"Medical imaging equipment market to exhibit dynamic growth globally"
The global medical imaging equipment market is increasing competently, projected to grow at a CAGR of 4.9%. Worldwide, increasing diagnostic procedures along with has significantly increased the demand. Inventive product launches in the cardiology, neurology and orthopedics industry, high pool of patients with abundant lifestyle conditions are key factors driving the overall growth of medical imaging equipment market globally. Medical imaging equipment utilizes energy waves to produce 2-D and 3-D images of human organs. However, the new technological assessment in the field of medical imaging equipment market are trending towards manufacturing of cost-effective, minimally invasive, portable and precise equipment. The global market was valued at US$ 35,982.8 Mn in 2020 and expected to reach US$ 55,090.5 Mn by 2030 at a CAGR of 4.9% during the forecast period from 2023 to 2030.
"X-ray devices expected to register higher growth by the end of 2030"
X-ray devices market was the largest market in base year 2021 due to high adoption rate, market penetration and one of the most matured markets in medical imaging. Stationary/fixed and portable are the major types of X-ray systems; portable X-ray devices are of two types, viz. mobile and handheld, and have high adoption rates due to their usability in ICUs and emergency departments. Patient transfer from the designated unit to the radiology unit involves high risk to the patient’s health along with additional logistic expenses. However, to overcome this problem, the preferences of medical practitioners are rapidly shifting toward application of portable X-ray equipment.
"CT & Nuclear Imaging Technology segment expected to register higher growth by the end of 2030"
The CT scanners and nuclear imaging equipment technology expected to show the highest growth among all market segments during the forecast period. The most important factor driving these technologies is their capability to diagnose large number of diseases effectively in less time. Overall in the coming years various technologically advanced products such as handheld X-ray machines and upright MRI scanners are expected to assist the growth of medical imaging equipment market. Thus, utilization of these advanced medical imaging technologies in various medical institutes, such as hospitals and diagnostic labs, is expected to increase over period of time because these technologies are expected to reduce the installation cost and also provide convenience of use. According to market experts, in the near future advanced medical equipment will be minimally invasive and easy to use. The manufacturers specifically involved in medical diagnostics systems are expected to mainly develop and produce inexpensive, energy-saving, and ergonomic medical equipment that requires minimal maintenance and possesses low potential risk.
"Increasing ageing population, adoption of high-end equipment, and the presence of top manufacturers holds the U.S. in dominant position"
In 2021, the U.S. is the leading market due to an increase in adoption of imaging devices with growing awareness about early diagnosis with enhanced outcomes. Increasing demand for high-end ultrasound, nuclear imaging, X-ray and MRI devices with multiple applications in hospitals and specialty clinics will drive the market growth on a global scale. The growth of portable devices with demand for the ever-expanding range of medical imaging equipment in Asia, and Middle East will further spur the demand. Moreover, rising medical tourism in developing nations for cheaper treatment options will drive market growth.
"Increased research and development with a strong product portfolio in the developed regions"
The medical imaging technologies will play vital role in the technological development of medical diagnostics and therapeutics. The significant growth observed in developing countries is expected to increase the demand for medical imaging equipment in the near future. The major factors assisting the growth of medical imaging equipment market are the portability of equipment, the digitization of readings or measurement values, development of hybrid imaging systems, and the rising adaptation of non-ionizing imaging modalities such as optical and ultrasound systems.
North America is the largest medical imaging equipment market because according to experts several market players have introduced state-of-the-art hand-held portable devices for medical imaging, which has benefitted this market to a large extent. Overall faster adoption of technological innovations compared to other regions boost the market of innovative products in this region.
Key Developments:
Top Manufacturers:
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall Medical Imaging Equipment market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Imaging Equipment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
