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
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.
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.
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