May 29, 2024

Medical Imaging Equipment Market Is Expected To Be Flourished By Growing Demand For Preventive Healthcare

Medical imaging equipment refers to machines used in hospitals and imaging centers to diagnose diseases as well as monitor treatment. Some common types of medical imaging equipment include X-ray systems, computed tomography (CT) scanners, magnetic resonance imaging (MRI) scanners, ultrasound scanners, nuclear imaging equipment (PET/SPECT), and mammography systems. Medical imaging plays a vital role in pathology, oncology, cardiology, neurology, and various other clinical disciplines by enabling early detection and accurate diagnosis of diseases. With rising health awareness and focus on preventive healthcare worldwide, medical imaging is increasingly being used for routine health screenings as well as disease screenings. This is expected to drive the demand for advanced medical imaging equipment in the coming years.

The global Medical Imaging Equipment Market is estimated to be valued at US$ 44.8 Billion in 2023 and is expected to exhibit a CAGR Of 7% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for preventive healthcare is one of the major drivers of the medical imaging equipment market. As mentioned in the heading, preventive healthcare aims to promote health and minimize risk through routine checkups and health screenings. Medical imaging plays an important role in these screenings by offering non-invasive methods to detect diseases at early, asymptomatic stages. This increases chances of successful treatment and reduces healthcare costs associated with late-stage management. Another key driver is the rising geriatric population worldwide which is more susceptible to chronic diseases like cancer, cardiovascular diseases, and neurological disorders. As per WHO, the number of people aged 65 years and above is expected to rise from 703 million in 2019 to 1.5 billion by 2050. This will propel the demand for medical imaging for disease diagnosis and management in the elderly population.

 

Segment Analysis

The medical imaging equipment market is dominated by the X-ray sub segment which holds around 30% market share. X-ray systems are widely used for diagnostic and therapeutic purposes across various clinical specialty areas and have significantly high adoption rate due to benefits like cost-effectiveness, easy availability and bedside procedures.

PEST Analysis

Political: Governments across regions are focusing on improving healthcare accessibility and infrastructure. This includes modernization of diagnostic centers with advanced medical imaging systems.

Economic: Rising disposable income and growing healthcare spending are driving the demand for premium medical imaging modalities for improved patient care.

Social: Increasing incidence of chronic diseases, rising geriatric population and growing medical tourism are fueling the need for innovative imaging technologies.

Technological: Developments in areas like AI, precision medicine, 4K/HD imaging and sensor technology are widening the scope of applications and transforming medical diagnostics.

Key Takeaways

The Global Medical Imaging Equipment Market Demand  is expected to witness high growth during the forecast period.

Regionally, North America commands the largest share driven by robust infrastructure, higher healthcare spending and early technology adoption. Growing demand for minimally invasive procedures and outpatient imaging are fueling growth in the Asia Pacific region.

Key players operating in the medical imaging equipment market are GE Healthcare, Siemens Healthineers, Philips Healthcare, Canon Medical Systems Corporation and Hitachi Medical Corporation. The market is competitive however long-term collaborations, acquisitions and innovative product launches are allowing companies to strengthen their regional footprint.

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