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The global medical imaging equipment market size was valued at USD 30,814.2 Million in 2017 and is Projected to be Valued at USD 44,077.7 Million by 2025, Exhibiting a CAGR of 4.6% From 2018-2025.
Increasing incidence of chronic and lifestyle diseases including cancer, cardiovascular diseases, and orthopedic disorders among the general population is presenting a large patient pool undergoing diagnostic imaging procedures globally. A rapidly aging population especially in Europe and Asia Pacific countries is presenting a pool of patient population suffering from age-related disorders.
This, combined with an increasing emphasis of regional and national governments towards early diagnosis aiming to reduce overall healthcare costs, is driving the number of patients undergoing MRI, CT and X-ray scans globally. The global medical imaging equipment market is projected to exhibit moderate CAGR during the forecast period.
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"Rising Demand for Ultrasound Equipment in Emerging Countries Driving the Segment in 2017"
Market players operating in the global medical imaging equipment market, are constantly focused towards offering innovative products with improved functional and clinical benefits, with an aim to keep up to the pace of ever-rising demands of the market. New ergonomic models with clinical supremacy being introduced in the market such as portable ultrasound, C-arms with X-ray flat panel detectors and 7T MRI machines, are a result of the unmet needs and growing demands for advanced equipment from healthcare settings globally. Among the types, the ultrasound equipment segment accounted for 22.9% share of the market in 2017.
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On the basis of application, the global market is segmented into oncology, cardiology, orthopedics, gynecology, neurology, and others. Increasing incidence of cancer globally, along with a rising emphasis on early detection and diagnosis of cancer, and improving access to healthcare facilities and diagnostic imaging centers in emerging countries, are some of the major factors projected to drive the comparatively higher CAGR of oncology application segment in the medical imaging equipment market during 2018-2025.
On the basis of the end user, the market is segmented into hospitals, specialty clinics, diagnostic imaging centers, and others. An increasing number of diagnostic imaging centers in developed and emerging countries owing to consolidation in the global market is projected to drive the diagnostic imaging centers in the global market.
"Higher Adoption of New and Technologically Advanced Systems in the U.S., is Driving the Market in North America"
In November 2018, Siemens Healthcare GmbH introduced two new magnetic resonance imaging scanners at the Radiology Society of North America (RSNA 2018) conference. The two new scanners are based on the proprietary Biomatrix technology concept of Siemens Healthcare GmbH.
New products being offered in the market, combined with an aging installed base of medical imaging equipment in the U.S., is leading to increasing adoption of advanced systems in the country. This, along with the increasing number of patients undergoing diagnostic imaging procedures in the country, is propelling the medical imaging equipment market growth in the U.S.
Chinese manufacturers and other regional players entering the lucrative U.S. market is projected to further augment the medical imaging equipment market growth in North America. The region generated revenue of USD 7,993.4 Mn in 2017 and is expected to register a moderate CAGR during the forecast period.
North America Medical Imaging Equipment Market, 2017
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"Strong Portfolio, Widespread Distribution Network, and Strong Brand Presence of Major Players Have Resulted in a Consolidated Market in 2017. "
The market is a consolidated with top 3-5 players accounting for more than a third of the medical imaging equipment market share in 2017. General Electric Company, Koninklijke Philips N.V., and Siemens Healthcare GmbH are among the leading players in the global medical imaging equipment market in 2017. A diverse portfolio of medical imaging equipment, combined with a strong and widespread distribution network globally, are some of the major factors attributed to the dominance of these players in the global market. However, an increasing number of domestic players entering the market with innovative product offerings are anticipated to challenge the dominance of these players during 2018-2025.
An aging installed base of medical imaging equipment, especially X-ray equipment, and ultrasound equipment in emerging countries, is driving the demand, and consumption of replacement unit shipments of x-ray and ultrasound equipment in these countries. This combined with a developing healthcare infrastructure in these countries is leading to increasing demand for new unit shipments of different modalities of medical imaging equipment in the global market. The global medical imaging equipment market is characterized by higher demand for replacement units from developed countries, and increasing demand for replacement and new units from emerging countries in 2017.
The report provides qualitative and quantitative insights on medical imaging equipment industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented as per type, application, and end user. On the basis of type, the global medical imaging equipment market is further segmented into magnetic resonance imaging equipment, computed tomography equipment, x-ray equipment, ultrasound equipment, and molecular imaging equipment.
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On the basis of application, the market is segmented into gynecology, neurology, oncology, orthopedics, cardiology, and others. On the basis of the end user, the global medical imaging equipment market is segmented into hospitals, specialty clinics, diagnostic imaging centers, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of market dynamics and competitive landscape. Additionally, the report offers insights on the prevalence of key disease indications (cardiovascular diseases, oncology, orthopedic diseases, etc.) for key countries/region, recent industry developments such as partnerships, mergers & acquisitions, the regulatory framework by key countries, and pricing analysis for key brands/players.
· Magnetic Resonance Imaging Equipment
· Computed Tomography Equipment
· X-ray Equipment
· Ultrasound Equipment
· Molecular Imaging Equipment
By End User
· Specialty Clinics
· Diagnostic Imaging Centers
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Fortune Business Insights says that the Medical Imaging Equipment Market was valued at US$ 30.81 Bn in 2018 and is projected to reach US$ 44.07 Bn by 2026.
In 2018, the Medical Imaging Equipment Market was valued at US$ 30.81 Bn.
Growing at a CAGR of 4.6%, the Medical Imaging Equipment Market will exhibit steady growth in the forecast period (2019-2026)
Magnetic Resonance Imaging Equipment segment is expected to be the leading segment in Medical Imaging Equipment Market during the forecast period.
Increasing incidence of chronic and lifestyle diseases including cancer, cardiovascular diseases and orthopedic disorders among general population is presenting a large patient pool undergoing diagnostic imaging procedures globally will drive the growth of the Medical Imaging Equipment Market.
GE Healthcare, Philips, and Siemens Healthineers are the top players in Medical Imaging Equipment Market.
North America is expected to hold the highest market share in the Medical Imaging Equipment Market.
Introduction of technologically advanced medical imaging equipment is one of the market trends of Medical Imaging Equipment.