IHS: Shifts in Healthcare Industry Will Affect Medical Imaging Market

A new report from IHS Markit has forecast that medical imaging equipment will be affected by the ageing population and predicted changes in healthcare spending in the world’s leading territories. The report states that the medical imaging equipment market is estimated to reach $24 billion in 2020, an 11.7% growth on the $21.2 billion made in 2016.

X-ray and ultrasound account for the bulk of medical imaging spending, with MRI and CT scanning equipment making around 40-50% less revenue.

Humans are living longer with every passing generation; IHS cites data from the World Health Organisation estimating that over 60s will make up 22% of the world’s population in 2020, up from 12% in 2015. This shift will put additional strain on global healthcare systems and increase the need for medical imaging equipment.

The report points out that, in many countries, the medical imaging budget is being negatively affected by the consolidation of healthcare systems, as funds intended for imaging equipment are being diverted to telehealth systems.

For instance, in the US, which accounted for a quarter of global spending in 2016, continued debate on healthcare systems and medical expenditure is predicted to affect the global industry stage down the line. The country is expected to see a decline in the purchase of medical imaging tools, with equipment being used less and replaced less frequently. This decline is expected to be mitigated by the growth of healthcare systems in developing countries.

Meanwhile, in 2016, the Asia-Pacific region accounted for 40% of global spending and 43% of global shipments of medical imaging equipment, and this growth is expected to continue. China, the second-largest medical imaging market after the US, is expected to continue driving investments in the industry until at least 2020.