Medical Imaging Equipment Market to Expand at a CAGR of 5.4% from 2021 to 2028

Medical Imaging Equipment Market: Introduction

According to the report, the global medical imaging equipment market was valued at US$ 30.7 Bn in 2020 and is projected to expand at a CAGR of 5.4% from 2021 to 2028. 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.

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.

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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.

Competition Landscape

The global medical imaging equipment market is consolidated in terms of number of players. Key players in the global market include GE Healthcare, Siemens Healthcare, Hologic, Inc.¸ Shimadzu Corporation, Samsung Medison Co. Ltd., Hitachi Medical Corporation, Genesis Medical Imaging, Inc., Carestream Health, Inc., Fujifilm Holdings Corporation, Fonar Corporation, and Toshiba Corporation. The global market has been dominated by small number of leading players such as Philips Healthcare, GE Healthcare, Siemens Healthcare, and Toshiba Corporation.

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