 LE at the European Society of Radiology (ECR) in Russia.

- In 2019, Koninklijke Philips N.V. (Netherlands) launched the EPIQ Elite ultrasound system for general imaging as well as obstetrics & gynecology platforms in India.

- In 2018, Siemens Healthineers (Germany) introduced its Mammomat Revelation Mammography System and NX Series Ultrasound machines in India.