Dublin, June 20, 2022 (GLOBE NEWSWIRE) — The “Global Medical Imaging Equipment Market: Analysis by Product by End-User Size and Trends with Impact of COVID-19 and Forecast to 2026” report has been added to from ResearchAndMarkets.com offer.
In 2021, the global Medical Imaging Equipment Market was valued at USD 38.36 Billion in 2021 and is projected to reach USD 48.58 Billion in 2026. The market is expected to expand at a CAGR of 4.70% over the forecast period 2022-2026. .
Medical imaging describes technology that uses radiation, sound waves, or a flexible optical instrument equipped with a small camera to visualize the internal structure of a body to make an accurate diagnosis. Medical imaging equipment has become an important tool for doctors, dentists, surgeons and physiotherapists to provide better care to their patients.
The benefits associated with medical imaging have made it a popular choice among medical professionals. Currently, medical imaging is undergoing significant change, with companies helping to establish a digital workflow by keeping medical imaging at the center and the government deploying funds to build a robust healthcare infrastructure.
Global Medical Imaging Equipment Market Dynamics
Growth drivers: The aging of the population is a major growth factor in the medical imaging market. Aging populations in developed economies require the government to invest in health services and provide affordable health services. The inclusion of stocks in the industry would create growth opportunities for the market. Apart from this, the rapid increase in the demand for point-of-care diagnostics also provides growth opportunities to the market.
Growing awareness of the benefits of stage 1 cancer diagnosis has given people hope to save the lives of their loved ones, and point-of-care diagnosis is an umbrella term for medical imaging tools, thus becoming the engine of market growth. Also, factors such as increasing healthcare expenditures, increasing death cases due to chronic diseases, accelerating obese population, etc. would also help the market grow across the globe.
Challenges: The market also faces some challenges such as helium shortage, high costs involved and lack of qualified radiologists. These challenges are expected to hamper the growth of the market in the coming years. Medical imaging devices are very expensive both in terms of purchase and installation. The high cost of equipment makes customers reluctant to buy it. Such situations are more common in developing countries where per capita income is very low compared to developed countries.
Trends: Artificial Intelligence is poised to revolutionize the industry by overcoming some limitations associated with conventional devices such as time-consuming examinations, heavy reliance on technicians to acquire and interpret images, etc. In addition, other notable trends such as 3D printing in medical imaging, emerging 4D and 5D ultrasound imaging technology, and cryogen-free MRI imaging system would also provide significant growth opportunities to the market.
Market Segmentation Analysis:
In 2021, the ultrasound segment led the market by absorbing more than a quarter of the market, as it is considered the safest technology for diagnostic procedures as it does not use ionizing radiation or magnetic field. Ultrasound is not only used to determine the health status of the fetus and mother, but also to diagnose liver tumor, breast cyst, kidney stones, gallstones, ovary size and the health of the uterus in a patient with PCOS/PCOS, pancreas, etc.
In 2021, the hospital segment held the highest share by covering more than 40% of the market and it is also expected to be the fastest growing segment. The hospital segment is expected to continue recording decent growth over the forecast period owing to M&A deals between market players and hospitals. For example, the First Affiliated Hospital of Philips and Zhejiang University signed a multi-year contract to support expansion by combining clinical research and education.
Asia-Pacific dominated the market in 2021 by occupying nearly 45% global market share. The most important factor driving the market in Asia Pacific is the growing demand for advanced diagnostic equipment and the presence of the most populous countries in the world with rapidly changing demographics.
In China, the installation of medical imaging equipment would increase as after COVID-19, the government is focusing heavily on health infrastructure to better prepare for any future health emergencies. The European medical imaging equipment market offers lucrative opportunities in the coming years. Various reasons such as introduction of advanced technological systems and increasing demand for early diagnosis are expected to drive the market growth in Europe.
COVID-19 impact analysis and way forward:
The negative impact of the pandemic was also felt by the medical imaging industry, with market participants reporting negative numbers in their income statement. The disruptions caused in logistics, with the drop in manufacturing and postponements of installation, put the industry in a difficult situation. Whereas the demand for CT scans has witnessed a rapid increase as it provides beneficial diagnostic results.
The pandemic has also brought out the advantages of mobile and portable imaging systems as they are easy to handle and can diagnose earlier and easier in remote locations which have been implemented nationwide. Most hospitals find it easier to sterilize a mobile DR or ultrasound system than to clean a CT room for 30-50 minutes. The pandemic has also encouraged hard-hit countries like China, Italy, India, the United States and many others to implement strong health policies, which would support the healthcare needs of their communities. citizens while building a strong healthcare infrastructure in the country.
The global medical imaging equipment market is concentrated in nature, placing few players at the top. Collaborations and partnerships between local and global companies, innovative product launches, and increasing attention in the development of multimodal imaging devices are some of the major strategies employed by companies in the global medical equipment market. ‘medical imaging.
Siemens Healthineers, Koninklijke Philips NV and General Electric Company (GE) hold more than 75% of the industry share, and the rest is covered by Hitachi, Canon, Crestream Health, Inc. and others. Both Siemens Healthineers and General Electric Company (GE) operate in the diagnostic imaging industry through their subsidiaries, aka Siemens AG, and GE Healthcare.
Both companies invest heavily in R&D to deliver technically enhanced products to their target audience. Even though Siemens Healthineers is as big as General Electric Company (GE), but the former less diverse portfolio has made the latter stand out on this front.
Additionally, companies such as GE Healthcare, Siemens Healthineers, Canon Medical, Esaote, Samsung and others have implemented various organic growth strategies which have contributed to the growth of the business and in turn have led to various changes on the market. Whereas companies such as Siemens AG, Shimadzu Medical Systems, Hitachi, Canon Medical, Carestream Health and other companies have also implemented various inorganic developments which have brought about dynamic improvements in the market they operate.
- Growing geriatric population
- Increase in health expenditure
- Acceleration of the obese population
- Increase in deaths from chronic disease
- Increased demand for point-of-care diagnostics
- Helium shortage
- High cost involved
- Lack of qualified radiologists
- Security issues
- Strict regulations
- 3D printing in medical imaging
- Integration of artificial intelligence (AI) with medical imaging equipment
- Emerging 4D and 5D ultrasound imaging technology
- Cryogen-free MRI imaging system
The main players in the medical imaging equipment market are:
- Siemens Healthineers
- Koninklijke Philips NV
- Canon Medical Systems Corporation
- General Electric Company (GE)
- FujiFilm Corporation
- Shimadzu Company
- Hologic, Inc.
- Onex Corporation (Carestream Health, Inc.)
- Samsung Electronics (Samsung Medison)
- Esaote SpA
For more information on this report, visit https://www.researchandmarkets.com/r/ond6b7