Medical Imaging Equipment Market

Medical Imaging Equipment Market Outlook 2028

• The global medical imaging equipment market was valued at US$ 30.7 Bn in 2020

• It is estimated to expand at a CAGR of 5.4% from 2021 to 2028

• The global medical imaging equipment market is expected to reach the value of US$ 50.3 Bn by the end of 2028

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Manufacturers Overcoming Challenges by Strategic Approach During Pandemic

The coronavirus pandemic has put intense pressure on the healthcare system due to rising number of patients affected by coronavirus across the globe. Due to prioritizing the surging patient pool affected by COVID-19 in hospitals, there were a rapid decline in patients visiting hospitals for diagnosis of various diseases.

This has led to decrease in demand for medical imaging equipment such as x-ray machines, magnetic resonance imaging (MRI) equipment, computed tomography (CT) scan instruments, etc. The global medical imaging equipment market is negatively affected due to the shortage of hospital beds, medical staff, and necessary medical imaging equipment.

However, the global medical imaging equipment market is booming after the significant efforts taken by governments, healthcare practitioners, and market stakeholders to recover from losses caused due to pandemic. Increasing geriatric population suffering from chronic diseases, rising surgical procedures, and rapidly improving healthcare infrastructure are some of the factors responsible for the global market growth.

The global medical imaging equipment market is creating lucrative opportunities for manufacturers to mark their presence in the global market.

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Increasing Production of Technologically Advanced Medical Imaging Equipment

Technological advancement in the healthcare industry is one of the major factors anticipated to drive the medical imaging equipment market.

Manufacturers are increasing their production capabilities of manufacturing medical imaging devices to cater the rising demand from the healthcare industry. The increasing adoption of digitally advanced equipment for rapid and accurate diagnosis is propelling the global market.

Ongoing R&D activities in manufacturing procedures in developing medical imaging equipment are also contributing to the rapid expansion of the global medical imaging equipment market.

Efforts taken by manufacturers in order to improve the quality of products, along with innovation in imaging tools & instrument required for diagnostic procedures are contributing to the global medical imaging equipment market growth.

Improving healthcare infrastructure amid coronavirus pandemic and increasing presence of product manufacturers in emerging economies are driving the global market.

The penetration of artificial intelligence (AI) technology in manufacturing these equipment is creating value-grab opportunities for market players.

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Rising Number of Patients Globally Due to Several Diseases

Rise in prevalence of cardiovascular, heart diseases, neurological complications, orthopedic, respiratory, oral diseases has increased the demand for rapid diagnosis procedures.

This factor let to the rise in demand for medical imaging equipment such as CT scanners, X-ray devices, MRI instruments, and nuclear imaging equipment. There is an increasing demand for portable medical imaging equipment to reduce manual efforts of lab technicians.

The growing awareness about health and wellness, along with increasing knowledge about necessary diagnostic services and treatments is fueling the expansion of the global medical imaging equipment market across the globe.

Increasing geriatric population suffering from various health related complication demand early diagnosis of diseases, which is contributing to market growth.

Asia Pacific Shows Lucrative Growth Opportunities for Market Players

Asia Pacific is expected to account for the largest share of the global medical imaging market.

Technological growth and advancement in healthcare industry, rising incidence of chronic disorders, and increasing geriatric population are some of the factors contributing to the medical imaging equipment market growth in Asia Pacific.

Increasing investments in manufacturing AI-based tools and machineries to fulfill the rising demand from hospitals and diagnostic laboratories are fueling market growth in countries such as China and India.

There is a surging demand for innovative medical imaging devices that offer excellent speed, superior imaging, flexibility, and portability.

Asia Pacific manufacturers are gaining competitive benefits in the global medical imaging equipment market due to rising population of patients.

Emerging economies such as India and China hold potential growth opportunities owing to rising adoption of refurbished imaging systems.

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Medical Imaging Equipment Market: Overview

• According to Transparency Market Research's latest report on the global medical imaging equipment market for the historical period 2017-2028 and forecast period 2021-2028, increase in incidence of diseases across the globe, easy availability & acceptability of medical imaging equipment, and introduction of technologically advanced medical imaging equipment are projected to drive the global medical imaging equipment market

during the forecast period Rise in Demand for Medical Imaging Equipment and Increase in Incidence of Target Diseases: Key Drivers

• Surge in incidence of several diseases such as respiratory, oral, orthopedic, and cardiovascular has increased demand for diagnosis and diagnostic equipment across the world. According to the World Health Organization (WHO), cardiovascular diseases account for more than 9.4 million deaths globally each year.

The number is slated to increase to more than 23 million deaths by 2030. Major modalities used for diagnosing cardiovascular diseases include CT scanners, magnetic resonance imaging (MRI), and nuclear imaging equipment. Increase in incidence of diseases across the globe boosts the demand for efficient diagnosis and consequently, medical imaging equipment.

• Technological improvements in medical imaging in the past few years have paved the way for creative solutions that have made patient diagnosis more convenient. The expanding usage of portable X-ray devices eliminates the need of a technician to create the X-ray or carry it from one site to another. These improvements are expected to contribute to the expansion of the global medical imaging industry.

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Advancement in Technology Leading to Easy Usage to Boost Market Growth

• A number of medical imaging modalities are enabling three-dimensional (3D) visualization with accuracy 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 nearly every possible modality, primarily in tomographic imaging techniques. Moreover, surgeons are using 3D imaging to plan surgeries, which has led to increase in application 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.

High Cost Associated with Medical Imaging Equipment to Hamper Market

• High prices of medical imaging tests and restricted access to critical infrastructure are anticipated to hamper the growth of the global medical imaging equipment market.

For instance, the use of MRI in most underdeveloped nations is limited due to high acquisition prices, lack of infrastructure, and the skills necessary to maintain and operate the devices.

Moreover, underdeveloped countries continue to have a significant problem in terms of professionals with expertise in MRI physics and clinical applications.

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Medical Imaging Equipment Market: Competition Landscape

• This report profiles major players in the global medical imaging equipment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

• The medical imaging equipment market is quite competitive with the top 10 players accounting for major share of the market and every company focusing on research & development to produce better pharmaceutical and vaccine products for existing diseases

• Leading players operating in the global
medical imaging equipment market are

o Carestream Health, Inc.
o Fonar Corporation
o Fujifilm Holdings Corporation
o GE Healthcare
o Hitachi Medical Corporation
o Hologic, Inc.
o Philips Healthcare
o Samsung Medison Co. Ltd
o Shimadzu Corporation
o Siemens Healthcare
o Toshiba Corporation, among others

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