Market Overview
The global medical imaging equipment market was valued at US$ 32,244.2 million in 2018 and is forecasted to reach US$ YY million by 2029, with a CAGR of 6.6% during the forecast period (2022-2029).
Market Dynamics
The rising incidents of chronic diseases such as arthritis, cardiovascular diseases, cancer and diabetes is increasing the demand for medical imaging equipment.
Wearable medical imaging equipment is the newest trend in the market. For instance, the lightweight MEG was developed by researchers at the University College London and is worn like a helmet and can measure brain activity while people make natural movements such as nodding, stretching, drinking tea, and even playing ping-pong. The wearable scanner brings improved imaging possibilities to patients with disorders that cause unprompted body movements, like epilepsy.
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Industry Factors
FDA is responsible for assuring the safety and effectiveness of medical devices and are classified into one of three classes, based on the risk associated with the device and controls needed to assure safety and effectiveness. Computed Tomography (CT) imaging systems fall under Class II medical devices.
The FDA regulates manufacturers of X-ray imaging devices through the Electronic Product Radiation Control (EPRC) and the medical device provisions of the Federal Food, Drug, and Cosmetic Act.
Computed Tomography (CT) imaging systems are regulated by the FDA in two statutes, as radiation-emitting electronic products under the Radiation Control for Health and Safety Act and also as medical devices under the Medical Device Amendments to the Food, Drug, and Cosmetic Act.
Market Segmentation
By Product Type
l X-ray
l Computed Tomography
l Ultrasound
l Magnetic Resonance Imaging
l Nuclear Imaging
l Tactile Imaging
l Photoacoustic Imaging
l Thermography
l Elastography
l Echocardiography
l Functional Near Infrared Spectroscopy
l Mammography
By Application
l Cardiology
l Orthopaedics
l Gastroenterology
l Gynaecology
l Oncology
l Neurology
l Others
By End-User
l Hospitals
l Diagnostic Imaging Centers
By Region
l North America
l Europe
l South America
l Asia-Pacific
l Middle East and Africa
By Product Type – X-ray
Technological advancements such as the rise in the digitization of X-ray imaging products especially in the emerging markets and growing demand for mobile X-ray equipment, and increased public investments for the installation of these advanced X-ray equipment are also boosting the X-ray market growth in the forecasted period.
Advanced X-ray equipment is patient-friendly and has high adoption rates. For example, in 2017 GE Healthcare launched a patient-assisted mammography device, Senographe Pristina Dueta, which enables innovative remote control, thereby allowing women to manage their own compression during the examination.
Market Segmentation – By Region
The North American market is driven by extensive use of imaging modalities such as mammography, CT scan, and MRI, increased investment in research and development, high healthcare expenditure, improved healthcare infrastructure and presence of major companies in the region.
In 2017, Carestream Health while validating its expanding portfolio of medical imaging and healthcare IT systems, proposed, to develop the diagnostic review procedure for X-ray exams and expedite delivery of results to doctors and patients at the annual Radiological Society of North
America (RSNA) tradeshow.
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Key Players & Competitive Landscape
The major players in the medical imaging equipment market include Koninklijke Philips N.V, GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., Ziehm Imaging Inc., Varian Medical Systems, Aribex Corporation, Carestream, Siemens Healthcare, Hitachi Ltd., Esaote S.P.A, Fujifilm Holdings Corporation, and Samsung Medison.
Companies such as GE Healthcare offers a wide range of products for patient monitoring & diagnostics, Information Technology (IT), and medical imaging. In May 2017, GE Healthcare announced a collaboration with Partners Healthcare to develop, validate and strategically integrate the quality of care in the diagnostic sector.
The global medical imaging equipment market is a highly consolidated market with the domination of the top four companies. The established as well as emerging companies are increasingly focusing on the launch of advanced products to expand their market share. Though many new companies are entering the global medical imaging equipment market to tap the large customer base, only a few players that properly manage their sales, distribution, and working capital effectively survive and continue their operations. Acquisition, new product launches, and partnerships are the major strategies adopted by the leading companies in the industry
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