Medical Imaging Equipment Market

SKU: DMMD2095 | Last Updated On: Aug 11 2022 | Available Formats

> Global Medical Imaging Equipment Market Expected to reach at a high CAGR of 5.7% by 2029 : DataM Intelligence

Global 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, Orthopaedics, Gastroenterology, Gynaecology, Oncology, Neurology, Others), By End-User (Hospitals, Diagnostic Imaging Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Medical Imaging Equipment Market" is expected to grow at a high CAGR of 5.7% during the forecasting period (2022-2029).

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.

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. However, high costs associated with medical imaging systems, unfavorable reimbursement scenarios, and the shortage of helium are factors that are restraining the growth of the medical imaging equipment market. The growing utilization of refurbished medical imaging devices is further hampering the market growth, especially in developing economies.

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, the implementation of regulations that comply with imports and export is expected to help generate revenue for the market. For instance, in the UK, the National Health Service focuses on addressing unmet needs through cost-effective ways to help the government's economic growth. Small Business Research Initiative for Healthcare by National Health Service provided a US$ 1.1 million contract to Fuel 3D Technologies to develop 3D medical imaging systems. In the US, the Accountable Care Organizations (ACO) formation represents a significant growth opportunity and is likely to change radiology practice dramatically.

However, the global medical imaging market has witnessed major product recalls in the past few years. Product recalls occur when there is a product defect that could affect or harm the consumer. This hampers the reputation of companies and hinders the 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 from Philips Healthcare, which in May 2015, had to recall its DigitalDiagnost System X-ray due to the technical malfunctioning of the system.

Market Segmentation

The global medical imaging equipment market is segmented based on product type into x-ray, computed tomography, ultrasound, magnetic resonance imaging, nuclear imaging, tactile imaging, photoacoustic imaging, thermography, elastography, echocardiography, functional near-infrared spectroscopy, and mammography.

The X-ray segment holds the most significant share of the medical imaging equipment market due to the system's versatility and convenience. It holds 34.1% of the market share in 2018 and is expected to be 35.9% by 2026 for the global medical imaging equipment market by product type. The X-ray segment of the medical imaging equipment market is valued at US$ 11,010.0 Million in 2018.

An X-ray is a noninvasive medical imaging test that helps physicians diagnose and treat medical conditions. X-ray is used to diagnose skeletal systems, oral cavity, 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, in 2017, GE Healthcare launched a patient-assisted mammography device, Senographe Pristina Dutta, which enables innovative remote control, thereby allowing women to manage their compression during the examination.

By application, oncology is the dominant application in the medical imaging equipment market. The oncology segment holds 36% of the market share in 2018 and is expected to be 39% by 2026. Oncology is the study of medicine dealing with the prevention, diagnosis, and treatment of cancer. Effective diagnostic imaging techniques used to confirm the presence of cancer include Computed Tomography (CT), Positron Emission Tomography (PET CT), Mammography, Ultrasonography, and Magnetic Resonance  Imaging (MRI) scans. PET/CT is the gold standard diagnosis equipment/procedure for Oncology. Tactile imaging is an emerging technology to diagnose breast and prostate cancer. By region, most oncology patients are predominantly found in Europe and North America, followed by the Asia Pacific.

Geographical Analysis

The North American segment holds the highest market share of about 32.2% of the market share in 2018. It is expected to be 33.1% by 2026 for the global medical imaging equipment market by region. In North America, the U.S. has 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 use of imaging modalities such as mammography, CT scan, and MRI, increased investment in research and development, high healthcare expenditure, improved healthcare infrastructure, and 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 the delivery of results to doctors and patients at the annual Radiological Society of North America (RSNA) tradeshow.

Emerging markets such as China and India focus on acquiring advanced imaging equipment, primarily because of the construction of new hospitals and improvement in healthcare infrastructure. With the increasing development and launch of new products by manufacturers, the medical imaging market is booming in the Asia-Pacific region. For instance, in April 2017, Toshiba Medical Systems Corp. launched two latest 1.5 Tesla MRI systems, Vantage Titan™ Zen Edition and Vantage Elan™ Zen Edition, expanding their business in the Asia-Pacific region.

Competitive Landscape

The global medical imaging equipment market is a highly consolidated market with the domination of the top four companies. Shimadzu Corporation, Ziehm Imaging Inc., Aribex Corporation, Hitachi Corporation, and Samsung Medison are some of the other major companies in the medical imaging equipment industry.

The companies are increasingly focusing on implementing inorganic growth strategies to expand their presence in the market. Key players are also expanding their presence into emerging nations through R&D cooperation, mergers, acquisitions, and geographical expansion. For instance,

In July 2019, Philips and Centre Hospitalier Régional Universitaire (CHRU) de Nancy, France, announced a 10-year agreement to implement Philips’ IntelliSpace enterprise imaging solution, including Illumeo software with adaptive intelligence.

In March 2019, Carestream Health signed an agreement with Royal Philips, a global leader in health technology, to sell its healthcare information systems (HCIS) business to Philips.

In January 2018, GE Healthcare introduced an easy-to-use ultrasound system with efficient quality and affordability, bringing advanced capabilities to a range of physicians, including OB/GYN, general practitioners, and family practice physicians.

Why Purchase the Report?

  • Visualize the composition of the medical imaging equipment market segmentation by type, application, and end-user, highlighting the key commercial assets and players.
  • Identify commercial opportunities in the medical imaging equipment market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of medical imaging equipment market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The Global Medical Imaging Equipment Market report would provide access to an approx. 54 market data tables, 56 figures, and 312 pages.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

 

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