Radiography (X-rays), Magnetic Resonance Imaging (MRI), Computed Tomography (CT), fluoroscopy, ultrasound, echocardiography, Positron Emission Tomography (PET) are some of the most widely used medical imaging equipment.
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
Approval and launch of new devices is expected to propel growth of the global medical imaging equipment market over the forecast period. For instance, in December 2019, EOS Imaging SA received 510(k) clearance from the U.S. FDA for its EOSedge – a general X-ray system powered by a high-resolution photon counting detector.
Global Medical Imaging Equipment Market: Opportunities
Investment in cancer research is expected to offer lucrative growth opportunities for players in the global medical imaging equipment market. For instance, in October 2019, The Breast Cancer Research Foundation announced its US$ 66 million commitment to fund breast cancer research for 2019-2020.
Global Medical Imaging Equipment Market: Restraints
High cost of imaging systems is expected to hinder growth of the market. For instance, a widefield imaging system may cost around US$ 85, 000.
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.
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. The increasing incidence of fractures, orthopedic disorders, and cancer as well as technological advancements related to X-ray systems for improving image quality and reducing dose technique are the factors driving the growth of the segment.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in May 2020, Aspenstate, a medical imaging solutions provider, gained the U.S. Food and Drug Administration clearance for its AirTouch, a portable x-ray system that can be used to gather images from patients with COVID-19 and then wirelessly send the images directly to a PACS.
The market is witnessing increasing adoption of radiology and breast imaging modules. For instance, in May 2020, Sectra AB announced to install the radiology and breast imaging modules of its enterprise imaging solution at Mayfair Diagnostics' facilities in Canada.
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
December 2019: FUJIFILM Medical Systems U.S.A., Inc., a part of the Fujifilm Healthcare portfolio, added three new digital x-ray suites – FDR Clinica U, FDR Clinica X and D-EVO Suite FSx – to its portfolio of imaging technologies at the 105th annual meeting of the Radiological Society of North America (RSNA).
September 2019: The U.S. Food and Drug Administration gave clearance to Critical Care Suite, a platform on a mobile X-ray device developed in partnership with UC San Francisco and GE Healthcare’s Edison AI technology.