Medical Imaging Equipment Market Size, Share, Industry, Forecast and outlook (2024-2031)

Medical Imaging Equipment Market is segmented By Product Type (X-ray, Computed Tomography, Ultrasound, Magnetic Resonance Imaging, Nuclear Imaging, Tactile Imaging, Photoacoustic Imaging, Thermography, Elastography, Echocardiography, Functional Near-Infrared Spectroscopy, Mammography), By Application (Cardiology, Orthopedics, Gastroenterology, Gynecology, Oncology, Neurology, Others), By End User (Hospitals And Clinics, Ambulatory Surgery Centers, Diagnostic Imaging Centers, Other), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Medical Imaging Equipment Market size is estimated to reach a prominent value by 2031, growing at a CAGR of 5.7% during the forecast period (2024-2031). 

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 picture the structures and activities occurring inside the body.

Medical Imaging Equipment Market Summary

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Medical Imaging Equipment Market Dynamics

The growth of the medical imaging equipment market size is driven by several factors: increased prevalence of chronic diseases, technological advancement in the medical industry, and investments by government and private organizations.

Investments by government and private organizations fuel its demand in the global market.

Government plays an important role in purchasing, pricing, and distributing medical devices globally. Governments undertake various initiatives to develop healthcare infrastructure to provide safe and cost-effective medical products to the public. The funding by government bodies also helps in opening new facilities. Also, implementing regulations that comply with imports and exports is expected to help generate revenue for the market. For instance, the National Health Service focuses on addressing unmet needs through cost-effective ways to help the government's economic growth in the UK. For example, in February 2020, a new advanced imaging center will receive £81 million in funding from the UK government to support housing super-bright lasers to produce state-of-the-art 3D X-rays in just 40 seconds. In the US, the Accountable Care Organizations (ACO) formation represents a significant growth opportunity and is likely to change radiology practice dramatically.

Product recalls of medical imaging equipment will hamper the global medical imaging equipment market growth.

However, the global medical imaging market has witnessed major product recalls in the past few years. Product recalls occur when a product defect could affect or harm the consumer, hampers companies' reputation and hinders market growth. An increasing number of such instances result in inaccuracy errors. Some major instances of product recall witnessed in the medical imaging market are on 26 May 2022, Abbott Medical Recalled 4,800 Dragonfly OpStar Imaging Catheters in the U.S.

Industry analysis.

The global medical imaging equipment market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing analysis, Etc.

Medical Imaging Equipment Market Segmentation Analysis

The X-ray segment is predicted to dominate the forecast period (2024-2031).

The X-ray segment has the most significant share of the medical imaging equipment market due to the system's versatility and convenience. An X-ray is a noninvasive medical imaging test that helps physicians diagnose and treat medical conditions. X-rays diagnose skeletal systems, oral cavities, lungs, breast, digestive systems, and ingested objects. The growth in the X-ray segment is mainly due to its cost-effectiveness. Other factors responsible are technological advancements, increasing cancer and orthopedic diseases, and the growing aging population. Advanced X-ray equipment is patient-friendly and has high adoption rates. For example, on July 12, 2022, Shimadzu Corporation launched a New Type of Mobile X-ray System Outside of Japan, accommodating a Wide Range of Needs for Mobile X-ray Systems. Also, on August 02, 2022, GE Healthcare launched its most advanced fixed X-ray system yet, the next-generation Definium 656 HD.

Medical Imaging Equipment Market Geographical Share

The North American region holds command over the largest share of the global Medical Imaging Equipment Market.

The North American segment held the highest market share in 2021. It is expected to continue similarly throughout the forecast period (2023-2030). Since North America, the U.S. has had a major market for medical imaging equipment, with major Computed Tomography (CT) scanners and Magnetic Resonance Imaging (MRI) equipment. The North American market is driven by extensive imaging modalities such as mammography, CT scan, and MRI, increased investment in research and development, high healthcare expenditure, improved healthcare infrastructure, and major regional companies.

Furthermore, the large spending by the government on healthcare is fueling the market growth in this region; for instance, according to the Center for Medicare & Medicaid Services, National Healthcare Expenditure grew 9.7% to $4.1 trillion in 2020, or $12,530 per person, and accounted for 19.7% of Gross Domestic Product (GDP) and is estimated to reach $6.2 trillion by 2029.

Medical Imaging Equipment Market Companies and Competitive Landscape

The Medical Imaging Equipment Market is moderately competitive due to key local and global players involved in the research and innovation of new developments. Some key players are GE Healthcare, Shimadzu Corporation, Philips Healthcare, Genesis Medical Imaging inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Hitachi Medical Corporation, Fujifilm Holdings Corporation and Toshiba Corporation. These key players hold the major share of the market through innovations, product launches, collaborations, acquisitions, and alliances.

For instance, on September 14, 2022, GE Healthcare and Wayra collaborated with seven health tech start-ups to drive the digital transformation of healthcare across Europe, the Middle East and Africa. Also, on September 13, 2022, Philips Foundation and RAD-AID International embarked on a multi-year cross-continental partnership to increase access to ultrasound services for 50 million people in low- and middle-income countries.

GE Healthcare

Overview:

GE Healthcare is headquartered in Chicago, Illinois, United States, founded in 2004. It is a subsidiary of American Multinational Conglomerate General Electric. It is a leading manufacturer and distributor of diagnostic imaging and radiopharmaceuticals for imaging modalities used in medical imaging procedures.

Product Portfolio:

 The product portfolio of GE Healthcare for medical imaging equipment has OEC 3D C-arm, Allia IGS 7, LOGIQ E10 Series, Definium Tempo, SIGNA Hero, AMX Navigate, StarGuide, Vscan Air, Vscan Extend, LOGIQUltrasound Series, Venue Fit, Venue Go, Venue, Voluson Signature Series, Vivid Cardiovascular Ultrasound, Invenia ABUS 2.0, Versana Premier, Versana Active ultrasound system, Etc.

The global medical imaging equipment market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.