Diagnostic Imaging Devices - Jamaica

Jamaica's Diagnostic Imaging Devices market market is expected to witness significant growth in the coming years.
By 2024, the revenue in this market is projected to reach a substantial amount of US$14.05m.
This growth is forecasted to continue, with an estimated annual growth rate (CAGR 2024-2029) of 3.60%.
As a result, the market volume is expected to reach US$16.76m by 2029.
In a global comparison, it is noteworthy that the United States is expected to generate the highest revenue in the Diagnostic Imaging Devices market market.
By 2024, the revenue the United States is projected to reach a remarkable US$11.93bn.
Jamaica's diagnostic imaging device market is witnessing a surge in demand for portable ultrasound machines, driven by the need for efficient and accessible healthcare in rural areas.

Definition:
The market covers diagnostic imaging devices such as X-ray systems, ultrasound systems, computed tomography scanners, Magnetic resonance imaging (MRT) systems, and related components.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Siemens Healthineers, General Electric, Philips, Fujifilm Holdings. Further information on the key players can be found in the Market Shares boxes.

X-ray systems
Computed tomography (CT) scanners
Magnetic resonance imaging (MRT) systems
Positron emission tomography (PET) scanners

Non-imaging diagnostics
In vitro diagnostics (IVD)

The Diagnostic Imaging Devices market in Jamaica is experiencing significant growth due to increasing customer preferences for advanced medical technology and the rising demand for accurate and efficient diagnostic tools.

Customer preferences: Customers in Jamaica are increasingly demanding Diagnostic Imaging Devices that offer high-quality imaging, faster scan times, and improved patient comfort. They prefer devices that provide accurate diagnoses and are easy to operate and maintain. Additionally, customers are looking for portable and mobile imaging devices that can be used in remote areas or during emergencies. The demand for advanced imaging technologies such as MRI, CT scans, and ultrasound is also increasing as customers seek more precise and detailed diagnostic information.

Trends in the market: One of the major trends in the Diagnostic Imaging Devices market in Jamaica is the adoption of digital imaging technology. Digital imaging offers several advantages over traditional film-based imaging, including faster image acquisition, better image quality, and the ability to store and share images electronically. This trend is driven by the increasing availability of high-speed internet and the growing use of electronic health records. Furthermore, there is a growing trend towards the use of AI and machine learning algorithms in diagnostic imaging devices to assist radiologists in interpreting images and making accurate diagnoses. This trend is expected to improve the efficiency and accuracy of diagnoses and reduce the workload of radiologists.

Local special circumstances: Jamaica has a growing aging population, which is driving the demand for diagnostic imaging devices. As the population ages, the incidence of chronic diseases and conditions that require diagnostic imaging, such as cardiovascular diseases and cancer, is increasing. This has led to a higher demand for imaging devices that can accurately diagnose these conditions at an early stage. Additionally, the government of Jamaica has been investing in improving healthcare infrastructure, including the installation of new diagnostic imaging devices in hospitals and clinics across the country. This has contributed to the growth of the Diagnostic Imaging Devices market in Jamaica.

Underlying macroeconomic factors: The growth of the Diagnostic Imaging Devices market in Jamaica is supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare spending. This has allowed individuals and healthcare facilities to invest in advanced medical technologies, including diagnostic imaging devices. Furthermore, the government of Jamaica has implemented policies to attract foreign direct investment in the healthcare sector, which has further stimulated the growth of the market. The country's strategic location and strong healthcare infrastructure also make it an attractive market for international manufacturers and suppliers of diagnostic imaging devices.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.