Medical Imaging Equipment Market to Cross USD 50.3 Bn Revenue by 2028 with CAGR of 5.4%, says Transparency Market Research

The global market for medical imaging equipment is being driven by an increasing demand in the healthcare sector, caused by a rise in the prevalence of diseases, chronic and neurological diseases, and cancers around the world.

Wilmington, Delaware, United States, April 19, 2023 (GLOBE NEWSWIRE) — According to the latest research study by Transparency Market Research, the global medical imaging equipment market stood at USD 30.7 Bn in 2020 and is projected to expand at a CAGR of 5.4% from 2021 to 2028.

Rise in global prevalence of chronic diseases, especially various cancer types, is expected to bolster the market. Surge in usage of computer-assisted technology and imaging analysis software in radiology, such as cloud-based PACS, is likely to accelerate market development. Rise in demand for 3D imaging for surgical planning is expected to broaden the market outlook.

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Rise in usage of a range of medical imaging equipment to diagnose, monitor, and treat medical conditions is expected to drive market growth. Rapid adoption of medical imaging technology in neurology and oncology to treat/manage chronic diseases is likely to offer significant opportunities to companies in the global medical imaging equipment market.

Competition Landscape

The medical imaging equipment market landscape is competitive, with only ten players holding majority share.

Prominent companies in the medical imaging equipment industry are GE Healthcare, Hologic, Inc., Siemens Healthcare, Shimadzu Corporation, Hitachi Medical Corporation, Samsung Medison, Co. Ltd., Hitachi Medical Corporation, Genesis Medical Imaging, Fonar Corporation, Carestream Heath, Inc., and Toshiba Corporation.

Key Findings of Study

  • Rapid Adoption of Medical Imaging to Treat Diseases: Recent market trends indicate rise in popularity of portable imaging equipment in various healthcare settings including in hospitals. Increase in awareness about general health and wellness is expected to bolster applications of medical imaging equipment in managing/treating cardiovascular diseases. Advancement in X-ray equipment, MRI equipment, and CT scanning is anticipated to bolster the medical imaging equipment market.
  • Surge in Demand for Advanced Medical Imaging Technologies in Oncology and Neurology to Augment Market Size: Rapidly increasing demand for technologically advanced devices, such as incorporation of digital technology, is expected to augment market value in the near future. Rise in market trend of integrating cloud computing, AI/ML technologies, and other cutting-edge digital technologies with medical imaging equipment is expected to augment the market in the near future. For instance, usage of cloud-based PACS (picture archiving and communication system) and software in radiology has increased in the past few years.

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Key Drivers

  • Rise in prevalence of chronic diseases, such as cancer, in the global population in the past few years has bolstered market growth. Rapidly increasing adoption of advanced medical imaging technologies in radiology is anticipated to propel the medical imaging equipment industry.
  • Surge in demand for digital imaging equipment in the healthcare industry is likely to drive usage of advanced medical imaging devices in disease diagnosis and prevention. Steadily increasing burden of cardiovascular diseases is expected to offer lucrative business opportunities to medtech companies.

Regional Growth Dynamics

Asia Pacific is anticipated to account for the leading market share during the forecast period from 2021 to 2028. Surge in incidence of chronic diseases and rise in burden of cancer are the key trends expected to propel the market in Asia Pacific. Rapid pace of adoption of several technologically-advanced medical imaging devices, such as 3D imaging, nuclear imaging, MRI equipment, and CT scanners, is anticipated to fuel the market.

Presence of a large patient population (or target population) in China, India, and many developing countries is expected to present significant business opportunities to companies in the near future. Demand for new and emerging medical imaging technologies in the healthcare industry could be ascribed to advances in healthcare infrastructure in these countries. However, lack of radiology experts in underdeveloped countries in Asia has hampered overall adoption of medical imaging equipment. Additionally, high cost of the equipment is a key impediment to steady adoption of these in the healthcare industry across Asia Pacific.         

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Medical Imaging Equipment Market Segmentation

Product
  • X-ray Devices
  • Magnetic Resonance Imaging (MRI) Equipment
  • Ultrasound Devices
  • Computed Tomography (CT) Scanners
  • Nuclear Imaging Equipment
Technology
  • X-ray Devices
  • Magnetic Resonance Imaging (MRI) Equipment
  • Ultrasound Devices
  • Computed Tomography (CT) Scanners
  • Nuclear Imaging Equipment
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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Transparency Market Research Inc.
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