Medical imaging equipment is used in the diagnosis of various critical diseases and disorders of vital organs such as liver, lungs, heart, and brain. This equipment produces either 2D or 3D images of anatomical structures, which are then interpreted by physicians to detect abnormalities. radiography (X-rays), magnetic resonance imaging (MRI), computed tomography (CT), fluoroscopy, ultrasound, echocardiography, and Positron Emission Tomography (PET) are some of the most widely used medical imaging devices.
Increasing number of imaging procedures such as magnetic resonance imaging (MRI), computed tomography (CT), and others due to high prevalence of chronic diseases and traumatic injuries is expected to boost growth of the medical imaging equipment market over the forecast period. According to the Organization for Economic Co-operation and Development (OECD), around 279 computed tomography (CT) and 128 magnetic resonance imaging (MRI) exams per 1,000 inhabitants were performed in the U.S. in 2019.
The global medical imaging equipment market is estimated to be valued at US$ 38,942.6 million in 2020 and is expected to exhibit a CAGR of 4.8% over the forecast period (2020-2027).
Figure 1. Global Medical Imaging Equipment Market Share (%) in Terms of Value, By Region, 2020
Increasing product launches by market players for medical imaging is expected to propel the market growth over the forecast period
Key players operating in the market are focusing on obtaining approvals for their advanced therapeutics and this is expected to drive the market growth over the forecast period. For instance, in March 2017, GE Healthcare expanded its range of magnetic resonance imaging (MRI) contrast media and imaging products, by announcing the launch of Clariscan, a gadolinium-based contrast agent, which offers an improved contrast between normal and pathological tissue, and facilitates a rapid detection of abnormalities.
Figure 2. Global Medical Imaging Equipment Market Share (%) in Terms of Value, By Modality, 2020
Increasing incidence of cardiovascular disorders is expected to drive the market growth over the forecast period
Increasing incidence of cardiovascular disorders is expected to drive demand for diagnosis and treatment of these disorders. This, in turn, is expected to drive growth of the global medical imaging equipment market during the forecast period. According to the World Health Organization’s 2017 report, cardiovascular diseases are the number one cause of death, globally. Around 17.9 million people died due to cardiovascular diseases in 2016, which accounted for around 31% of global deaths. Among these deaths, around 85% of deaths occurred due to heart attack and stroke.
|Base Year:||2019||Market Size in 2020:||US$ 38,942.6 million|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||4.8%||2027 Value Projection:||US$ 54,043.9 million|
Siemens Healthineers, General Electric Company, Koninklijke Philips NV, Fujifilm Holdings Corporation, Shimadzu Corporation, Hologic, Inc., Samsung Medison Co., Ltd., Carestream Health, and Canon Inc.
|Restraints & Challenges:||
Global Medical Imaging Equipment Market – Impact of Coronavirus (Covid-19) Pandemic
Supply chain and manufacturing activities in India, Italy, Spain, U.K., and the U.S. have been disrupted due to lockdowns implemented by governments in the past few months, while countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation.
The coronavirus or COVID-19 outbreak that started from Wuhan, China, has spread across continents, affecting various industries, globally. Supply of key materials has been severely disrupted due to the forced quarantine, and lack of labor and raw materials.
Due to a severe shortage of medical resources at the front line, only patients diagnosed with serious conditions can be hospitalized. Unfortunately, the pathogenic mechanism of the virus has not been identified completely, therefore, there is no specific drug and treatment except for symptomatic and supportive treatments. Respiratory support devices such as life-support machines, atomizer, oxygen generators, and monitors are primary clinical treatment medical devices. Thus, from diagnosis to cure, the need for instruments for measuring temperature, nucleic acid diagnostic kit, antiviral medical products, and life-support machine has increased consistently. To restore the balance between supply and demand, the Chinese government launched the emergency approval procedure for the registration and application of medical devices urgently needed for epidemic prevention and control.
Medical Imaging Equipment Market: Restraints
High cost of imaging equipment such as MRI machines and CT scanners is a major factor, which is expected to hinder growth of the global medical imaging equipment market. Devices of such high cost can be unaffordable to small-scale hospital facilities in emerging economies such as India and African countries, which is expected to negatively impact growth of the market. For instance, price of a magnetic resonance imaging (MRI) device starts from US$ 150,000 and a high end device costs over US$ 1 million. Such high cost of devices can be affordable to multispecialty hospitals and diagnostic laboratories.
Major players operating in the global medical imaging equipment market include Siemens Healthineers, General Electric Company, Koninklijke Philips NV, Fujifilm Holdings Corporation, Shimadzu Corporation, Hologic, Inc., Samsung Medison Co., Ltd., Carestream Health, and Canon Inc.
Ultrasounds are performed to diagnose various diseases associated with kidneys. Hence, the increasing prevalence of kidney diseases such as chronic kidney disorder (CKD) is expected to boost the market growth during the forecast period. According to an article published in the Lancet journal on February 13, 2020, around 697.5 million cases of all stage chronic kidney disorders were recorded globally in 2017. Also, according to the Quality and Outcomes Framework (QOF) reports for England in 2017-18, the prevalence of chronic kidney disorder (CKD), stage 3-5, was around 4.1 per 100 in England.
Market players are focusing on various inorganic growth strategies such as collaborations and agreements in order to expand their market presence, which is expected to boost growth of the global medical imaging equipment market. For instance, in April 2017, GE Healthcare signed an agreement with Healthtrust Purchasing Group, LP, a Tennessee-based group purchasing organization (GPO) and performance Improvement Company, to provide low high energy (PET) and energy (SPECT) radiopharmaceuticals to the members of HealthTrust in the U.S.
Moreover, increasing incidence of spinal cord injuries is expected to drive the market growth during the forecast period. According to the National Spinal Cord Injury Statistical Center, 2019, around 17,730 new cases of spinal cord injury are reported every year in the U.S. and 291,000 people were living with a spinal cord injury in the U.S. in 2019.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.