The global medical imaging equipment market is estimated to expand growth at a CAGR of 5.4% from 2021 to 2028 and to reach valuation of US$ 50.3 Bn by the end of 2030.
The global medical imaging equipment market is estimated to expand growth at a CAGR of 5.4% from 2021 to 2028 and to reach valuation of US$ 50.3 Bn by the end of 2030.
Advances in radiology in the last few decades have fueled the growth of the global medical imaging equipment market. Imaging devices such as magnetic resonance imaging (MRI), computed tomography (CT or CAT), and ultrasound have allowed further options for treatment guidance, essentially with low morbidity. This has helped physicians to assess patients without surgical intervention and thereby improve the patient outcomes and quality of life.
Surge in incidence of several diseases such as respiratory, oral, orthopedic, and cardiovascular has increased demand for diagnosis and diagnostic equipment across the world. Moreover, increase in incidence of diseases across the globe propels demand for efficient diagnosis, and consequently medical imaging equipment. The global medical imaging equipment market is quite competitive, with the top players accounting for major share of the market and every company focusing on research & development to produce better medical imaging equipment.
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Increase in Demand for 3D Medical Imaging Equipment Drives Global Market
A number of medical imaging modalities are currently enabling three-dimensional (3D) visualization and rapid diagnoses. Advancements in 3D imaging have led to development of computer-assisted detection (CAD) and image analysis applications. This drives the market for almost every possible modality, primarily in tomographic imaging techniques. Moreover, surgeons are using 3D imaging to plan surgeries, which has led to increased applications of these systems.
| Report Scope | Details |
| Market Size by 2030 | USD 50.3 Billion |
| Growth Rate | CAGR of 4.4% from 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
| Base Year | 2021 |
| Forecast Data | 2021 to 2030 |
The uptake of 3D imaging for breast cancer detection, which enables better representation of tissue compared to conventional mammograms, has been on the rise. This has led to increase in utilization of imaging equipment, primarily in the developed markets such as the U.S. and Europe, where the market for 2D modalities has matured. However, these devices are gaining traction in key countries in Asia such as China and India due to rise in demand for better health care infrastructure. The economies of these countries are improving year on year, which is likely to result in continued growth in demand for 3D medical imaging equipment.
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X-ray Imaging Devices to Dominate Market
In terms of product, the global medical imaging equipment market has been classified into X-ray devices, MRI equipment, ultrasound devices, CT scanners, and nuclear imaging equipment. The X-ray devices segment dominated the global medical imaging equipment market in 2020 and the trend is projected to continue during the forecast period. The growth of the segment can be attributed to increase in incidence of disorders and easy availability and acceptability of X-ray devices. Among X-ray devices, stationary devices dominated the market, as these are the oldest imaging devices and most cost effective options compared to portable X-ray equipment devices.
The ultrasound systems segment is expected to grow at a rapid pace during the forecast period owing to high adoption rate across the world. Real-time image formation, higher safety, and cost-effectiveness are some of the advantages of ultrasound imaging over MRI and CT scans, which drive the market. Recent developments in the medical imaging equipment market include nuclear imaging devices that are expected to witness high adoption level.
North America to Dominate Global Market
In terms of region, the global medical imaging equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical imaging equipment market in 2020. The region’s dominance can be attributed to rise in demand for technologically advanced and innovative products in hospitals, diagnostics laboratories, and outpatient ambulatory surgery centers, and high investment in improving healthcare infrastructure. Emerging markets in Asia Pacific hold immense growth potential due to factors such as increase in demand for refurbished imaging systems as more equipment are needed with less funds dedicated to healthcare budget.
Leading players operating in the global medical imaging equipment market are
- Carestream Health, Inc.
- Fonar Corporation
- Fujifilm Holdings Corporation
- GE Healthcare
- Hitachi Medical Corporation
- Hologic, Inc.
- Philips Healthcare
- Samsung Medison Co. Ltd
- Shimadzu Corporation
- Siemens Healthcare
- Toshiba Corporation, among others
Key Questions Answered in Medical Imaging Equipment Market Report
- What is the scope of growth of product companies in the global medical imaging equipment market?
- What will be the Y-o-Y growth of the global medical imaging equipment market between 2017 and 2028?
- What is the influence of changing trends in technologies on the global medical imaging equipment market?
- Will North America continue to be the most profitable market for medical imaging equipment devices providers?
- Which factors are anticipated to hamper the growth of the global medical imaging equipment market during the forecast period?
- Which are the leading companies in the global medical imaging equipment market?
Medical Imaging Equipment Market – Segmentation
Product
- X-ray Devices
- Magnetic Resonance Imaging (MRI) Equipment
- Ultrasound Devices
- Computed Tomography (CT) Scanners
- Nuclear Imaging Equipment
Technology
- X-ray Devices
- Magnetic Resonance Imaging (MRI) Equipment
- Ultrasound Devices
- Computed Tomography (CT) Scanners
- Nuclear Imaging Equipment
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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