According to the latest research by the FMI, the global urology imaging systems market is expected to account for over US$ 486.4 Mn, in terms of value, by 2028 end. The report on the Urology Imaging Systems market further projects substantial growth potential with CAGR of 3.8% over 2018-2028.
While hospitals will continue to register the highest revenue share in terms of urology imaging systems adoption, the report highlights limited investment opportunities for manufacturers of urology imaging systems, within clinics.
Increasing EU Reserve Funding Encouraging Adoption of Urology Imaging Systems
Increasing instances of urological disease and simultaneously increasing awareness about critical health issues is anticipated to boost demand for urology imaging systems and services across globe. Accessibility of EU reserves for part states in the CEE, paralleled by administrative projects in Russia, will be an imperative source of financing for new imaging equipment purchases and will contribute fundamentally to the advancement of the urology imaging systems market in the Eastern Europe.
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In Russia, the 2020 Healthcare Development Program and National Project ‘Health’ center not just around conveying propelled advances to the nation and furnishing healthcare facilities with costly, top of the line urology imaging systems, yet additionally on obtaining mid-range and low-end urology imaging systems that are very required in local health facilities. The compliance to the EU reserve funding has given access to countries like the Czech Republic, Hungary, Poland, Bulgaria and Romania. Such compliances are anticipated to eliminate barriers for the new entrant in urology imaging systems market.
The growing demand for urology imaging systems is centered at increasing inclination towards technologically-advanced imaging tools used in the diagnosis of prostate cancer and uterine fibroid to reduce the risk of uterine cancer. Further increasing demand for urology imaging systems for accurate diagnosis and second opinion is anticipated to create demand for ultrasound- as well as fluoroscopy-based urology imaging systems, thereby driving the growth of the Urology Imaging Systems market. However, ultrasound systems are likely to continue representing a larger market value share over fluoroscopic variants, according to FMI’s analysis.
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Favorable Reimbursement Scenario, Supported by Increasing Number of Diagnostic Establishments Driving Market Growth
In the recent years, the number of independent diagnostics and imaging centers in various developed and developing regions has seen a significant spike, overcoming a series of volume and reimbursement pressures in an effort to sustain profitability and achieve better margins. This according to the report is expected to drive the growth of the Urology Imaging Systems market.
Many insurance companies have adopted effective marketing strategies to shift the patient volume to low-cost independent diagnostic centers and reduce the price point associated with urology imaging systems. Independent diagnostic imaging centers offer better service and often of superior quality, generally at the expense of local hospitals and weak operators. The development of low cost portable urology imaging systems is providing leverage to current imagining centers and subsequently driving the growth of Urology Imaging Systems market.
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The report tracks strategic developments of some of the prominent players competing in the global urology imaging systems market, including GE Healthcare, Toshiba Medical, Philips Healthcare, Hitachi-Aloka Medical, Siemens Healthineers, Samsung Medison, Mindray, Fujifilm Sonosite, Esaote, and Analogic. The report also provides key aspects and trends in the Urology Imaging Systems market, including reimbursement scenario, average selling price, and country-wise revenue analysis.