Medical Imaging Equipment Market Size, Share & Trends Report, 2022-2030
The global Medical Imaging Equipment market gathered revenue around USD 31.9 billion in 2021 and market is set to grow USD 54.3 billion by the end of 2030 and is estimated to expand at a modest CAGR of 6.7% during the prediction period 2022 to 2030.
Growth Factors:
Advances in radiology in the last few decades have fueled the growth of the global medical imaging equipment market. Imaging devices such as magnetic resonance imaging (MRI), computed tomography (CT or CAT), and ultrasound have allowed further options for treatment guidance, essentially with low morbidity. This has helped physicians to assess patients without surgical intervention and thereby improve the patient outcomes and quality of life.
Surge in incidence of several diseases such as respiratory, oral, orthopedic, and cardiovascular has increased demand for diagnosis and diagnostic equipment across the world. Moreover, increase in incidence of diseases across the globe propels demand for efficient diagnosis, and consequently medical imaging equipment. The global medical imaging equipment market is quite competitive, with the top players accounting for major share of the market and every company focusing on research & development to produce better medical imaging equipment.
Report Scope of the Medical Imaging Equipment Market
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Report Coverage |
Details |
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Market Size |
US$ 54.3 Billion by 2030 |
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Growth Rate |
CAGR of 6.7% from 2022 to 2030 |
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Largest Market |
North America |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product, Technology and Region, |
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Companies Mentioned |
GE Healthcare, Siemens Healthcare, Hologic, Inc.¸ Shimadzu Corporation, Samsung Medison Co. Ltd., Hitachi Medical Corporation, Genesis Medical Imaging, Inc., Carestream Health, Inc., Fujifilm Holdings Corporation, Fonar Corporation, and Toshiba Corporation. |
Increase in Demand for 3D Medical Imaging Equipment Drives Global Market
A number of medical imaging modalities are currently enabling three-dimensional (3D) visualization and rapid diagnoses. Advancements in 3D imaging have led to development of computer-assisted detection (CAD) and image analysis applications. This drives the market for almost every possible modality, primarily in tomographic imaging techniques. Moreover, surgeons are using 3D imaging to plan surgeries, which has led to increased applications of these systems.
The uptake of 3D imaging for breast cancer detection, which enables better representation of tissue compared to conventional mammograms, has been on the rise. This has led to increase in utilization of imaging equipment, primarily in the developed markets such as the U.S. and Europe, where the market for 2D modalities has matured. However, these devices are gaining traction in key countries in Asia such as China and India due to rise in demand for better health care infrastructure. The economies of these countries are improving year on year, which is likely to result in continued growth in demand for 3D medical imaging equipment.
X-ray Imaging Devices to Dominate Market
In terms of product, the global medical imaging equipment market has been classified into X-ray devices, MRI equipment, ultrasound devices, CT scanners, and nuclear imaging equipment. The X-ray devices segment dominated the global medical imaging equipment market in 2020 and the trend is projected to continue during the forecast period. The growth of the segment can be attributed to increase in incidence of disorders and easy availability and acceptability of X-ray devices. Among X-ray devices, stationary devices dominated the market, as these are the oldest imaging devices and most cost effective options compared to portable X-ray equipment devices.
The ultrasound systems segment is expected to grow at a rapid pace during the forecast period owing to high adoption rate across the world. Real-time image formation, higher safety, and cost-effectiveness are some of the advantages of ultrasound imaging over MRI and CT scans, which drive the market. Recent developments in the medical imaging equipment market include nuclear imaging devices that are expected to witness high adoption level.
North America to Dominate Global Market
In terms of region, the global medical imaging equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical imaging equipment market in 2020. The region's dominance can be attributed to rise in demand for technologically advanced and innovative products in hospitals, diagnostics laboratories, and outpatient ambulatory surgery centers, and high investment in improving healthcare infrastructure. Emerging markets in Asia Pacific hold immense growth potential due to factors such as increase in demand for refurbished imaging systems as more equipment are needed with less funds dedicated to healthcare budget.
Some of the prominent players in the Medical Imaging Equipment Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Global Medical Imaging Equipment Market: Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Medical Imaging Equipment Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers