Global Medical Imaging Equipment Market, By Product Type (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging, Ultrasound, X-ray and Others (Fluoroscopy, Radiography and among Others)), By Modality (Standalone and Portable), By Application (Orthopedic, Cardiology, Oncology, Neurology, Gynecology and Others (Orthodontics and among Others)) By End User (Hospitals, Diagnostic Centers, Specialty Clinics, Ambulatory Surgical Centers and Others(Academic and Research Institutes and among Others)) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increasing organic growth strategies such as product launches by key market players to expand their product portfolio is expected to drive market growth over the forecast period. For instance, in June 2021, FUJIFILM Medical Systems U.S.A., Inc., a subsidiary of FUJIFILM Corporation, announced the launch of Persona RF PREMIUM in the U.S. Persona RF PREMIUM is an innovative radiography and fluoroscopy system designed for hospitals and medical centers of all sizes, providing real-time imaging for skeletal, digestive, urinary, respiratory, and reproductive systems and specific organs including the heart, lungs, and kidneys.
Digital imaging provides improved image quality, dynamic range, and contrast resolution, and thus, allowing for better visualization of anatomical structures and procedures. Digital systems also offer advanced image processing capabilities, enabling enhancements such as noise reduction, edge enhancement, and image stitching. Thus, inceasing technology advancements by the key market players for development of medical imaging equipments is expected to drive the growth of market over the forecast period. For instance, in June 2021, FUJIFILM Medical Systems U.S.A., Inc., a leading provider of diagnostic imaging and medical informatics solutions, announced the launch of the Persona RF PREMIUM in the U.S. The Persona RF PREMIUM is an innovative radiography and fluoroscopy system that is designed for hospitals and medical centers.
Similarly, in July 2022, Ziehm Imaging, a manufacturer of mobile C-arms presented IGZO1 flat-panel technology at this year's ECR congress held at Vienna, Austria. With its versatile Ziehm Vision Solo FD and Ziehm Vision FD, a Germany-based manufacturer launched a new IGZO1 flat-panel detector for intraoperative imaging. This indium gallium zinc oxide (IGZO)1 technology provides excellent image quality while keeping dose levels to a minimum.
Global Medical Imaging Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global medical imaging equipment market, as C-arm fluoroscopes were used for the treatment of COVID-19 patients. For instance, according to the data provided by the National Library of Medicine in July 2020, C-arm fluoroscopes were used for the treatment of COVID-19 patients to deliver a kilovoltage radiotherapy.
Moreover, according to the same source above, the cost of treating COVID-19 patients with radiation could be cheaper and potentially more effective than with well-publicized experimental drugs. In the U.S., the cost was over US$ 3,000 per treatment course for infected patients to be treated with Remdesevir, even though the drug was shown to slightly reduce recovery time but not mortality. A dedicated c-arm could treat multiple patients per day at minimal cost, which would improve treatment options for underinsured patients or those in low-income and developing countries, such as India, GCC Countries, etc.
Global Medical Imaging Equipment Market: Key Developments
Increasing research and development activities by research institutes for MRI system development is expected to drive the market growth over the forecast period. For instance, on February 7, 2022, researchers from the University of Hong Kong (HKU), announced that they have successfully developed a new magnetic resonance imaging (MRI) technology for diagnosing brain injuries and strokes. The ultralow field (ULF) 0.055 Tesla brain MRI can operate from a standard AC (Appropriateness Criteria) wall power outlet and do not require any radiofrequency nor magnetic shielding room.
Furthermore, increasing inorganic growth strategies, such as partnership among market players to provide fluoroscopy system for use in surgical procedures is expected to drive the market growth over the forecast period. For instance, , on January 4, 2023, Turner Imaging Systems, a U.S.-based manufacturer of digital imaging system, announced that it had initiated a partnership with LifeBridge Sinai Hospital in Baltimore, a nonprofit healthcare corporation, to provide a SMART-C mini C-arm system for a humanitarian mission in Liberia, Africa.
Browse 43 Market Data Tables and 39 Figures spread through 233 Pages and in-depth TOC on “Global Medical Imaging Equipment Market”, By Product Type (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging, Ultrasound, X-ray and Others (Fluoroscopy, Radiography and among Others)), By Modality (Standalone and Portable), By Application (Orthopedic, Cardiology, Oncology, Neurology, Gynecology and Others (Orthodontics and among Others)) By End User (Hospitals, Diagnostic Centers, Specialty Clinics, Ambulatory Surgical Centers and Others(Academic and Research Institutes and among Others)) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-imaging-equipment-market-3978
Key Takeaways of the Global Medical Imaging Equipment Market:
- The global medical imaging equipment market is expected to exhibit a CAGR of 5.3% during the forecast period due to increasing awareness for product developing by research institutes to address clinical imaging needs. For instance, in September 2022, Mbarara University of Science and Technology (MUST), Uganda, announced a project to construct a low field magnetic resonance imaging (MRI) to address clinical imaging needs in emerging economies such as Uganda. The project is supported by the National Institutes of Health and Yale University-School of Medicine and collaborators from the CURE Childrens Hospital in Uganda, Leiden University Medical Center and the Technical University of Delft, both in the Netherlands, German Paraguayan University in Paraguay, and Uganda National Planning Authority.
- Among product type, Magnetic Resonance Imaging (MRI) segment is expected to be the dominant in the global medical imaging equipment market, owing to increasing researches to study the adaption rate of MRI systems which may help in the market growth over the forecast period. For instance, in September 2022, an article was published in study “The Radiographers' Awareness Level of MRI-Induced Vertigo and Their Perspectives on the Post-Examination Care Provided to Patients in Saudi Arabia”. This study provides the first insight into Saudi Arabian MRI radiographers' awareness and perceptions of MRI-induced vertigo. Radiographers were largely aware of MRI-induced vertigo and the supportive care they were supposed to provide their patients. In the near future, this is expected to increase demand for MRI systems and adaptation of MRI systems in the Middle East.
- Among Application, Cardiology segment is expected to be the dominant in the global medical imaging equipment market, owing to increasing prevalence of various cardiological disease globally such as coronary artery disease and others. For instance, on May 15, 2023, according to the report published in Centers for Disease Control and Prevention, reported that Coronary artery disease (CAD) is the most common type of heart disease and approximately 1 in 20 adults age 20 and older have CAD every year in the U.S.
- Among regions, North America is expected to be the dominant region in the global medical imaging equipment market, owing to the increasing adoption of inorganic growth straergies such as collaboration and others by the market players. For instance, in September 2022, Promaxo Inc., a medical imaging, robotics, and AI technology company, announced a four-year research collaboration with the University of Montreal Hospital Research Centre (CRCHUM), Canada supporting MRI guided radiation oncology solutions for improved prostate cancer management, female genitourinary and obstetrics and gynecology. The collaboration will focus on the design, development and validation of a low-field MRI system-based targeted interventions of cancers of prostate gland and gynecological organs.
- 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
