Rapidly Advancing Radiology Technologies Spark Growth of Global Medical Imaging Equipment Market

The global medical imaging equipment market is currently experiencing a high rate of technological transition, resulting in the use of multiple new concepts and tools. These new technologies are spearheading the growth of the global medical imaging equipment market, which is expected to be valued at US$45.30 bn by the end of 2023. The market is growing at a CAGR of 5.6% from 2015 to 2023 and was valued at US$27.70 bn in 2014.

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Improvement in Early Diagnostic Tools to Boost Global Medical Imaging Equipment Market

One of the core priorities of the global medical imaging equipment market is early diagnostics. It is a critical evaluation that could save a patient major sums of money in terms of curative treatments. This has created a huge scope for growth of the global medical imaging equipment market. Another growth driver of the global medical imaging equipment market is the increasing global population of the elderly. They are in a frequent need of medical attention that requires the use of advanced medical imaging technologies, as they are more prone to chronic disorders and other diseases than younger people. The global medical imaging equipment market is also showing high levels of innovation in times when increasing prevalence of cardiovascular, respiratory, and orthopedic cases is being reported all over the world. The regions of North America and Europe have shown high levels of maturity in conventional 2D imaging technologies and are rapidly moving into 3D medical imaging technologies.

Digital and Portable Imaging Equipment to Lead Global Medical Imaging Equipment Market

The field of x-ray imaging has been revolutionized by the advent of digital x-ray systems. The global x-ray market was growing at a slow rate before this and is now experiencing a second wind as more healthcare bodies are aware of – and willing to buy – advanced digital x-ray technologies. The carryover of digital x-ray technology into portable x-ray tools has created a heavy rate of adoption of portable x-ray systems. Fixed x-ray systems are bound to be used for major work, where the necessity of using these tools outweighs the cost of logistics and health hazards faced while transporting the patient from a unit to the x-ray ward. Handheld and mobile x-ray devices are now being preferred increasingly across the world.

North America Leads Global Medical Imaging Equipment Market

The largest share of the global medical imaging equipment market in 2014 was held by North America, mainly due to the high level of innovations, R&D, and use of advanced medical equipment in the U.S. Asia Pacific outshone Europe to hold the second-largest share of the global medical imaging equipment market. The Asia Pacific region is experiencing a faster rate of growth due to the expanding healthcare infrastructure in order to mitigate the supply-demand disparity.

Some of the key players in the global medical imaging equipment market are Toshiba Corporation, Siemens Healthcare, GE Healthcare, and Philips Healthcare that dominate the market. Other top companies include Fonar Corporation, Fujifilm Holdings Corporation, Genesis Medical Imaging, Inc., Hologic, Inc., Genesis Medical Imaging, and Samsung Medison Co. Ltd.

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