MEDICAL IMAGING EQUIPMENT MARKET ANALYSIS

The global medical imaging equipment market is estimated to be valued at US$ 45.0 billion in 2023 and is expected to exhibit a CAGR of 5.3% during the forecast period (2023-2030).

Analysts’ Views on Global Medical Imaging Equipment Market:

Increasing technological advacements by the market players for the development of magnetic resonance imaging systems used for lung imaging is expected to drive the growth of the market over the forecast period. For instance, in December 2021, Siemens AG, a Germany-based conglomerate corporation, developed a new MRI (magnetic resonance imaging) technology in collaboration with researchers at The Ohio State University College of Medicine and College of Engineering. The new MRI, 0.55T MAGENTOM Free Max has lower magnetic field strength that offers the potential for it to be used for lung imaging without X-ray radiation.

Figure 1. Global Medical Imaging Equipment Market Share (%), by Product Type, 2023

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Global Medical Imaging Equipment Market– Driver

Increasing Prevalance of Chronic disorder

Increasing changes in lifestyles is considered a major cause of various chronic disorders, such as diabetes, functional gastrointestinal disorder, eczema, arthritis, asthma, cancer, chronic obstructive pulmonary disease, and others. MRI (Magnetic resonance imaging) plays an important role in diagnosing a broad range of conditions including cancer, heart and vascular disease, muscular and bone abnormalities, and others. Thus, the increasing prevalence of chronic disorders globally is expected to boost the growth of the market over the forecast period. For instance, according to the data published by the American Cancer Society 2021, Cancer facts and figures, in the U.S., approximately 1.9 billion cancer cases were diagnosed in 2021, whereas the 2021 estimated cancer cases in the U.S. is provided below:

Increasing products launches by the market players

MRI (magnetic resonance imaging) plays an increasingly important role in the assessment of patients with chronic disease. MRI has numerous advantages, including lack of ionizing radiation and the possibility of performing multiparametric imaging. Thus, increasing number of product launches by the market players due to numerous advantages associated with the MRI is expected to foster the market growth over the forecast period. For instance, in December 2021, FUJIFILM Holdings America Corporation , a diagnostic imaging and medical informatics solutions providing company, announced the launch of its Velocity MRI System, which is advanced with high performance, high-field open MRI system and high-field scanner coupled with the clinical providing comfort advantages of open MRI, during the 2021 Radiological Society of North America (RSNA) conference in Chicago. Velocity MRI system is designed to streamline workflow and enhance the patient experience with open gantry, integrated radiofrequency (RF) coils, and reconstruction technologies.

Figure 2. Global Medical Imaging Equipment Market Share (%), by Region, 2023

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Global Medical Imaging Equipment Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global medical imaging equipment market over the forecast period. This is attributed to the increasing product launch  by market players. For instance, in November 2020, FUJIFILM Holdings America Corporation, a Japan-based global medical diagnostic system manufacturer, announced that it had launched two new fluoroscopy systems: Persona C Surgical C-Arm and Persona RF PREMIUM System in the U.S.

Global Medical Imaging Equipment Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

The COVID-19 pandemic had a positive impact on the global medical imaging equipment market, owing to increasing demand for fluoroscan increased during COVID-19 to optimize conservative treatment for orthopedic surgery. For instance, in September 2022, according to the data provided by Springer Nature, a publishing company, fluoroscan use in fracture clinics achieved effective fracture control. The use of fluoroscan avoided admissions for surgery during the pandemic and lengthy clinic visits. During the COVID-19 pandemic, locating the fluoroscan in the hand clinic helped reduce patient’s exposure to risk by decreasing footfall within the orthopedic department, because they no longer had to track through the departments cyclically after having plaster change and then X-ray in the radiology department. Reducing the number of patients needing to go to the X-ray department was important during the pandemic, as this was also where COVID patients were having chest imaging. Thus, introducing fluoroscan into the hand clinic enabled orthopedic surgeons to treat more patients in a timely and safely manner.

Global Medical Imaging Equipment Market Segmentation:

The global medical imaging equipment market report is segmented into product type, modality, application, end user, and region.

Based on Product type, the global medical imaging equipment market is segmented into Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging, Ultrasound, X-ray, and Others. Out of which, Magnetic Resonance Imaging (MRI) segment is expected to dominate the global medical imaging equipment market during the forecast period, and this is due to increasing number of collaboration and partnership agreement between the market players.

Based on Modality, the global medical imaging equipment market is segmented into Standalone and Portable. Out of which, standalone segment is expected to dominate the global medical imaging equipment market during the forecast period, owing to increasing product launch by the market players.

Based on Application, the global medical imaging equipment market is segmented into Orthopedic, Cardiology, Oncology, Neurology, Gynecology and Others. Out of which, Cardiology segment is expected to dominate the global medical imaging equipment market during the forecast period owing to increasing prevalence of cardiological disease globally

Based on End user, the global medical imaging equipment market is segmented into hospitals, diagnostic centers, specialty clinics, ambulatory surgical centers, and others which include academic & research institutes and among Others. The hospitals segment is expected to dominate the market over the forecast period, owing to the increasing availability of fluoroscopy in the hospitals. For instance, in May 2021, Turner Imaging Systems, a developer of advanced X-ray imaging systems, announced that the company had received its CE (European conformity) Mark for its Smart-C Mini C-Arm portable fluoroscopy x-ray imaging device. This will make it possible to distribute the Smart-C, the first highly portable micro c-arm in the EU in addition to the UK. In the U.S., the Smart-C is being deployed in hospitals, ambulatory surgical centers, orthopedic clinics, as well as professional and collegiate sports teams.

Among all the segmentations, the product type segment has the highest potential due to the increasing collaboration between the key market players. For instance, in July  2022, Canon Medical Systems Corporation, a medical equipment company, announced the expansion of distributorship with the acquisition of NXC imaging, a medical imaging equipment distributor and service provider. This acquisition is expected to broaden and advance Canon Medical Systems’ U.S. sales and service outreach in the northern portion of the U.S.

Global Medical Imaging Equipment Market Cross Sectional Analysis:

Increasing collaboration between the key market players are driving the growth of the product type segment in North America region. For instance, in March 2021, Royal Philips, a German based conglomerate corporation, collaborated with Disney, a U.S.-based mass media and entertainment conglomerate, to improve the healthcare experience of children. The aim of the collaboration is to help reduce fear and anxiety to improve children’s patient experience during MRI process. Philips MRI's ambient experience will display six pieces of original, stylized Disney animation- produced specifically by Disney animators for use in hospitals with clinical advice from Philips. Characters such as Mickey Mouse, Ariel, Marvel's Avengers, Star Wars' Yoda, and others appear in the Disney animation for the first time in a diagnostic setting.

Global Medical Imaging Equipment Market: Key Developments

On March 16, 2023, Accelus, a medical technology, announced that the U.S. Food & Drug Administration (FDA) has issued a 510(k) clearance to Accelus for its Remi Robotic Navigation System for usage with GE OEC 9900 C-Arm fluoroscopic imaging systems.

In April 2022, GE HealthCare, a healthcare technology and diagnostics company, and Medtronic, a medical device company, announced a collaboration focused on the unique needs and demand for care at Ambulatory Surgery Centers (ASCs) and Office Based Labs (OBLs). Under this new collaboration, customers will be able to access extensive product portfolios such as fixed c-arm imaging systems that have been used more and more frequently in ASCs and OBLs for cardiac and peripheral vascular procedures and others

In April 2022, International Atomic Energy Agency, an intergovernmental organization, conducted an awareness campaign to overcome the challenges for radiation protection due to technical developments and increases in the complexity of these procedures and potential gaps in guidance and training to improve radiation protection of patients and staff, which can cause skin injuries in patients and radiation-induced cataract in medical staff while performing interventional procedures.

In January 2022, Royal Philips, a global leader in health technology, announced that physicians will now have access to advanced new 3D image guidance capabilities through its Image-Guided Therapy Mobile C-arm System  named Zenition that provides enhanced clinical accuracy and efficiency, and aims to improve the outcomes for patients undergoing endovascular treatment.

In November 2021, Canon Medical Systems Corporation, a medical equipment company, acquired Skope Magnetic Resonance Technologies AG, a company providing MRI users with unprecedented imaging quality and performance. Skope's experience in MRI sensorics, signal processing, and image reconstruction extends from signal acquisition to picture production as a result, MRI scanning with reproducible picture quality, high image detail, and time savings is possible with this acquisition. Canon Medical Systems welcomes the Skope team and will use its ability to drive MRI system research and development, committed to breakthrough MRI solutions for uncompromised patient care. Canon Medical System acquisition concluded a contract to acquire all shares of Skope Magnetic Resonance Technologies AG.

Global Medical Imaging Equipment Market: Key Trends

Increasing warehouse expansion  by the market players

Increasing warehouse expansion  by the market players for production of diagnostic imaging equipment by the market plaers is expected to drive the growth of the market over the forecast period. For instance, in December 2022, Minicarm.com, a medical device company, expanded its U.S. warehouse to include a state-of-the-art refurbishment center dedicated to the high-quality restoration of Mini C-Arms. These devices are utilized in orthopedic surgery for fluoroscopic imaging of the extremities as well as digital diagnostic imaging. The establishment of this new refurbishment center showcases minicarm.com's unwavering dedication to provide exclusively superior refurbished Mini C-Arms worldwide with the inclusion of an in-house sanding booth and paint booth.

Increasing grant, investment, funding for diagnostic and radiology equipment

Increasing grant, investment, funding, and others by charitable trusts for diagnostic and radiology equipment is expected to drive the market growth over the forecast period. For instance, in November 2021, Helmsley Charitable Trust, based in New York, U.S., announced that it had granted more than US$ 11.3 billion to help 10 Silver State hospitals, which include Boulder City Hospital, Boulder City Hospital, Pershing General Hospital, William Bee Ririe Hospital, Incline Village Community Hospital, Carson Valley Medical Center, South Lyon Medical Center, Dignity Health-St. Rose Dominican Hospital, Desert View Hospital, and Mesa View Regional Hospital, to purchase state-of-the-art diagnostic and radiology equipment such as x-ray equipment, ultrasound machines, CT scanners, and others, to expand simulation-based training.

Furthermore, from the same source above, under this grant, US$ 736,000 is granted to Boulder City Hospital for 3D mammography and mobile C-arm fluoroscopic x-ray equipment.

Global Medical Imaging Equipment Market: Restraints

Contraindications During The Magnetic Resonance Imaging Procedure

The contraindications with magnetic resonance imaging during the diagnosis procedure of patients have restrained its demand and growth of the market over the forecast period. For instance, according to the U.S. FDA (Food and Drug Administration), the MR (magnetic resonance) environment involves a strong, static magnetic field, a magnetic field that changes with time (pulsed gradient field), and radiofrequency energy, each of which carry specific safety concerns such as:

• The strong, static magnetic field can attract magnetic objects (from small items such as keys and cell phones to large, heavy items such as oxygen tanks and floor buffers) and may cause damage to the scanner or injury to the patient or medical professionals if those objects become projectiles. Careful screening of people and objects entering the MR environment is critical to ensure nothing enters the magnet area that may become a projectile.
• The magnetic fields that change with time create loud knocking noises which may harm hearing if adequate ear protection is not used. They may also cause peripheral muscle or nerve stimulation that may feel like a twitching sensation.
• The radiofrequency energy used during the MRI scan could lead to heating of the body. The potential for heating is greater during long MRI examinations.

Furthermore, to overcome this challenge patients should be properly guided by the professionals inorder to decrease these contraindications

High Costs Of Installation And Maintenance

Magnetic resonance imaging systems are made up of various accessories, such as scanner, superconducting coils, gradient coils, radiofrequency (RF) coils, computer systems, and others. The cost of MRI scanners is relatively high as compared to other medical imaging devices such as CT (Computed Tomography), PET(positron emission tomography) and others.

The fixed costs of these systems, consumables used for MRI systems, software, and customized services also account for a large proportion of the overall cost. Thus, high cost of purchase and initial outlay payment while making purchase are limiting magnetic resonance imaging systems market growth to some extent. For instance, in July 2020, according to the report published in the National Center for Biotechnology Information, a study was conducted to determine the LCC (Life cycle costing) of magnetic resonance imaging (MRI) machine/System at a tertiary care teaching hospital in India and concluded that the total cost of installation of MRI equipment was found to be approximately US$ 909,458 (Rs. 7,50,00,000 (INR))

Global Medical Imaging Equipment Market- Key Players

• Major players operating in the global medical imaging equipment market include GE HealthCare, Siemens Healthineers AG, Koninklijke Philips N.V., Allengers, Shimadzu Corporation, Ziehm Imaging GmbH, Turner Imaging Systems, Hologic, Inc., FUJIFILM Corporation, SternMed GmbH, Genoray Co., Ltd., Eurocolumbus srl. , General Electric, Synaptive Medical, ESAOTE SPA, Aspect Imaging Ltd, Shanghai United Imaging Healthcare Co., LTD, Canon Medical Systems, Aurora Healthcare, Hyperfine, Inc., FONAR Corp, Neusoft Corporation, Medonica Co. LTD and Time Medical Holding.