Impact Analysis of Covid-19

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Medical imaging equipment are used in the diagnosis of various critical diseases and disorders of vital organs such as liver, lungs, heart, and brain. These equipment produce either 2D or 3D images of anatomical structures, which are then interpreted by physicians to detect abnormalities.

The global medical imaging equipment market is estimated to account for US$ 38,686.8 Mn in terms of value in 2020 and is expected to reach US$ 56,351.7 Mn by the end of 2027.

Global Medical Imaging Equipment Market: Drivers

Increasing prevalence of chronic diseases is expected to propel growth of the global medical imaging equipment market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

X-Ray Devices held dominant position in the global medical imaging equipment market in 2019, accounting for 28.3% share in terms of value, followed by Ultrasound Devices and MRI Equipment, respectively.

Figure 1. Global Medical Imaging Equipment Market Share (%), by Value, by Equipment, 2019

Medical Imaging Equipment  | Coherent Market Insights

Global Medical Imaging Equipment Market: Restraints

Excise duty imposed on medical devices manufacturers is expected to hinder growth of the market. In the U.S., a medical device manufacturer is expected to pay an additional Medical Device Excise Tax (MDET) of 2.3% on sales under the Patient Protection and Affordable Care Act (PPACA).

Moreover, high cost of developing imaging agents is also expected to limit the market growth. For instance, the cost of developing an imaging agent are US$ 100–US$ 200 million over 8–10 years.

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Medical Imaging Equipment Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 36,751.3 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5.5% 2027 Value Projection: US$ 56,351.7 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Equipment: X-Ray Devices, MRI Equipment, Ultrasound Devices, CT Scanners, Nuclear Imaging Equipment.
  • By End User: Hospitals, Imaging Centers, Others.
Companies covered:

Carestream Health, Inc., Fonar Corporation, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Philips Healthcare, Samsung Medison Co. Ltd., Shimadzu Corporation, Siemens Healthcare, EOS Imaging SA, Qynapse, Aurora Imaging Technologies, Inc., DePuy Synthes, Aspenstate, Sectra AB, and Toshiba Corporation

Growth Drivers:
  • Increasing use of nuclear imaging techniques
  • Technological advancements
Restraints & Challenges:
  • Radiopharmaceutical supply chain issues
  • High costs

Global Medical Imaging Equipment Market: Opportunities 

Approval and launch of disease imaging software is expected to offer lucrative growth opportunities for players in the global medical imaging equipment market. For instance, in February 2020, Qynapse, a France-based medical technology company, received 510(k) clearance from the U.S. Food and Drug Administration for its QyScore neurodegenerative disease imaging software.

Moreover, development of mobile MRI is also expected to aid in growth of the market. For instance, in October 2018, Aurora Imaging Technologies, Inc. exhibited its first breast mobile MRI for breast cancer screening in China at the 8th U.S.-China Health Forum held in Sichuan, China

The global medical imaging equipment market was valued at US$ 36,751.3 Mn in 2019 and is forecast to reach a value of US$ 56,351.7 Mn by 2027 at a CAGR of 5.5% between 2020 and 2027.

Figure 2. Global Medical Imaging Equipment Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

Medical Imaging Equipment  | Coherent Market Insights

Market Trends/Key Takeaways

Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in December 2019, DePuy Synthes, a division of Johnson & Johnson, announced partnership with Zebra Medical Vision, the deep learning medical imaging analytics company, to supplement its artificial intelligence and imaging analytics efforts for joint reconstruction procedures.

Major players in the market are also focused on adopting various marketing strategies to enhance their market share. For instance, in June 2019, FUJIFILM Medical Systems U.S.A., Inc. announced to present REiLI, the company's global Medical Imaging and Informatics Artificial Intelligence (AI) technology initiative, at AIMed Radiology 2019.

Global Medical Imaging Equipment Market: Competitive Landscape

Major players operating in the global medical imaging equipment market include, Carestream Health, Inc., Fonar Corporation, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Philips Healthcare, Samsung Medison Co. Ltd., Shimadzu Corporation, Siemens Healthcare, EOS Imaging SA, Qynapse, Aurora Imaging Technologies, Inc., DePuy Synthes, a division of Johnson & Johnson, Aspenstate, Sectra AB, and Toshiba Corporation.

Global Medical Imaging Equipment Market: Key Developments

Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in December 2019, GE Healthcare signed a multi-year agreement with Affidea B.V., a provider of medical services, to deploy imaging and digital technologies across the Affidea network, which includes provision of 60 new MRIs, 50 ultrasound devices, 40 CT scanners and 30 X-rays machines in the next three years.

Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in July 2019, FUJIFILM Medical Systems U.S.A. launched Tomosynthesis Biopsy option for the ASPIRE Cristalle mammography system

Advancement in technology in medical imaging such as mobile imaging devices and 3-D ultrasonic holography, which does not use harmful radiation has led to improvement in the diagnosis and treatment methods in patients. Pediatric patients are comparatively more radiosensitive than adults. Therefore, manufacturers are focusing on designing safer and effective X-ray imagining devices that have relatively low levels of harmful radiations, built specially for pediatric patients as encouraged by the U.S. FDA. Moreover, companies are developing software in order to improve diagnosis and treatment methods and for this they are collaborating with IT companies, which are expected to provide quantitative analysis tools and advanced visualization. The apps linked with medical imaging devices are some of these technologies, which are expected to provide manufacturers a competitive edge in the medical imaging devices market.

Restraints of the Global Medical Imaging Equipment Market

Major factors hampering the growth of the medical imaging equipment market during the forecast period constitutes of radiopharmaceutical supply chain issues, and high costs.

Key features of the study:

  • This report provides in-depth analysis of the global medical imaging equipment market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018, as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global medical imaging equipment market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include Carestream Health, Inc., Fonar Corporation, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Philips Healthcare, Samsung Medison Co. Ltd., Shimadzu Corporation, Siemens Healthcare, EOS Imaging SA, Qynapse, Aurora Imaging Technologies, Inc., DePuy Synthes, Aspenstate, Sectra AB, and Toshiba Corporation.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding future product launches, technology 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 market.

Detailed Segmentation

  • Global Medical Imaging Equipment Market, By Equipment:
    • X-Ray Devices
    • MRI Equipment
    • Ultrasound Devices
    • CT Scanners
    • Nuclear Imaging Equipment
  • Global Medical Imaging Equipment Market, By End User:
    • Hospitals
    • Imaging Centers
    • Others
  • Global Medical Imaging Equipment Market, By Geography:
    • North America
      • By Equipment
        • X-Ray Devices
        • MRI Equipment
        • Ultrasound Devices
        • CT Scanners
        • Nuclear Imaging Equipment
      • By End User
        • Hospitals
        • Imaging Centers
        • Others
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Equipment
        • X-Ray Devices
        • MRI Equipment
        • Ultrasound Devices
        • CT Scanners
        • Nuclear Imaging Equipment
      • By End User
        • Hospitals
        • Imaging Centers
        • Others
      • By Country:
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Equipment
        • X-Ray Devices
        • MRI Equipment
        • Ultrasound Devices
        • CT Scanners
        • Nuclear Imaging Equipment
      • By End User
        • Hospitals
        • Imaging Centers
        • Others
      • By Country:
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Equipment
        • X-Ray Devices
        • MRI Equipment
        • Ultrasound Devices
        • CT Scanners
        • Nuclear Imaging Equipment
      • By End User
        • Hospitals
        • Imaging Centers
        • Others
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East:
      • By Equipment
        • X-Ray Devices
        • MRI Equipment
        • Ultrasound Devices
        • CT Scanners
        • Nuclear Imaging Equipment
      • By End User
        • Hospitals
        • Imaging Centers
        • Others
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Equipment
        • X-Ray Devices
        • MRI Equipment
        • Ultrasound Devices
        • CT Scanners
        • Nuclear Imaging Equipment
      • By End User
        • Hospitals
        • Imaging Centers
        • Others
      • By Country/Region:
        • Central Africa
        • South Africa
        • North Africa
  • Company Profiles
    • Carestream Health, Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
    • Fonar Corporation
    • Fujifilm Holdings Corporation
    • GE Healthcare
    • Hitachi Medical Corporation
    • Hologic, Inc.
    • Philips Healthcare
    • Samsung Medison Co. Ltd.
    • Shimadzu Corporation
    • Siemens Healthcare
    • EOS Imaging SA
    • Other Major Players

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

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Equipment
      • Market Snippet, By End User
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • Regulatory Scenario
    • PEST Analysis
    • COVID-19 Impact Analysis
  4. Global Medical Imaging Equipment Market, By Equipment, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • X-Ray Devices
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • MRI Equipment
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • Ultrasound Devices
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • CT Scanners
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • Nuclear Imaging Equipment
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
  5. Global Medical Imaging Equipment Market, By End User, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • Hospitals
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Imaging Centers
      • 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)
  6. Global Medical Imaging Equipment Market, By Regions, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • North America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Europe
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • Carestream Health, Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Fonar Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Fujifilm Holdings Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • GE Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Hitachi Medical Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Hologic, Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Philips Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Samsung Medison Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Shimadzu Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Siemens Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • EOS Imaging SA
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Other Major Players
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 33 market data tables and 24 figures on “Medical Imaging Equipment Market – Global forecast to 2027.

Frequently Asked Questions

The global medical imaging equipment market was valued at US$ 36,751.3 Mn in 2019 and is forecast to reach a value of US$ 56,351.7 Mn by 2027 at a CAGR of 5.5% between 2020 and 2027.
Major factor driving the growth of global medical imaging equipment market during the forecast period include increasing use of nuclear imaging techniques, and technological advancements.
Major factors hampering the growth of the medical imaging equipment market during the forecast period constitutes of radiopharmaceutical supply chain issues, and high costs.
X-Ray Devices held dominant position in the global medical imaging equipment market in 2019.
North America Medical Imaging Equipment market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are Carestream Health, Inc., Fonar Corporation, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Philips Healthcare, Samsung Medison Co. Ltd., Shimadzu Corporation, Siemens Healthcare, EOS Imaging SA, Qynapse, Aurora Imaging Technologies, Inc., DePuy Synthes, a division of Johnson & Johnson, Aspenstate, Sectra AB, and Toshiba Corporation.
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