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Medical Imaging Equipment Market

Technological Advancements in Medical Imaging Equipment Boost Market Growth.

Medical Imaging Equipment Market by Equipment Type (Computed Tomography (CT) Systems, X-ray Systems, MRI Systems, Ultrasound Systems and Nuclear Imaging Equipment)

Medical Imaging Equipment Market Outlook (2023 to 2033)

The Global revenue from the Medical Imaging Equipment Market was around US$ 38.9 Million in 2022, with the global market expected to grow at a CAGR of 4.8% to reach a valuation of around US$ 64.8 Billion by the end of 2033.

Market Size (2023)

US$ 40.7 Billion

Projected Market Value (2033)

US$ 64.8 Billion

Global Market Growth Rate (2023 to 2033)

4.8% CAGR

Market Share of Top 5 Countries

51.5%

As assessed by Persistence Market Research, X-ray segment held a market share of around 22.4% in the global market, in 2022. Overall, medical imaging equipment market sales account for around 8.0% of revenue share in the global medical devices market, which was valued at around US$ 488.9 Billion in 2022.

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Sales Analysis of Market from 2017 to 2022 Vs Market Outlook for 2023 to 2033

The global market recorded a historic CAGR of 4.1% in the last 5 years from 2017 to 2022.

Due to a number of factors, such as an increase in the prevalence of diseases like cancer and cardiovascular diseases, an increase in the world's geriatric population, and the introduction of technologically advanced products, this market's growth is expected to rise significantly over the course of the forecast period.

In comparison to the early stages of CT scanners and mammography equipment, medical imaging has advanced significantly over the years. Healthcare professionals now have access to new angles, resolutions, and details that provide a more comprehensive view of the body parts while lowering the radiation dosage for patients owing to 3D medical imaging. Additionally, 3D medical imaging provides sharper images of bones and a clear visualization of blood vessels.

  • Applications for computer-assisted detection (CAD) and image analysis have developed as a result of developments in 3D imaging. Almost every modality on the market is being driven by this, particularly tomographic imaging methods. Also, the use of these devices has grown as a result of surgeons utilizing 3D imaging to plan surgeries and procedures, there has been an increase in the use of 3D imaging for the diagnosis of breast cancer, which allows for a better visualization of tissue than traditional mammograms. The market is expected to grow in the future as a result of utilization of imaging equipment.

Increased prevalence of numerous diseases, including respiratory, orthopedic, and cardiovascular diseases, has increased need for diagnostic equipment and services worldwide. The World Health Organization (WHO) reports that cardiovascular diseases (CVDs) remain the leading cause of death worldwide, accounting for 17.9 Billion deaths in 2019, or 32% of all deaths worldwide. Heart attack and stroke related deaths accounted for 85% of these deaths. Nuclear imaging equipment, magnetic resonance imaging (MRI), and CT scanners are important diagnostic equipment for cardiovascular diseases. Rising cases of these diseases are driving up demand for effective diagnostic equipment such as medical imaging equipment.

The global market is likely to show high growth over the coming years at a CAGR of 4.8 % and reach a global market size of US$ 64.8 Billion by 2033.

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How Can the Global Market Grow?

Growing Incidences of Tuberculosis (TB), Rising Geriatric Population, and Adoption of AI in Data Management

According to the WHO, 10 Billion people develop tuberculosis (TB) each year. TB kills 1.5 Billion people annually, making it the leading infectious disease in the world. The majority of TB patients reside in low- and middle-income economies. As per the same source, majority of individuals with tuberculosis live in eight countries, Bangladesh, China, Pakistan, the Philippines, Indonesia, India, Nigeria, and South Africa.

  • The majority of the demand for X-ray and MRI equipment arises from these nations. As a result, emerging nations are playing an essential role in the expansion of the global market for medical imaging equipment.

The need for healthcare products and services will increase as the geriatric population increases since this group of people are more susceptible to illnesses including respiratory (tuberculosis and pneumonia), oral, orthopedic (osteoporosis), and cardiovascular diseases. Early detection of these disorders is essential for making decisions and ensuring effective care. Imaging techniques such as X-ray, ultrasound, MRI, and computed tomography (CT) can be used to accurately diagnose these disorders. As a result, throughout the forecast period, an ageing global population is expected to drive the market.

  • The global geriatric population is increasing at a significant rate. According to WHO estimates, globally, there were over 1 billion people over the age of 60 in 2019. The number of elderly individuals is expected to reach 1.4 billion at the end of 2030 and around 2 billion by the end of 2050. This increase is happening at an extraordinary pace, especially in emerging nations, which will ultimately fuel the market to further expand.

The market will be driven in the future by the increasing prevalence of bone arthritis and the growing need to recognize, supervise, and treat conditions like swelling, or infection in the internal organs, spinal injuries, dental problems, tendon/ligament tears, etc. Besides that, the market will also be supported by the adoption of AI and growing industry-wide collaborations. For instance, O2 Investment Partners collaborated with Modular Devices, Inc. in January 2022 in order to support the company's growth and provide better imaging modalities in the future.

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Can the Market Growth Be Affected in Any Way?

High Costs of Advanced Medical Imaging Equipment Coupled with Low Adoption of Such Devices in Underserved Regions

The high cost of digital radiology equipment like X-ray machines, MRI scanners, and CT scanners has been a major barrier to market growth in developing nations. In many regions, alternative techniques like ultrasound being used in substitute of expensive digital imaging equipment. Secondly, growth is anticipated to be mediocre due to the high number of patients who suffer from claustrophobia, even after paying a premium for high resolution imaging equipment. These factors are expected to slow the adoption of advanced medical imaging technologies, hindering the market's expansion.

  • Under the Patient Protection and Affordable Care Act (PPACA), a medical device manufacturer is required to pay an additional MDET (Medical Device Excise Tax) of 2.3% on sales in the U.S.

Due to this, medical device manufacturers are compelled to pay a set amount on the sale of particular medical equipment. The U.S. Congress' Joint Committee on Taxation had predicted that from 2013 to 2022, excise taxes would bring in around US$ 29 billion. As a result, the implementation of this act will almost certainly result in manufacturers of medical imaging equipment incurring an additional 2.3% excise duty. This aspect is somewhat limiting market expansion as well.

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Country-wise Insights

Why is the United States Market Booming?

“Increasing Number of Cancer Patients”

The United States accounted for around 30.4% market share in the global market in 2022.

The presence of well-established players and the frequent launch of novel and advanced medical imaging equipment in the country are the driving forces behind the expansion of the United States market.

  • According to CDC data, there were 1,752,735 new cancer cases reported in the United States in 2019 and 599,589 cancer-related deaths. 439 new cases of cancer and 146 cancer-related deaths were reported for every 100,000 persons. The number of people seeking cancer diagnoses is rising, which will further help the U.S. market to grow.

Will the Germany Be a Lucrative Market for Medical Imaging Equipment?

“High Demands for Diagnostic Equipment”

The Germany market held around 5.8% market share in the global market in 2022.

Germany holds the significant market share in European market as a result of the rising demand for advanced technology including mobile scanners and 3D, 4D, and early-stage diagnosis of a variety of cardiovascular conditions.

  • In Germany, there were around over 29,000 coronary artery bypass grafting procedures, 35,469 isolated heart valve procedures, and 843 assist device implantations recorded in 2021, according to an article that was published in the journal of the German Society for Thoracic and Cardiovascular Surgery.

The same source reports that Germany had performed 340 single heart transplants, a 2.1% rise from the previous year. The need for imaging procedures for disease diagnosis increased as a result of this rise in chronic condition. propelling market expansion over the forecast period.

How is China Emerging as a Prominent Market?

“Growing Number of Knee Osteoarthritis Patients”

China held a market share of about 6.2% of the global market in 2022.

The market in China is expected to keep growing throughout the estimated period due to an increasing number of key players entering the market and the presence of a vast patient pool of elderly patients with osteoarthritis. Knee osteoarthritis (OA), which affects Billions of adults worldwide, is a common chronic health illness that causes severe pain and disability.

  • According to a 2022 article that was published in the Plos One journal, in China, more than 60% of individuals aged 60 and more have radiographic knee OA, and more than 26% have symptomatic knee OA.

As a result, the growing number of geriatric patients suffering from knee OA is expected to create lucrative potential for the Japanese market.

Category-wise Insights

Why Ultrasound Technique is Widely Adopted for Medical Imaging in the Global Scenario?

“Increasing Application of X-Ray Technique”

The X-ray and systems segment held around 22.4% share of the total market in 2022.

By the end of 2022, X-ray equipment accounted for the majority of the market. The need for technologically advanced X-Ray systems has increased due to factors such shifting consumer preferences brought on by a surge in bedside monitoring demand and an increase in the number of patients served by urgent care facilities and emergency medical services.

The growing utilization of X-ray technique in various application in the pharma sector has paved the way for the segment.

In the pharmaceutical industry, X-ray powder diffraction (XRPD) has lately gained prominence as an analytical tool for a variety of applications. Fast X-ray detector development, among other recent improvements in hardware and software, has greatly shortened measurement times and increased detection limits. As a result, this time-tested method is now producing vital information for customers across a wide range of drug research, development, and manufacturing applications.

Which Modality Segment is Driving the Growth of Global Medical Imaging Equipment Market?

“Increased Utilization of Stand-Alone Imaging Devices at Hospitals and Diagnostic Centers”

The stand-alone devices segment held around 41.6% share of the total market in 2022.

Since most of the patients seek diagnosis and treatment from healthcare settings rather than in-home care, this is one prominent factor driving the segment’s growth. More walk-in patients at various healthcare facilities such as diagnostic imaging centers, hospitals, benefits of care and guidance under healthcare professionals coupled with presence of large patient pool have led to more utilization of stand-alone imaging device at various healthcare settings.

Which End User Highly Utilizes the Medical Imaging Equipment?

“More Walk-In Patients Seeking Care and Treatment from Diagnostic Imaging Centers”

The diagnostic imaging centers segment held around 38.7% share of the total market in 2022.

Factors influencing the segment's growth include the increase in demand for modern imaging modalities and the incorporation of surgical suits with imaging equipment. As compared to general or specialty hospitals, diagnostic imaging centers in several developed countries have seen a dramatic increase in demand for various treatment modalities. So far, the number of new diagnostic imaging centers has increased significantly in developing nations like India and Brazil due to the high prevalence of various chronic disorders.

Competition Landscape

Strategies employed by players operating in the market, such as partnerships between regional and major players are likely to have a positive impact on market growth. Such partnerships and collaboration aid in increasing market growth and the provision of advanced yet affordable imaging devices.

Some key instances of development include:

  • In Sept 2021, BK Medical, a renowned player of advanced surgical imaging, was purchased by GE Healthcare from Altaris Capital Partners for $1.45 billion.
  • In Sept 2021, the Velocity MRI system, an advanced, high-field open MRI, was introduced by Fujifilm Healthcare in Chicago at the annual conference of the Radiological Society of North America.

Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the medical imaging equipment market, which are available in the full report.

Medical Imaging Equipment Industry Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2017 to 2022

Market Analysis

  • USD Million for Value
  • Units for Volume

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Argentina
  • Mexico
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • BENELUX
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Türkiye
  • GCC
  • North Africa
  • South Africa

Key Market Segments Covered

  • Equipment
  • Modality
  • End User
  • Region

Key Companies Covered

  • GE Healthcare
  • Hitachi Medical Corporation
  • Philips Healthcare
  • Siemens Healthineers
  • FUJIFILM Holdings Corporation
  • Toshiba Medical Systems Corporation
  • Esaote S.p.A
  • Positron Corporation
  • Neusoft Medical Systems
  • Neurologica Corporation
  • Mediso Medical Imaging Systems
  • Digirad
  • SHIMADZU CORPORATION
  • Hologic, Inc.
  • Guerbet SA
  • Bayer AG
  • Mallinckrodt
  • Bracco Imaging S.p.A
  • Ulrich GmbH & Co. KG
  • Nemoto Kyorindo Co. Ltd
  • Lemer Pax

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Segments Covered in Medical Imaging Equipment Industry Research

Equipment:

  • Computed Tomography (CT) Systems
    • 256-320 slice CT Systems
    • 128-slice CT Systems
    • 64-slice CT Systems
    • 16-slice and below CT Systems
  • X-ray Systems
    • Analog X-ray Systems
    • Digital X-ray Systems
      • Computed Radiography (CR) Systems
      • Digital Radiography (DR) Systems
      • Retrofit X-ray Systems
  • MRI Systems
    • 0.7 T MRI Systems
    • 1.5 T MRI Systems
    • 3 T MRI Systems
    • 7 T MRI Systems
    • Others
  • Ultrasound Systems
    • Black & White Ultrasound Systems
    • Color Doppler Ultrasound Systems
  • Nuclear Imaging Equipment
    • Positron Emission Tomography (PET) Systems
      • PET Scanners
      • PET/CT
      • PET/MRI
    • Single-Photon Emission Computed Tomography
      • Single Imaging Gamma Cameras
      • SPECT/CT
  • Mammography Equipment
    • Film-Screen Mammography Equipment
    • 2D Digital Mammography Equipment
    • 3D Tomosynthesis
  • Contrast Media Injectors
    • CT Injectors
    • MRI Injectors
    • Cardio Injectors
    • PET Injectors
  • C-Arms & Fluoroscopy Devices
    • C-Arms Systems
      • Full Size C – arms Systems
      • Mini C – arms Systems
    • Fluoroscopy Devices

Modality:

  • Stand-Alone Devices
  • Portable Devices
  • Hand-Held Devices

End User:

  • Diagnostic Imaging Centers
  • Ambulatory Surgical Centers
  • Specialty Clinics
  • Research Institutes

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • GE Healthcare
  • Hitachi Medical Corporation
  • Philips Healthcare
  • Siemens Healthineers
  • Toshiba Medical Systems Corporation
  • Esaote S.p.A
  • Positron Corporation
  • Neusoft Medical Systems
  • Neurologica Corporation
  • Mediso Medical Imaging Systems
  • Digirad
  • SHIMADZU CORPORATION
  • Hologic, Inc.
  • Guerbet SA
  • Bayer AG
  • Mallinckrodt
  • Bracco Imaging S.p.A
  • Ulrich GmbH & Co. KG
  • Medtron
  • Nemoto Kyorindo Co. Ltd
  • Lemer Pax

- Frequently Asked Questions -

The global market is currently valued at around US$ 38.9 Billion in 2022.

The global market is estimated to reach around US$ 40.7 Billion in 2023.

The global market is expected to reach a valuation of around US$ 64.8 Billion by the end of 2033.

Sales of the market are set to witness growth at a CAGR of 4.8% between 2023 and 2033.

Demand for the global market increased at a 4.1% CAGR from 2017 – 2022.

The U.S., Germany, India, China, and Japan account for most demand within the market, currently holding around 51.5% market share.

The U.S. accounts for around 30.4% share of the global market in 2022.

The China market held a share of about 6.2% in the global medical imaging equipment market in 2022.

Germany market held a share of about 5.8% in the global medical imaging equipment market in 2022.

GE Healthcare, Hitachi Medical Corporation, Philips Healthcare, Siemens Healthineers, and FUJIFILM Holdings Corporation areealthcarehhhhh among others are the key players in the global market.

An increasing prevalence of cardiovascular and chronic diseases, higher adoption of advanced medical imaging equipment’s, and presence of well-established players in the global scenario are few of the factors propelling the global market.

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