Global Dental Imaging Equipment Market to Grow at a Moderate CAGR of 6.8%
Attributed to surge in cosmetic surgeries for dental globally is a factor that has significantly contributed towards demand for the dental imaging equipment. The global dental imaging equipment market is expected to register a moderate CAGR of 6.8% over the forecast period, 2024.
Market Dynamics: Growing instances of dental ailments such as tooth decay, dry mouth and gingivitis in regions such as North America, Asia Pacific and Europe will further impact market growth of the dental imaging equipment positively. In addition, growing awareness regarding dental hygiene is a significant factor that is boosting demand for advanced dental imaging equipment.
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However, less lifetime of accessories that find application in such equipment and lack of skilled professionals are factors that inhibit growth and expansion of the dental imaging equipment globally.
Global Dental Imaging Equipment Market to Grow at a Moderate CAGR of 6.8
Extraoral X-ray system among various types of products will retain dominance in the dental imaging equipment market. Whereas, the cone-beam computed tomography (CBCT) imaging product will grow rapidly in terms of revenue and reached US$ 395.7 Mn in 2016.
Outpatient surgery centres and dental clinics will witness relatively high adoption of dental imaging equipment in the span of next eight years. The independent dental clinics will grow exponentially in terms of market revenue and contribute US$ 1.4 Bn in the market globally in coming years. Moreover, hospitals and forensic laboratories will also be significant end-users of dental imaging equipment due to surgical and pathological use of the devices.
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Regional Analysis
Due to surge in adoption of CBCT imaging products in the U.S, North America will be a major market for dental imaging equipment globally. However, in 2016, APEJ and Europe collectively accounted for over 40% of the revenue share.
Vendor Insights
Market players operating in the dental imaging market globally are Planmeca Oy, Acteon Group, Danaher Corporation, VAtech Co. Ltd., Carestream Health and Dentsply Sirona among other market players. Danaher Corporation will retain its dominance in the global market due to leading product range of innovative CBCT equipment.
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Detecting diseases at earlier stages can positively impact the further clinical procedures and shorten the recovery span for patients. Global healthcare organizations as well as independent clinical bodies have intensified the processes of adopting optimal medical imaging equipment. The prime benefit of using efficient diagnostic imaging equipment is that it enables medical practitioners in identifying abnormalities at a stage where the disorder hasn’t matured to incurable or fatal levels. At present, medical imaging equipment can be regarded as a viable method for diagnosis of malignant ailments such as cancer and other tumor-related diseases. As cardiovascular diseases and cancer are among the most dominant disorders inciting use of advanced diagnostics, the global medical imaging equipment market was valued at US$ 29.4 Bn in 2015 and is projected to reach US$ 45.3 Bn by 2023, expanding at a CAGR of 5.6% during the forecast period from 2015 to 2023.
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Improving the imaging accuracy will remain the key aspect that will determine the trajectory of developing medical imaging equipment for future. Anticipating disorders that are more likely to hamper human health in the upcoming decades has an equally influencing effect on such developments. The most recent technological advancement in diagnostic imaging is the use of electromagnetic radiation for producing images of internal human anatomy. Implementing tomography or similar 3D imaging techniques can be observed as the first step towards manufacturing futuristic medical imaging equipment. Crucial prospects that will shape up the future of medical imaging equipment include,
Miniaturization: The size of medical imaging equipment has been a predominant challenge in diagnostic operations. Replacing the large MRI and CT scanners with miniaturized devices will be a major achievement, not only for diagnostic purposes but also for boosting the revenues from detection procedures. Without curbing the efficiency, miniaturized medical imaging equipment will gain traction over existing ones. The competitive production costs and affordable diagnosis charges will promote the use of miniaturized imaging devices in the future.
Portability: Reducing the equipment dimensions will invite opportunities for developing portable imaging devices. Stationary medical imaging equipment are generally preferred by surgeons as they are connected to ample power supply and prevent imaging implications due to mechanical shocks. Nevertheless, the advent of portable imaging devices will not only increase access to diagnostic technologies among rural areas, but also shorten the working time for clinical procedures. Using portable imaging equipment for diagnostic purposes in untapped regions will increase awareness of detecting diseases at initial stages. And, the operational hours of tedious diagnostic procedures may get abridged when images of the affected anatomical area are produced with such conveniently moving imaging equipment; unlike immovable imaging equipment that consume a lot of precious time.
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Impact of Digitization: Calibrating the images is likely to get simpler in the years to come. Digitization can augment measurement processes and boost the accuracy. Calibrating molecular mutations in a tumor can help incision of antibodies in such molecules. The outbreak of tumorous pathogens can be curtailed when produced images are available in digitized measurements that identify even the subatomic alterations during diagnosis of living tissues.
Hybridization of Technologies: It is relatively possible for future imaging equipment to have an alternative of shifting among technologies. For example, an equipment developed with tomographic technology can amalgamate other contemporary technologies. Successful clinical adoption of non-ionizing imaging modalities such as ultrasound or optical is anticipated to be the forthcoming advancement in imaging technologies. Such hybrid imaging technologies will increase the revenues due to lack of radiation exposure, compared to tomographic and radiographic medical imaging technologies.
Key participants in global imaging equipment market include, GE Healthcare, Shimadzu Corporation, Philips Healthcare, Genesis Medical Imaging inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Hitachi Medical Corporation, Fujifilm Holdings Corporation, Toshiba Corporation and Fonar Corporation. The medical imaging equipment market is highly capital.
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