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 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
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.
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
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
US :
INDIA :
UK :
JAPAN :
U.S. :
+1-206-701-6702
UK :
+44-020-8133-4027
JAPAN :
+81-50-5539-1737
INDIA :
+91-848-285-0837
Sales Office (U.S.) : 
