Global Medical Imaging Device Market Report 2022: A $48.58 Billion Market by 2026

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Dublin, June 20, 2022 (GLOBE NEWSWIRE) — The “Global Medical Imaging Equipment Market: Analysis by Product by End User Size and Trends with Impact of COVID-19 and Forecast to 2026” report has been added to ResearchAndMarkets.com’s offer.

In 2021, the global medical imaging equipment market was valued at $38.36 billion in 2021, and is expected to grow to $48.58 billion by 2026. The market is expected to grow at a CAGR of 4.70% over the forecast period from 2022-2026 .

Medical imaging describes the technology that uses radiation, sound waves or a flexible optical instrument equipped with a small camera to visualize the internal structure of a body to make an accurate diagnosis. Medical imaging equipment has become an important tool for doctors, dentists, surgeons and physiotherapists with the aim of providing better care to their patients.

The benefits of medical imaging make it a popular choice among medical professionals. At the moment, medical imaging is undergoing significant changes, with companies helping to establish a digital workflow where medical imaging remains at the center and with the government allocating funds to build a strong healthcare infrastructure.

Global Medical Imaging Equipment Market Dynamics

Growth drivers: The aging population is a prominent growth driver of the medical imaging market. The aging population in developed economies is forcing governments to invest in health care and provide affordable health care. The incorporation of equity in the sector would create growth opportunities for the market. Apart from that, the rapid increase in demand for point-of-care diagnostics also offers growth opportunities for the market.

With increasing awareness of the benefits of stage 1 cancer diagnosis, people have been given hopes of saving the lives of their loved ones, and point-of-care diagnostics is an umbrella term for medical imaging tools, becoming the growth engine of the market. Moreover, factors such as rising health care spending, increasing deaths from chronic diseases, increasing obese population, etc. would also help the market to grow all over the world.

Challenges: The market also faces some of the challenges such as shortage of helium, high cost and lack of skilled radiologists. These challenges are expected to hinder market growth in the coming years. Medical imaging equipment is very expensive, both in terms of purchase and installation. The high cost of equipment makes customers reluctant to buy them. Such situations are more common in developing countries where per capita income is very low compared to developed countries.

Trends: Artificial intelligence will revolutionize the industry by overcoming certain limitations associated with the conventional devices such as time-consuming research, high reliance on technicians to acquire and interpret images, etc. Furthermore, there are other notable trends such as 3D printing in medical imaging, emerging 4D and 5D ultrasound technology, and a cryogen-free MRI imaging system would also provide significant growth opportunities for the market.

Market Segmentation Analysis:

In 2021, the ultrasonic segment dominated the market by absorbing more than a quarter of the market as it is considered the safest technology for the diagnosis procedures because it does not use ionizing radiation and magnetic field. Ultrasound was not only used to determine the health status of the fetus and the mother, but was also used to diagnose liver tumors, breast cysts, kidney stones, gallstones, ovarian size and uterine health in a patient suffering from PCOS /PCOD, pancreas, etc.

In 2021, the hospital segment had the largest share by covering more than 40% of the market and is also expected to be the fastest growing segment. The hospital segment is likely to continue to record significant growth over the forecast period due to mergers and acquisitions between market players and hospitals. For example, Philips and the first affiliated hospital of Zhejiang University have signed a multi-year contract to support the expansion by combining clinical research and education.

Asia-Pacific dominated the market in 2021 by occupying nearly 45% of the global market. The main factor driving the market in Asia-Pacific is the rising demand for advanced diagnostic equipment and the presence of the world’s most populous countries with rapidly changing demographics.

In China, the installation of medical imaging equipment is said to increase as the government places strong emphasis on healthcare infrastructure after COVID-19 to better prepare for future healthcare emergencies. The European market for medical imaging equipment offers lucrative opportunities in the coming years. Several reasons such as the introduction of technologically advanced systems and the increasing demand for early diagnosis are expected to drive the growth of the market in Europe.

Impact analysis of COVID-19 and the way forward:

The negative impact of the pandemic was also felt by the medical imaging industry as market participants reported negative numbers in their income statements. The disruptions in logistics, with production decline and plant delays, put the industry in a difficult situation. While the demand for computed tomography increased rapidly as it provided favorable diagnostic results.

Pandemic also brought to the fore the benefits of mobile and portable imaging systems as they are easy to handle and allow faster and easier diagnosis in remote locations set up across the country. Most hospitals find it easier to sterilize a mobile DR or ultrasound system than to clean a CT room for 30-50 minutes. The pandemic also encouraged hard-hit countries like China, Italy, India, the US and many others to implement strong health care policies that would support the health care needs of its citizens while building a strong health care infrastructure in the country.

Competitive landscape:

The global medical imaging equipment market is concentrated in nature, which puts some of the players at the top. Collaborations and partnerships between local and global companies, innovative product releases, and increasing focus on multimodal imaging device development are some of the key strategies companies are employing in the global medical imaging device market.

Siemens Healthineers, Koninklijke Philips NV and General Electric Company (GE) have over 75% share of the industry, with the remainder covered by Hitachi, Canon, Crestream Health, Inc. and others. Siemens Healthineers and General Electric Company (GE) are both active in the diagnostic imaging industry through their subsidiaries, also known as Siemens AG, and GE Healthcare.

Both companies invest extensively in R&D to offer technically improved products to their target audience. Even though Siemen Healthineers is the same size as General Electric Company (GE), the former’s less diversified portfolio helped the latter differentiate itself on this front.

Furthermore, companies such as GE Healthcare, Siemens Healthineers, Canon Medical, Esaote, Samsung and others have implemented various organic growth strategies that have aided the growth of the company and in turn brought about various changes in the market. While companies such as Siemens AG, Shimadzu Medical Systems, Hitachi, Canon Medical, Carestream Health and other companies have also implemented various inorganic developments that have bought for dynamic improvements in the market they operate.

Market dynamics

growth factors

  • Growing Geriatric Population

  • Rising health care spending

  • Accelerating the obese population

  • Rising cases of death from chronic diseases

  • Increasing demand for point-of-care diagnostics

Challenges

Market trends

  • 3D printing in medical imaging

  • Integrating Artificial Intelligence (AI) with Medical Imaging Devices

  • Emerging 4D & 5D Ultrasound Imaging Technology

  • Cryogen-free MRI Imaging System

Major Players in the Medical Imaging Equipment Market Are:

  • Siemens Healthineers

  • Royal Philips NV

  • Canon Medical Systems Corporation

  • General Electric Company (GE)

  • FujiFilm Corporation

  • Shimadzu Corporation

  • Hologic, Inc.

  • Onex Corporation (Carestream Health, Inc)

  • Samsung Electronics (Samsung Medison)

  • Esaote SpA

For more information about this report, visit https://www.researchandmarkets.com/r/ond6b7

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