April 24, 2024

Global Medical Imaging Devices Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

The Global Medical Imaging Devices market is in trends by increasing adoption of innovative technologies. Medical imaging devices help visualize the internal organs and tissues of the human body for diagnosis and treatment of diseases. Technologies like X-ray, CT, ultrasound, MRI and nuclear imaging devices enable non-invasive diagnosis and monitoring of various medical conditions.

The Global Medical Imaging Devices Market is estimated to be valued at US$ 40.33 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.

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Key Takeaways

Key players operating in the Global Medical Imaging Devices are Hitachi, Ltd., and Hologic Inc., Butterfly Inc., Analogic, and so on. Key players are investing in R&D to develop advanced imaging solutions and collaborating with healthcare providers to increase access to imaging technologies.

The growing prevalence of chronic diseases and aging population is fueling the demand for medical imaging devices. Chronic diseases require long term monitoring which contributes to the substantial utilization of imaging devices. Furthermore, rising healthcare expenditure and awareness about early disease diagnosis is also driving the market growth.

With increasing globalization, companies are expanding their presence across international markets. Market players are focusing on emerging economies in Asia Pacific and Latin America due to growing medical infrastructure and demand for quality healthcare services in these regions.

Market key trends

Theranostics is emerging as a key trend in the medical imaging devices market. Theranostics involves combining therapeutic and diagnostic capabilities into single agents or devices for personalized medicine. For example, targeted drugs can be used which are tagged with imaging contrast agents to simultaneously treat cancer lesions and track their location and response during treatment. Theranostics approach promises more precise disease management and improved outcomes.

Porter’s Analysis

Threat of new entrants: High cost associated with R&D, regulatory approvals and selling expenses limits threat of new entrants. Bargaining power of buyers: Large number of buyers and buyers ability to demands lower prices by easily substituting one device with another medical imaging device increases bargaining power. Bargaining power of suppliers: Highly specialized components used in medical imaging devices consolidation in supplier base increases their bargaining powers. Threat of new substitutes: Technological advancements led to continuous launch of new advanced substitute devices increasing threat. Competitive rivalry: Intense competition between existing players to capture higher market share leads to price wars.

Geographical Regions

North America dominates the global medical imaging devices market in terms of value owing to increasing demand for advanced diagnostic imaging systems and rising healthcare expenditure. Asia Pacific is fastest growing region for global medical imaging devices market due to growing healthcare infrastructure, rising disposable incomes, and expanding medical tourism industry in countries like India and China.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it