Medical Imaging Equipment Market to Reach US$ 45.3 Bn with CAGR of 5.6% by the year 2023

Medical Imaging Equipment Market 2022

The Medical Imaging Equipment Market is slated to grow at a gracious rate of 5.6%, reaching US$ 45.3 Bn by the year 2023. With value-oriented approach being the need of the hour, the healthcare vertical is likely to go the technologically advanced way in the next 10 years. With Big Data, AI comprising these advancements, the healthcare vertical is bound to create greater strides going forward.

According to a new market report published by Persistence Market Research "Global Market Study on Medical Imaging Equipment," the global medical imaging equipment market was valued at US$ 29.4 Bn in 2015 and is expected to reach US$ 45.3 Bn by 2023, growing at a CAGR of 5.6% during the forecast period from 2015 to 2023.

Improvement in health care reforms in major countries such as Japan, the U.S., China, and U.K. has enhanced access to various diagnostic and treatment services thereby increasing life expectancy of the population. Rise in geriatric population is expected to intensify the need for healthcare products and services in these countries.

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Moreover, the rising incidence of diseases across the globe continue to increase the demand for diagnosis equipment, particularly non-invasive imaging solutions. According to the World Health Organization (WHO), an estimated 17.5 Mn people died due to cardiovascular diseases in 2012, accounting for approximately 31% of global deaths. Moreover, 235 Mn people were diagnosed with asthma across the world in 2014.

Key participants in global imaging equipment market include, 

GE Healthcare,
Shimadzu Corporation,
Philips Healthcare,
Genesis Medical Imaging inc.,
Hologic Inc.,
Siemens Healthcare,
Samsung Medison Co. Ltd,
Carestream Health Inc.,
Hitachi Medical Corporation,
Fujifilm Holdings Corporation,
Toshiba Corporation and Fonar Corporation,
others.

On account of all these factors, the global medical imaging equipment market is expected to grow at a CAGR of 5.6% during the forecast period from 2015 to 2023.  The market is driven by the major developed economies of the U.S., Europe, and Asia Pacific. However, emerging markets, particularly, China, India and Brazil are expected to be the fastest growing market in terms of CAGR during the forecast period.

With a share of more than 30% in 2015, North America was the largest market for medical imaging equipment primarily due to high awareness about medical imaging devices financial capability to purchase expensive machines, rising demand for technologically advanced and innovative products in hospitals, diagnostics laboratories and outpatient ambulatory surgery centers, and high investment in improving healthcare infrastructure. Obesity is one of the major causes of several diseases of cardiovascular system that has led to increase in demand for diagnostic imaging in the U.S.

According to the Centers for Disease Control and Prevention (CDC), the percentage of obese children aged between 6 years and 11 years increased from 7% in 1980 to 18% in 2012 in the U.S. In addition, increasing healthcare expenditure in the U.S. in recent years has also assisted in dramatic rise in the usage of medical imaging.

Emerging economies such as China, India, Indonesia, Malaysia, Singapore and Thailand are providing much needed boost to the medical imaging equipment market. The Asia Pacific market is driven by demand for refurbished imaging systems as more equipment are needed with less funds dedicated to healthcare budgets.

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However, demand for new devices that offer superior imaging, speed, flexibility and portability are also being adopted in China and India, countries with the largest market potential. Europe was ranked third, in terms of market size, after North America and Asia Pacific. Demand in the region is similar to North America, wherein demand for advanced equipment for all modalities is higher. Western Europe, which includes major economies such as Germany, U.K., France, and Italy, holds a major share in the region.

Others markets on the global map include Latin America and Middle East & Africa. As the markets in the developed world are becoming saturated, most the market players are focusing on emerging markets in Brazil and member states of Gulf Cooperation Council. Looking at the proximity of Brazil to the U.S., major market players find it convenient to have manufacturing facilities in Brazil.

Therefore, the Latin America market is poised to grow rapidly. In addition, the government efforts in GCC member states to invest in improving the healthcare infrastructure and promote medical tourism are facilitating the demand for newer medical imaging equipment.

The global medical imaging equipment market is segmented into the following categories:

Medical Imaging Equipment Market, by Product

X-Ray Devices
Stationary
Portable
Ultrasound Systems
Cart/Trolley Based Ultrasound System
Compact/Portable Ultrasound System
Computed Tomography (CT) Scanners
Stationary
Mobile
Magnetic Resonance Imaging (MRI) Equipment
Closed
Open
Nuclear Imaging Equipment
SPECT Scanner
PET Scanner

Medical Imaging Equipment Market, by Technology

X-Ray Devices
Analog X-ray Technology
Digital Radiography
Computed Radiography
Ultrasound Systems
2-D
3-D & 4-D
Doppler
High Intensity Frequency Ultrasound (HIFU)
Lithotripsy
Computed Tomography (CT) Scanners
Stationary
Mobile
Magnetic Resonance Imaging (MRI) Equipment
Low-Slice
Medium-Slice
High-Slice
Nuclear Imaging Equipment
SPECT Scanner
PET Scanner

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Key Questions Answered in the Medical Imaging Equipment Market Report

How is the Medical Imaging Equipment Market expected to grow over the projected period?

What direction is the Medical Imaging Equipment Market expected to take in terms of volume and value during the forecast period?

What is the impact of macroeconomic factors on the Medical Imaging Equipment Market in future?

What are the key market drivers in the Medical Imaging Equipment Market?

What are significant opportunities and improvement areas for Medical Imaging Equipment Market manufacturers?

What are the key developments and trends taking over the Medical Imaging Equipment Market?

Which are the emerging countries that are expected to create significant growth opportunities in the Medical Imaging Equipment Market?  

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