Medical Imaging Equipment Market- Technological Advancements Improving Outcomes & Patient Convenience Taking Medical Science to Next Level

The growing number of imaging modalities that are bringing in new levels of accuracy with 3D visualization have led to an increasing demand for medical imaging equipment in the recent years. Thus, 3D imaging is extensively being used for breast cancer detection, allowing oncologists to understand the intensity of the disease better. On the other hand, the 2D modalities are gaining momentum in emerging countries such as India and China are investments in healthcare infrastructure are rising. The high incidence of oral, respiratory, cardiovascular, and orthopedic diseases have also augmented the demand for diagnostic equipment in recent years. A range of chronic diseases have generated a massive demand for imaging modalities such as nuclear imaging equipment, magnetic resonance imaging (MRI), and computed tomography (CT) scanners. A high number of tuberculosis patients in the developing countries have also contributed to the growing adoption of technologically advanced medical imaging equipment in various parts of the world.

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The growing pressure to cut down the healthcare budgets, especially across the U.S., has caused a disruption in the dynamics of the overall medical imaging equipment market. Growing awareness amongst physicians about the health hazards of radiation to the patients and to the equipment handlers is also restraining the overall market. Reluctance of patients to opt for CT scans or MRIs due to their high cost has also hampered the market to a considerable extent.

X-Ray devices will be the largest product segment in the global market, representing an opportunity worth US$12.34 bn by 2023 as it rises at a CAGR of 4.5% during the forecast period. The revolutionary changes in X-ray technologies and devices will lead the way for this product segment.

TMR expects that North America will retain its dominant position in the global medical imaging equipment market, clocking a steady CAGR of 4.6% between 2015 and 2023. This regional market was valued at US$8.98 bn in 2014 and is expected to reach US$13.50 bn by 2023. Technological advancements, higher adoption rate of medical devices, and supportive healthcare and government infrastructure will also augment the medical imaging equipment market’s growth in North America.

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