Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

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

Medical Imaging Equipment  | Coherent Market Insights

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

Medical Imaging Equipment  | Coherent Market Insights

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.

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Medical Imaging Equipment Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product: Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging, Ultrasound, X-ray.
  • By Modality: Standalone, Portable.
  • By Application: Orthopedic, Cardiology, Oncology, Neurology, Gynecology, Others.
Companies covered:

Siemens Healthineers, General Electric Company, Koninklijke Philips NV, Fujifilm Holdings Corporation, Shimadzu Corporation, Hologic, Inc., Samsung Medison Co., Ltd., Carestream Health, and Canon Inc.

Growth Drivers:
  • Increasing product launches by market players
  • Increasing incidence of cardiovascular disorders
Restraints & Challenges:
  • High cost of imaging equipment such as MRI machines and CT scanners

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.

Key Players

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 Dynamics

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:

  • This report provides in-depth analysis of the global medical imaging equipment market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global medical imaging equipment market based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global medical imaging equipment market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical imaging equipment market

Detailed Segmentation:

  • Global Medical Imaging Equipment Market, By Product:
    • Computed Tomography (CT)
    • Magnetic Resonance Imaging (MRI)
    • Nuclear Imaging
    • Ultrasound
    • X-ray
  • Global Medical Imaging Equipment Market, By Modality:
    • Standalone
    • Portable
  • Global Medical Imaging Equipment Market, By Application:
    • Orthopedic
    • Cardiology
    • Oncology
    • Neurology
    • Gynecology
    • Others
  • Global Medical Imaging Equipment Market, By Region:
    • North America
      • By Product:
        • Computed Tomography (CT)
        • Magnetic Resonance Imaging (MRI)
        • Nuclear Imaging
        • Ultrasound
        • X-ray
      • By Modality
        • Standalone
        • Portable
      • By Application:
        • Orthopedic
        • Cardiology
        • Oncology
        • Neurology
        • Gynecology
        • Others
      • By Country:
        • U.S.
        • Canada
    • Latin America
      • By Product:
        • Computed Tomography (CT)
        • Magnetic Resonance Imaging (MRI)
        • Nuclear Imaging
        • Ultrasound
        • X-ray
      • By Modality
        • Standalone
        • Portable
      • By Application:
        • Orthopedic
        • Cardiology
        • Oncology
        • Neurology
        • Gynecology
        • Others
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Product:
        • Computed Tomography (CT)
        • Magnetic Resonance Imaging (MRI)
        • Nuclear Imaging
        • Ultrasound
        • X-ray
      • By Modality
        • Standalone
        • Portable
      • By Application:
        • Orthopedic
        • Cardiology
        • Oncology
        • Neurology
        • Gynecology
        • Others
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Product:
        • Computed Tomography (CT)
        • Magnetic Resonance Imaging (MRI)
        • Nuclear Imaging
        • Ultrasound
        • X-ray
      • By Modality
        • Standalone
        • Portable
      • By Application:
        • Orthopedic
        • Cardiology
        • Oncology
        • Neurology
        • Gynecology
        • Others
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Product:
        • Computed Tomography (CT)
        • Magnetic Resonance Imaging (MRI)
        • Nuclear Imaging
        • Ultrasound
        • X-ray
      • By Modality
        • Standalone
        • Portable
      • By Application:
        • Orthopedic
        • Cardiology
        • Oncology
        • Neurology
        • Gynecology
        • Others  
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Product:
        • Computed Tomography (CT)
        • Magnetic Resonance Imaging (MRI)
        • Nuclear Imaging
        • Ultrasound
        • X-ray
      • By Modality
        • Standalone
        • Portable
      • By Application:
        • Orthopedic
        • Cardiology
        • Oncology
        • Neurology
        • Gynecology
        • Others
      • By Country/Region:
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • Siemens Healthineers*
      • Company Overview
      • Material Portfolio
      • Financial Performance
      • Key Highlights
      • Market Strategies
    • General Electric Company
    • Koninklijke Philips NV
    • Fujifilm Holdings Corporation
    • Shimadzu Corporation
    • Hologic, Inc.
    • Samsung Medison Co., Ltd.
    • Carestream Health
    • Canon Inc.

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product
      • Market Snippet, By Modality
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • PEST Analysis
  4. Global Medical Imaging Equipment Market – Impact of Coronavirus (Covid-19) Pandemic
    • Economic Impact
    • Supply and Demand Analysis
    • Product Approval
    • Post-COVID 19 Market Analysis
    • Government Initiatives
  5. Global Medical Imaging Equipment Market, By Product, 2016 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Computed Tomography (CT)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Magnetic Resonance Imaging (MRI)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Nuclear Imaging
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Ultrasound
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • X-ray
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Global Medical Imaging Equipment Market, By Modality, 2016 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Standalone
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Portable
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  7. Global Medical Imaging Equipment Market, By Application, 2016 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Orthopedic
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Cardiology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Oncology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Neurology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Gynecology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  8. Global Medical Imaging Equipment Market, By Region, 2016 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2027
    • North America
      • Market Size and Forecast, By Product, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Product, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Product, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Product, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Product, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Product, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country/Region, 2016 – 2027, (US$ Mn)
        • South Africa
        • Central Africa
        • North Africa
  9. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis
      • Siemens Healthineers
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • General Electric Company
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Koninklijke Philips NV
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Fujifilm Holdings Corporation
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Shimadzu Corporation
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Hologic, Inc.
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Samsung Medison Co., Ltd.
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Carestream Health
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Canon Inc.
        • Company Overview
        • Device Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
    • Analyst Views
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 35 market data tables and 35 figures on "Medical Imaging Equipment Market” - Global forecast to 2027

Frequently Asked Questions

The global medical imaging equipment market size is expected to surpass US$ 54,043.9 million by 2027.
The global medical imaging equipment market is expected to register a CAGR of 4.8% during the forecast period (2020-2027).
Increasing product launches by market players and increasing incidence of cardiovascular disorders are driving the global medical imaging equipment market growth.
The ultrasound segment is estimated to hold major market share in 2020, owing to increasing product launches by market players.
Major factor hampering growth of the market is high cost of imaging equipment such as MRI machines and CT scanners.
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.
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