Medical Imaging Equipment Market to Expand at CAGR of 5.4% During Forecast Period, Observes TMR Study

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Apr 13, 2022, 09:30 ET

Rise in geriatric population battling with various health-related complications necessitates early illness identification, which is likely to drive market expansion
Due to high adoption rate of ultrasound systems for diagnosis of various diseases, the segment is predicted to rise rapidly over the forecast period

ALBANY, N.Y., April 13, 2022 /PRNewswire/ -- The global medical imaging equipment market is predicted to rise at a CAGR of 5.4% during the forecast period, from 2021 to 2028. The global market was valued at US$ 30.7 Bn in 2020 and is likely to reach the valuation of US$ 50.3 Bn by the end of 2028. In order to generate profitable revenue streams, firms in the global medical imaging equipment market are focused on producing high-quality, technologically sophisticated gadgets. The global market is being driven by steadily growing demand for medical imaging equipment in the healthcare industry due to rising prevalence of illnesses, such as cancers, and other chronic and neurological disorders throughout the world.

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Developments in imaging equipment, automation, digital technology deployment, and other technological advances assist product manufacturers to remain ahead of the competition. Additionally, surge in demand for 3D medical imaging devices is likely to propel the market. In order to assure safety, cost-effectiveness, and dependability, governments can boost their expenditures in high-tech imaging equipment.

One of the key reasons expected to boost the global medical imaging equipment market is technological advancements in the healthcare industry. In order to meet the growing demand from the healthcare business, manufacturers are expanding their production capabilities for medical imaging products. The global market is being propelled by the rising usage of digitally advanced equipment for prompt and precise diagnosis. The rapid rise of the global medical imaging equipment market is also due to continuous R&D activity carried out in manufacturing techniques of medical imaging equipment.

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Key Findings of Market Report

As the incidence rate of cardiovascular, neurological disorders, as well as orthopedic, pulmonary, and dental ailments has grown, the demand for speedy diagnosis techniques has also increased. As a result of this factor, the demand for medical imaging equipment such as MRI machines, X-ray machines, CT scanners, and nuclear imaging machines has increased. There is a growing need for portable medical imaging devices to help lab professionals save time and effort.

Countries such as India and China are likely to drive the growth of the global medical imaging equipment market by investing heavily in AI-based tools and machineries to meet the growing demand from hospitals and diagnostic laboratories. Innovative medical imaging technologies with outstanding speed, flexibility, better imaging, and portability are in high demand.
A variety of medical imaging methods allow for accurate and quick three-dimensional (3D) imaging. Computer-assisted detection (CAD) and image analysis applications are a result of breakthroughs in 3D imaging. This promotes demand for practically every modality, especially tomographic imaging methods.
In 2020, the global medical imaging equipment market was led by X-ray devices, and this trend is expected to continue over the forecast period. Rise in prevalence of illnesses, as well as the simple availability as well as acceptability of X-ray technologies, is likely to contribute to the segment's expansion.

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Global Medical Imaging Equipment Market: Growth Drivers

Surgeons are increasingly adopting 3D imaging to plan procedures, resulting in rise in use of these systems. Use of 3D imaging for breast cancer screening is on the rise, as it provides a better picture of tissue than traditional mammography.
Growing markets in Asia Pacific offer enormous development potential for the global medical imaging equipment market, owing to reasons such as rise in demand for refurbished imaging systems as more equipment is required while healthcare budgets are being cut

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Global Medical Imaging Equipment Market: Key Players

Some of the key market players are

Toshiba Corporation
Hitachi Medical Corporation
Fujifilm Holdings Corporation
Samsung Medison Co. Ltd
Carestream Health, Inc.
Philips Healthcare

Global Medical Imaging Equipment Market: Segmentation

Product

X-ray Devices
Magnetic Resonance Imaging [MRI] Equipment
Ultrasound Devices
Computed Tomography [CT] Scanners
Nuclear Imaging Equipment

Technology

X-ray Devices
Magnetic Resonance Imaging [MRI] Equipment
Ultrasound Devices
Computed Tomography [CT] Scanners
Nuclear Imaging Equipment

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

Medical Imaging Market: The demand within the global market for medical imaging has been rising on account of advancements in the field of medicine and healthcare. The cumulative impact of these two industries has been commendable, and has helped in finding cures and treatment mechanisms for a variety of diseases. Medical imaging is one such imaging technology that has played a major role in enhancing the performance of the medical and healthcare industries.

Medical Imaging Management Market: Medical imaging has made tremendous strides on the back two pillars: continuous technological advancements and the sheer pace of digital transformation in radiology. Enormous advancements in content management and ICTs have underpinned new workstations used in medical imaging, driving the evolution of the medical imaging management market.

Medical Imaging Equipment Services Market: The global medical imaging equipment services market was valued at US$ 15.46 Bn in 2020 and is projected to expand at a CAGR of 5.9% from 2021 to 2031. Government initiatives to improve awareness about advanced technology are anticipated to drive the global medical imaging equipment services market from 2021 to 2031. North America is expected to account for significant share of the global medical imaging equipment services market during the forecast period.

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