Medical Imaging Equipment Market Size 2024-2033 - Growth Analysis, Outlook, Overview

The medical imaging equipment market size has grown strongly in recent years. It will grow from $42.68 billion in 2023 to $45.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rising aging population, increasing disease burden, government initiatives, rising awareness, integration of AI.

The medical imaging equipment market size is expected to see strong growth in the next few years. It will grow to $57.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing personalized medicine, increasing remote patient monitoring, increasing emerging markets growth, value-based healthcare, increasing precision medicine. Major trends in the forecast period include digital health integration, innovative imaging modalities, technological advancements, telemedicine integration, portable and point-of-care imaging.

Market Overview -
Medical imaging equipment refers to a broad category of devices and technologies used in the field of medicine to visualize the internal structures and functions of the body. It enhances patient care by enabling accurate diagnosis, personalized treatment planning, and effective monitoring of health conditions.

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Role Of Medical Imaging Equipment In Addressing The Rising Prevalence Of Chronic Diseases
The rising prevalence of chronic diseases is expected to propel the growth of the medical imaging equipment market going forward. Chronic diseases are long-lasting conditions that typically progress slowly over time and persist for extended periods, often for years or even a lifetime. It arises due to changing lifestyles, genetic predispositions, and aging populations. Medical imaging equipment helps patients suffering from chronic diseases by facilitating early detection, accurate diagnosis, personalized treatment planning, and ongoing monitoring of disease progression and treatment response. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the rising prevalence of chronic diseases is driving the growth of the medical imaging equipment market.

Competitive Landscape -

Major companies operating in the medical imaging equipment market are Medtronic plc., Siemens Healthineers, Fujifilm Medical Systems, Philips Healthcare, Stryker Corporation, GE Healthcare, Analogic Corporation, EIZO Corporation, Terumo Corporation, Mindray Medical International Limited, Hologic Inc., Shimadzu Corporation, PerkinElmer Inc., Carestream Health, Barco NV, Varian Medical Systems Inc., Esaote S.p.A., Samsung Medison Co. Ltd., Canon Medical Systems Corporation, Hitachi Healthcare Ltd., Planmed Oyj, Misonix Inc., Nano X Imaging Ltd., InnoScan Inc

Advancements In Medical Imaging Equipment Case Of Exo Iris
Major companies operating in the medical imaging equipment market are concentrating on the development of advanced products such as Exo Iris, its newest medical imaging device. This device is equipped with real-time artificial intelligence (AI) technology, such as SweepAI, which automatically captures crucial images, reducing reliance on operator skill and ensuring consistent and precise imaging. For instance, in September 2023, Exo, a US-based medical imaging startup company, launched its newest imaging device, Exo Iris, which is designed to be affordable, compact, and easy to use, making it accessible to a wide range of caregivers, including physicians, nurses, EMTs, and clinicians in emergency, acute care, outpatient, and at-home settings. Additionally, it offers features such as an ultra-wide field of view for imaging up to 150 degrees, enabling caregivers to capture an entire liver or full-body fetus in a single view, device also comes equipped with Exo Works, a point-of-care ultrasound workflow solution, to seamlessly document and review exams in seconds from anywhere.

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Key Segments -

The medical imaging equipment market covered in this report is segmented -

1) By Equipment: Computed Tomography, X-Ray Systems, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Systems, Nuclear Imaging Equipment, Mammography Equipment, Contrast Media Injectors, C-Arms And Fluoroscopy Device
2) By Modality: Stand-Alone Devices, Portable Devices, Hand-Held Devices
3) By Application: Cardiology, Neurology, Orthopedics, Gynecology, Oncology, Other Applications
4) By End-User: Diagnostic Imaging Centers, Ambulatory Surgical Centers, Specialty Clinics, Research Institutes

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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