Medical Imaging Equipment Market

Market Overview

Advancements in 3D imaging technology has enabled development in computer-aided detection (CAD) and increased applications for imaging diagnostic applications. Moreover, rising incidence of several diseases such as respiratory, orthopedic, and cardiovascular has increased global demand for diagnosis and diagnostic equipment.

The global medical imaging equipment market was valued at US$ 29.4 Bn in 2015 and is projected to reach US$ 45.3 Bn by 2023, expanding at a CAGR of 5.6% during the forecast period from 2015 to 2023. Imaging devices such as magnetic resonance imaging (MRI), computed tomography (CT or CAT), and ultrasound have allowed further options for treatment guidance essentially with very low morbidity. This has resulted in highly improved outcomes and quality of life for the patients.

Among all the product types, X-Ray devices, and ultrasound devices collectively accounted for around 50% of the total market share in 2015. Factors such as changing buyer preferences due to rising demand for bedside monitoring and rise in the number of patients catered via urgent care centers and emergency medical services have increased demand for technologically-advanced X-ray systems.

Digital X-ray systems have revolutionized X-ray imaging, and thus helped the upsurge of the existing sluggish mature X-ray imaging equipment segment. Factors such as increasing incidence of diseases diagnosed using this imaging technique (such as oral diseases and orthopedic conditions) and product enhancement and upgrade in the form of device portability are likely to drive the market. Moreover, digital X-ray systems are contributing to the growth of the market in terms of revenue due to surging demand for these products across the world.

Newer and better imaging technologies such as nuclear imaging and computed tomography (CT) are expected to witness high adoption levels by the end of the forecast period.

In 2015, the global portable X-ray devices market held more than 40% share in X-ray devices market and is expected to record significant growth during the forecast period. Portable X-ray devices have high adoption rates, especially in emergency departments and ICUs. The Stationary X-ray equipment is getting rapidly replaced by mobile and portable X-ray devices triggered by the shift in user preference towards bedside imaging.

Furthermore, the advent of new healthcare trends such as home healthcare is also slowing down the sale of stationary X-ray equipment. Ultrasound devices are anticipated to witness a growth of around 7% during the forecast period.

Rise in geriatric population will intensify the need for health care products and services since this segment of the population is more prone to diseases such as respiratory (tuberculosis and pneumonia), oral, orthopedic (osteoporosis), and cardiovascular diseases. Early diagnosis of these diseases is crucial for decision making and ensuring proper treatment. These diseases can be accurately diagnosed with the use of imaging equipment such as X-ray, ultrasound, magnetic resonance imaging (MRI), and computed tomography (CT).

Market Segmentation