Medical imaging equipment refers to devices used to visualise organs and tissues inside the body. It generates pictures or scans of the interior of the body for disease diagnosis and therapeutic guidance. Common medical imaging technologies include X-ray, MRI, CT scan, ultrasound and nuclear imaging. These devices yield precise images of internal organs and detect conditions that may be difficult to identify by external exams alone. Growing disease prevalence such as cancer and cardiovascular diseases is bolstering the demand for advanced medical imaging.
The global Medical Imaging Equipment Market is estimated to be valued at US$ 51 Billion in 2023 and is expected to exhibit a CAGR Of 7.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising Disease Burden
The market opportunity lies in the rising disease burden globally which is expected to fuel demand for medical imaging equipment. According to WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Cancer is the second leading cause of death with around 10 million deaths in 2020. Medical imaging aids early detection and diagnosis of various critical illnesses. For example, MRI and CT scans help detect cancer at even pre-malignant stages. Further diagnostic imaging allows non-invasive treatment monitoring and guidance. With growing geriatric population susceptible to chronic diseases, demand for diagnostic imaging for disease management and treatment decisions is poised to surge in the coming years. This rising disease prevalence represents a key growth driver for the medical imaging equipment market.
Porter’s Analysis
Threat of new entrants: The medical imaging equipment market has moderate threat from new entrants due to high initial investment and regulatory compliances required to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many regional and global players providing similar products in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials required for medical imaging equipment are commoditized.
Threat of new substitutes: The threat from substitutes is low as there are limited substitutes available for medical imaging equipment.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many global players offering similar medical imaging products.
SWOT Analysis
Strength: The medical imaging equipment market has strong growth potential owing to rising healthcare expenditures, growing prevalence of chronic diseases and aging population.
Weakness: High costs associated with medical imaging equipment and procedures can limit its adoption in developing regions. Lack of adequate reimbursement policies are also a weakness.
Opportunity: Increasing demand for refurbished medical equipment offers lucrative growth opportunities. Rapid adoption of artificial intelligence and IoT in medical imaging presents new opportunities.
Threats: Stringent regulatory framework and lengthy product approval process are major threats. Economic slowdowns can negatively impact market growth.
Key Takeaways
The Global Medical Imaging Equipment Market Demand is expected to witness high growth during the forecast period owing to rising demand for advanced diagnostic imaging equipment.
North America dominates the market currently due to high healthcare spending and presence of major players. Asia Pacific is poised to grow at the fastest pace during the forecast period driven by rising healthcare infrastructure, increasing patient pool and growing medical tourism in countries like India, China and Japan.
Key players operating in the medical imaging equipment market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation and Hologic Inc.
Get more insights on this topic :
Check more trending articles on this topic:
The vendor landscape of the global market for refurbished medical imaging equipment features a largely concentrated nature in established regional markets such as Europe and North America, with companies increasingly focusing on expansion in untapped regional markets for better growth prospects, observes Transparency Market Research in a recent report.
As such, focus on strategic alliances with domestic medical device companies has significantly increased.
Companies are also ploughing more funds into activities aimed at improving their repair facilities and expanding their operations to be able to process larger volumes in face of increased demand.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=20717Some of the leading vendors operating in the global refurbished or remanufactured medical equipment market are Koninklijke Philips N.V., GE Healthcare, Atlantis Worldwide LLC., Siemens Healthineers AG, Canon Medical Systems Corporation, and Fujifilm Holding Corporation.According to the report, the market is expected to register a promising 5.4% CAGR over the period between 2018 and 2026, rising from a valuation of US$ 903.2 mn in 2017 to a revenue opportunity of US$1,443.3 mn by 2026.
Geographically, the market in North America is presently the leading revenue contributor to the global market, thanks to the high concentration of several leading players and the vast rise in R activities concerned with refurbishment practices for medical devices.
The high demand of refurbished medical imaging equipment in developed as well as emerging economies like Brazil, China, and India is a prime driver of the global refurbished medical equipment market.The report states that the global demand for refurbished medical equipment has seen a significant rise in the past few years along with a strong growth in the demand for new medical equipment.
These factors hindered the overall growth of the global refurbished medical equipment market.Request Customization on Refurbished Medical Imaging Equipment Market Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=20717Rising Geriatric Population to Drive DemandNevertheless, cost containment in healthcare budgets in developed countries like the U.S. and many countries in Europe owing to sluggish growth of economies has triggered the demand for refurbished medical equipment in these regions in the past few years.
The Global Medical Imaging Equipment Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.
The report classifies the market into different segments.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
The segment analysis is useful in understanding the growth areas and probable opportunities of the market.Final Report will cover the impact of COVID-19 on this industry.Browse the complete Global Medical Imaging Equipment Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027 @ https://www.decisiondatabases.com/ip/1624-medical-imaging-equipment-market-reportThe report also covers the complete competitive landscape of the global Medical Imaging Equipment market with company profiles of key players such as: PhilipsGE HealthcareSiemensHologicShimadzuSamsungHitachiGenesis MedicalCarestream HealthFujifilmFonarToshibaThe detailed description of each has been included, with information in terms of H.Q, future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments.SEGMENTATIONS IN THE REPORT: By ProductX-Ray DeviceMagnetic Resonance Imaging (MRI) EquipmentNuclear Imaging EquipmentOtherBy End UserHospitalsClinicsResearch InstituteBy Geography:North America (NA) – US, Canada, and MexicoEurope (EU) – UK, Germany, France, Italy, Russia, Spain & Rest of EuropeAsia-Pacific (APAC) – China, India, Japan, South Korea, Australia & Rest of APACLatin America (LA) – Brazil, Argentina, Peru, Chile & Rest of Latin AmericaMiddle East and Africa (MEA) – Saudi Arabia, UAE, Israel, South AfricaDownload Free Sample Report of Global Medical Imaging Equipment Market @ https://www.decisiondatabases.com/contact/download-sample-1624The Global Medical Imaging Equipment Market has been exhibited in detail in the following chapters –Chapter 1 Medical Imaging Equipment Market Preface Chapter 2 Executive SummaryChapter 3 Medical Imaging Equipment Industry AnalysisChapter 4 Medical Imaging Equipment Market Value Chain AnalysisChapter 5 Medical Imaging Equipment Market Analysis By ProductChapter 6 Medical Imaging Equipment Market Analysis By End UserChapter 7 Medical Imaging Equipment Market Analysis By GeographyChapter 8 Competitive Landscape Of Medical Imaging Equipment CompaniesChapter 9 Company Profiles Of Medical Imaging Equipment IndustryPurchase the complete Global Medical Imaging Equipment Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-1624Other Reports by DecisionDatabases.com:Global 3D Medical Imaging Equipments Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027Global Medical Cyclotron Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027Global Medical Braces Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
