The Global Medical Imaging Equipment Market was valued at US$ XX million in 2019 and is forecasted to reach US$ XX million by 2027, with a CAGR of 5.1% during the forecast period (2020-2027).
Medical imaging allows medical examiners to observe the inside of a body to establish a medical condition using techniques and machines such as Magnetic Resonance Imaging (MRI), X-ray, and Computed Tomography (CT) scan. This imaging allows radiologists and other health professionals to take a picture of the structures and activities occurring inside the body. The growth of medical imaging equipment market size is driven by several factors such as an increase in prevalence of chronic diseases, technological advancement in the medical industry and the investments by government and private organizations. However, high costs associated with medical imaging systems, unfavorable reimbursement scenarios, and the shortage of helium are some of the factors that are restraining the growth of the medical imaging equipment market. Growing utilization of refurbished medical imaging devices is further hampering the market growth especially in developing economies.
The global market is segmented on the basis of product type, application and end user. The product type segment includes X-ray, Computed Tomography, Ultrasound, Magnetic Resonance Imaging, Nuclear Imaging, Tactile Imaging, Photoacoustic Imaging, Thermography, Elastography, Echocardiography, Functional Near-Infrared Spectroscopy and Mammography.
By application segment the market is segmented into Cardiology, Orthopedics, Gastroenterology, Gynecology, Oncology, Neurology, and Others and the end user segment includes Diagnostic Imaging Centers, Hospitals and Others.
In 2018, North America dominated the market by contributing around 32.2% of the revenue due to the presence of a large number of industry players and an introduction of new products in this region. North America accounts for the highest spending on healthcare in terms of GDP as the U.S spends nearly 17.9% of GDP on healthcare as of 2018, and this number is expected to reach around 20% in coming years. These factors are contributing to the growth of the medical imaging industry in the North America region.
Market Dynamics
Drivers
- Growing prevalence of chronic diseases
- Growing geriatric population
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- XX
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Restraints
- Product recalls
- Preference to refurbished products
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Many nations are facing challenges today due to the ongoing and increasing demographic shift in age among their populations. As per Department of Economic and Social Affairs Population Division of United Nations, 2017, the world’s population of elderly who are 60 years old will double and those who are 80 years old will triple during the next 30 years at the same time as other age groups will decrease in number. As per World Health Organization, the number of people aged 65 or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, with most of the increase in developing countries. Development of several chronic diseases such as cardiovascular diseases and neurodegenerative diseases are often associated with and more common among older age groups. According to the National Council on Aging, in 2018 about 80% of older adults have at least one chronic disease and 77% have at least two. Around one in two seniors are reported living with two or more chronic conditions globally.
In 2018, according to the National Council of Aging, 90% of Americans aged 55+ are at risk for hypertension, or high blood pressure. Women are more likely than men to develop hypertension, with half of women aged 60+ and 77% of women aged 75+ having this condition. Hypertension affects 64% of men aged 75+. Hypertension is the leading cause of many cardiovascular diseases.
Geriatric population needs an advanced diagnosis of any type of disease as their body is more fragile and their immunity is weak. Older people take time to overcome a disease which leads to prolonged hospital stays and expensive treatment. These situations can be avoided by using various medical imaging techniques for proper diagnosis, hence helping market growth.
Geographical Analysis
North America is growing at the fastest CAGR of 6.9% during the forecast period (2020-2027). The collective revenue of the North America segment is expected to generate US$ 112,433.6 Million during 2020-2027.
The North America segment holds 34.2% of the market share in 2019, and is expected to be 36.1% by 2027, for the Global Medical Imaging Equipment Market by Region. The North America medical imaging equipment market is segmented into the U.S., Canada, and Mexico. In North America, the U.S. has major market for medical imaging equipment, with major units of Computed Tomography (CT) Scanner and Magnetic Resonance Imaging (MRI) equipment. The North American market is driven by extensive use of imaging modalities such as mammography, CT scan, and MRI, increased investment in research and development, high healthcare expenditure, improved healthcare infrastructure and presence of major companies in the region. In 2017, Carestream Health while validating its expanding portfolio of medical imaging and healthcare IT systems, proposed to develop the diagnostic review procedure for X-ray exams and expedite delivery of results to doctors and patients at the annual Radiological Society of North America (RSNA) tradeshow. The U.S. accounts for the largest share of the North America medical imaging market and is expected to rise at a marginal rate due to high device saturation during the forecast period. The country is considered a matured and saturated market for conventional medical technologies, however, there exists a scope for the uptake of technologically advanced devices with improved efficiencies and broader scope of applications. The number of installed Computed Tomography (CT) scanners and Magnetic Resonance Imaging (MRI) equipment accounts for 62.64 CT scanners and 37.56 MRI equipment per one million inhabitants. The growth of healthcare expenditure in the U.S. is a major factor driving the market growth for medical imaging equipment. The U.S. health care spending has grown 4.4% in 2018, reaching US$ 3.3 trillion or US$ 10,348 per person. Health care spending share in Gross Domestic Product (GDP) is accounted for 17.9%. Other factors responsible for the growth of market in the country are increase in installation of MRI’s in the hospitals, strong presence of all leading players and continuous introduction of breakthrough devices with widened scope of application.
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