The global Market for Medical Imaging Equipment is estimated to reach around US$ 40.7 Billion in 2023 with the global market expected to grow at a CAGR of 4.8% to reach a revenue of around US$ 64.8 Billion by the end of 2033.
The Medical Imaging Equipment Market is an ever-evolving industry that plays a significant role in healthcare today. Medical imaging is used to diagnose and monitor the health of patients, allowing for early detection and prevention of many medical conditions. Medical imaging equipment consists of a variety of machines that use different methods to capture images from inside the body, including x-rays, computed tomography (CT) scans, magnetic resonance imaging (MRI), ultrasound technology, and nuclear medicine.
Growing demand for minimally invasive procedures and technological advancements are some of the major drivers propelling market growth. Furthermore, rising geriatric population across the world who are more prone to chronic diseases will positively influence the market growth over the forecast period. The rising number of public and private investments by different governments across various countries also adds to the positive outlook on the market performance.
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The market is segmented by product type, technology, application, end-user, and region. The product type segment includes X-ray devices, ultrasound devices, MRI devices, CT scanners, nuclear imaging devices, and others. The technology segment includes digital imaging, 3D imaging, and others. The application segment includes cardiology, oncology, neurology, orthopedics, gynecology, and others. The end-user segment includes hospitals, diagnostic imaging centers, and others.
Key Market Drivers:
The global medical imaging equipment market is primarily driven by the following factors:
- Technological advancements: Advances in imaging technology have led to the development of more efficient and accurate imaging devices. For instance, the development of 3D imaging technology has enabled physicians to visualize the internal organs in greater detail, allowing for more accurate diagnoses and better treatment outcomes.
- Increasing prevalence of chronic diseases: The rising incidence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders has increased the demand for medical imaging equipment. These devices play a critical role in the diagnosis, staging, and monitoring of these diseases.
- Rising demand for minimally invasive procedures: The demand for minimally invasive procedures is increasing due to their lower risk, reduced recovery time, and cost-effectiveness
Competition Landscape
Strategies employed by players operating in the market, such as partnerships between regional and major players are likely to have a positive impact on market growth. Such partnerships and collaboration aid in increasing market growth and the provision of advanced yet affordable imaging devices.
- GE Healthcare
- Hitachi Medical Corporation
- Philips Healthcare
- Siemens Healthineers
- Toshiba Medical Systems Corporation
- Esaote S.p.A
- Positron Corporation
- Neusoft Medical Systems
- Neurologica Corporation
- Mediso Medical Imaging Systems and others
Some key instances of development include:
- In Sept 2021, BK Medical, a renowned player of advanced surgical imaging, was purchased by GE Healthcare from Altaris Capital Partners for $1.45 billion.
- In Sept 2021, the Velocity MRI system, an advanced, high-field open MRI, was introduced by Fujifilm Healthcare in Chicago at the annual conference of the Radiological Society of North America.
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Market Dynamics:
The global medical imaging equipment market is expected to witness significant growth during the forecast period. The market is primarily driven by technological advancements, rising prevalence of chronic diseases, increasing geriatric population, and growing demand for non-invasive diagnostic procedures.
Technological advancements have led to the development of advanced imaging equipment, such as computed tomography (CT) scans, magnetic resonance imaging (MRI) scans, and ultrasound. These devices offer higher accuracy, resolution, and speed, thereby improving the quality of diagnostic imaging.
The rising prevalence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders, is also driving the growth of the market. Medical imaging equipment is used for the early detection, diagnosis, and treatment of these diseases.
The increasing geriatric population is also contributing to the growth of the market. With age, the risk of developing chronic diseases increases, leading to a higher demand for medical imaging equipment.
Segmentation:
The global medical imaging equipment market is segmented on the basis of product type, application, end-user, and region.
- By product type, the market is segmented into X-ray equipment, ultrasound equipment, MRI equipment, CT scanners, nuclear imaging equipment, and others.
- By application, the market is segmented into oncology, cardiology, neurology, orthopedics, gynecology, and others.
- By end-user, the market is segmented into hospitals, diagnostic imaging centers, and others.
Regional Analysis:
The global medical imaging equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the presence of key players and increasing healthcare expenditure. The Asia-Pacific region is expected to witness significant growth during the forecast period, driven by the increasing demand for healthcare services and rising geriatric population.
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The global medical imaging equipment market is expected to witness significant growth during the forecast period, driven by technological advancements, rising prevalence of chronic diseases, increasing geriatric population, and growing demand for non-invasive diagnostic procedures. The market is highly competitive, with players focusing on developing advanced imaging equipment to gain a competitive edge. North America is expected to dominate the market during the forecast period, owing to the presence of key players and increasing healthcare expenditure. The Asia-Pacific region is expected to witness significant growth during the forecast period, driven by the increasing demand for healthcare services and rising geriatric population.
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