Global Medical Imaging Equipment Market Worth USD 45.3 Billion by 2023

The global medical imaging equipment market is expected to grow at a CAGR of 5.6% from USD 29.4 billion in 2015 to USD 45.3 billion by 2023, driven by developments in computer-aided detection (CAD) and increased applications for imaging diagnostic applications due to advancements in 3D imaging technology.

These are the findings of Persistence Market Research Pvt. Ltd. (New York, NY, USA), a supplier of market intelligence reports and consulting services. Increased global demand for diagnosis and diagnostic equipment owing to rising incidences of respiratory, orthopedic, and cardiovascular diseases will further drive the market growth.

Based on product type, the global medical imaging equipment market is divided into X-ray devices, ultrasound devices, magnetic resonance imaging (MRI) equipment, computed tomography (CT) scanners and nuclear imaging equipment. In 2015, X-ray devices and ultrasound devices together accounted for around 50% of the total market share. There has been an increase in the demand for technologically advanced X-ray systems due to growing demand for bedside monitoring and a higher number of patients being treated through urgent care centers and emergency medical services. The growth in the sluggish mature X-ray imaging equipment segment has been further aided by digital X-ray systems, which have revolutionized X-ray imaging.

In 2015, the global portable X-ray devices market held a share of more than 40% in the X-ray devices market. Portable X-ray devices have high adoption rates, especially in emergency departments and ICUs, and are rapidly replacing stationary X-ray equipment due to the shift in user preference towards bedside imaging. Moreover, the rising trend of home healthcare is also leading to sales of stationary X-ray equipment slowing down.

In terms of regions, the global medical imaging equipment market is driven by the major developed economies of the US, Europe, and Asia Pacific, though the emerging markets, particularly China, India and Brazil, are expected to be the fastest growing markets in terms of CAGR from 2015 to 2023. In 2015, North America with a share of more than 30% was the largest market for medical imaging equipment due to increased awareness about medical imaging devices, financial strength for purchasing expensive equipment, growing demand for technologically advanced and innovative products across hospitals, diagnostics laboratories and outpatient ambulatory surgery centers, huge investment in improving healthcare infrastructure, and increasing healthcare expenditure.

The Asia Pacific region is the second largest market for global medical imaging equipment, driven by the demand for refurbished imaging systems due to low healthcare budgets. But China and India are increasingly adopting new devices with superior imaging, speed, flexibility and portability. Europe ranks third in terms of market size, with the demand for advanced equipment for all modalities being higher and Western Europe, which includes major economies such as Germany, U.K., France, and Italy, holding a major share.

Others markets include Latin America and Middle East & Africa. Market saturation in the developed world is forcing most players to focus on the emerging markets in Brazil and member states of Gulf Cooperation Council (GCC). Brazil’s proximity to the US is attracting major market players to set up manufacturing facilities in the region. Additionally, investments by the GCC member states towards improving their healthcare infrastructure and promoting medical tourism is aiding the demand for newer medical imaging equipment.

An increase in geriatric population will drive the demand for health care products and services as this segment is highly prone to respiratory (tuberculosis and pneumonia), oral, orthopedic (osteoporosis), and cardiovascular diseases. This is likely to result in increased usage of imaging equipment such as X-ray, ultrasound, MRI, and CT for accurately diagnosing such diseases, thereby driving the growth in the global medical imaging equipment market.

Increasing incidence of diseases, such as oral diseases and orthopedic conditions, which are diagnosed using X-ray equipment, and product enhancement and upgrade in the form of device portability are likely to drive the X-ray devices market. Digital X-ray systems will also contribute to the growth of the X-ray devices market in terms of revenue due to their rising demand globally. MRI, CT and ultrasound have allowed further options for treatment guidance essentially with very low morbidity, resulting in improved outcomes and quality of life for patients. Newer and better imaging technologies, including nuclear imaging and CT, are expected to witness high adoption levels by the end of 2023. Ultrasound devices are anticipated to witness a growth of around 7% from 2015 to 2023.

The key players in the global imaging equipment market are GE Healthcare (Little Chalfont, UK), Shimadzu Corporation (Kyoto, Japan), Philips Healthcare (Eindhoven, The Netherlands), Genesis Medical Imaging Inc. (Huntley, IL, USA), Hologic Inc. (Bedford, MA, USA), Siemens Healthcare (Erlangen, Germany), Samsung Medison Co. Ltd. (Seoul, South Korea), Carestream Health Inc. (Rochester, NY, USA), Hitachi Medical Corporation (Tokyo, Japan), Fujifilm Holdings Corporation (Tokyo, Japan), Toshiba Corporation Tokyo, Japan) and Fonar Corporation (Melville, NY, USA).

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