$500 Billion Health Care Spend Boosts BRIC Countries' Diagnostic Imaging Sales Despite Global Recession, According to Millennium Research Group
WALTHAM, Mass., Oct. 13 -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, sustained economic growth since 2003 in Brazil, Russia, India, and China (BRIC) has enabled massive increases in health care expenditures with an astounding $500 billion spent in 2009 alone. One effect has been improved access to diagnostic imaging scanners. Findings from MRG’s newest series of global diagnostic imaging reports reveal that the BRIC economies will fuel much of the growth occurring in the global market for diagnostic imaging systems throughout the recession and beyond.
The BRIC nations have not been as affected by the economic downturn. As a result, the BRIC governments are still concentrating on longer-term initiatives to improve their health care infrastructure. For example, in 2006, the Russian National Health Program was implemented; one of the central priorities of the program is to equip hospitals with up-to-date medical equipment, and since the launch of the initiative, over $9 billion has been earmarked for spending. Through the program, many Russian facilities have been able to upgrade existing systems and replace obsolete imaging technology. It has also enabled hospitals to purchase advanced systems, such as computed tomography (CT) and magnetic resonance imaging (MRI) scanners.
“While Russia has concentrated on a widespread renewal, Brazil, India, and China have focused on improving quality and access to health care, particularly in smaller cities and rural areas. A top priority for this funding is the acquisition of newer medical equipment, such as imaging scanners,” says Ravindra Sharma, Senior Analyst at MRG. “With huge latent demand for imaging systems and increasing availability of government funds, patient care is vastly improving. Diagnostic imaging vendors have embraced these opportunities as they search for revenue streams beyond the US where credit constraint and reimbursement uncertainty have heavily impeded sales. Leading suppliers including GE Healthcare, Philips Healthcare, and Siemens Healthcare are working with the BRIC governments much more often through partnerships and jointly funded projects, successfully supporting the ongoing demand in these regions.”
MRG’s new global diagnostic imaging modality report series includes Global Markets for CT Systems 2009, Global Markets for MRI Systems 2009, Global Markets for Ultrasound Systems 2009, Global Markets for General Radiography Systems 2009, and Global Markets for Nuclear Medicine Systems 2009. Each report provides important insight into technological trends that will drive scanner sales and market growth through 2013. Additionally, the reports provide detailed country coverage. They also include full breakdowns of different scanner types, unit sales, average selling prices, five-year forecasts, up-to-date country-level market shares, and in-depth qualitative insights.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources, Inc. company (www.DecisionResourcesInc.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the health care sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group