Medical Imaging Equipment Market Size is Anticipated to Reach USD 50.3 billion by 2028: Transparency Market Research, Inc.

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Intense competition among manufacturers fosters innovation, pricing strategies, and market differentiation in the medical imaging equipment industry.

Wilmington, Delaware, United States, Feb. 15, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global medical imaging equipment market is estimated to flourish at a CAGR of 5.4% from 2021 to 2028. Transparency Market Research projects that the overall sales revenue for medical imaging equipment is estimated to reach US$ 50.3 billion by the end of 2028.  Regulatory reforms, insurance coverage expansions, and reimbursement policy adjustments impact healthcare facility budgets and purchasing decisions regarding medical imaging equipment.

Healthcare providers’ increasing focus on diagnostic accuracy and patient outcomes drives demand for advanced imaging technologies that offer high-resolution imaging and enhanced diagnostic capabilities. Collaboration between medical imaging specialists and other healthcare professionals, such as surgeons, oncologists, and pathologists, drives demand for imaging equipment that supports multidisciplinary care and treatment planning.

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Economic fluctuations, healthcare budget constraints, and cost-containment measures influence healthcare facilities’ capital expenditures and investment decisions regarding medical imaging equipment. Growing awareness of environmental impact prompts healthcare institutions to consider energy-efficient, eco-friendly imaging equipment options that reduce carbon footprint and operational costs over the equipment lifecycle.

Key Findings of the Market Report

  • Among medical imaging equipment, X-ray devices, including stationary and portable options, lead the market due to their widespread use and versatility.
  • Computed Tomography (CT) Scanners lead the medical imaging equipment market, offering advanced imaging capabilities for precise diagnosis and treatment planning.
  • North America leads the medical imaging equipment market due to advanced healthcare infrastructure, high adoption rates, and substantial investments in technology.

Medical Imaging Equipment Market Growth Drivers & Trends

  • Rapid developments in imaging modalities, such as MRI, CT, and ultrasound, enhance imaging quality, speed, and diagnostic accuracy, driving market growth and adoption.  
  • Rising prevalence of chronic diseases and aging populations globally increases demand for medical imaging equipment for early diagnosis and treatment planning.
  • Integration of AI and machine learning algorithms into imaging systems improves workflow efficiency, automation, and diagnostic accuracy, driving market expansion.
  • Growing preference for minimally invasive surgeries and interventions necessitates advanced imaging equipment for precise navigation and real-time guidance during procedures.
  • Increasing adoption of telemedicine and remote imaging solutions facilitates access to diagnostic imaging services in underserved areas, driving market growth and accessibility.

Global Medical Imaging Equipment Market: Regional Profile

  • North America, led by the United States, dominates the medical imaging equipment market with advanced healthcare systems, high healthcare expenditure, and widespread adoption of cutting-edge imaging technologies. Major players like GE Healthcare and Siemens Healthineers drive innovation and market growth, catering to the diverse needs of healthcare facilities.
  • In Europe, countries like Germany and the United Kingdom boast robust healthcare systems and stringent regulatory standards, fostering innovation and adoption of medical imaging equipment. Companies such as Philips Healthcare and Canon Medical Systems lead the European market, offering state-of-the-art imaging solutions and personalized healthcare services.
  • Asia Pacific emerges as a rapidly growing market, driven by rising healthcare investments, increasing prevalence of chronic diseases, and improving healthcare infrastructure. Countries like China, Japan, and India witness significant demand for medical imaging equipment, with local and multinational players competing to address the region’s healthcare needs.

Medical Imaging Equipment Market: Competitive Landscape
The medical imaging equipment market thrives on intense competition among leading players and emerging entrants. Industry giants like GE Healthcare, Siemens Healthineers, and Philips Healthcare dominate with extensive product portfolios and global reach. They invest heavily in research, innovation, and strategic partnerships to maintain market leadership.

Emerging players such as Canon Medical Systems and Fujifilm Medical Systems challenge incumbents with niche expertise, technological advancements, and competitive pricing. Regional players also play a significant role, catering to local markets with tailored solutions. The competitive landscape fosters innovation, affordability, and accessibility, driving advancements in medical imaging technology worldwide. Some prominent players are as follows:

  • Carestream Health Inc.
  • Fonar Corporation
  • Fujifilm Holdings Corporation
  • GE Healthcare
  • Hitachi Medical Corporation
  • Hologic Inc.
  • Philips Healthcare
  • Samsung Medison Co. Ltd
  • Shimadzu Corporation
  • Siemens Healthcare
  • Toshiba Corporation

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Product Portfolio

  • Hologic Inc. is a global leader in women’s health solutions, offering innovative diagnostic and imaging systems. With a focus on early detection and precision healthcare, Hologic’s portfolio includes mammography, ultrasound, and molecular diagnostics technologies, empowering clinicians and patients worldwide.
  • Philips Healthcare delivers cutting-edge medical imaging and diagnostic solutions for improved patient care. With a commitment to innovation and quality, Philips offers a comprehensive portfolio, including MRI, CT, and ultrasound systems, revolutionizing healthcare delivery and outcomes across diverse clinical settings.
  • Samsung Medison Co. Ltd is a renowned provider of advanced ultrasound systems, leveraging state-of-the-art technology for superior imaging performance. With a focus on innovation and user-centric design, Samsung Medison’s portfolio includes a wide range of ultrasound solutions, meeting the diverse needs of healthcare professionals globally.

Medical Imaging Equipment Market: Key Segments
By Product

  • X-ray Devices
  • Stationary
  • Portable
  • Ultrasound Systems
  • Cart/Trolley-based Ultrasound System
  • Compact/Portable Ultrasound System
  • Computed Tomography (CT) Scanners
  • Stationary
  • Mobile
  • Magnetic Resonance Imaging (MRI) Equipment
  • Closed
  • Open
  • Nuclear Imaging Equipment
  • SPECT Scanner
  • PET Scanner

By Technology

  • X-ray Devices
  • Analog X-ray Technology
  • Digital Radiography
  • Computed Radiography
  • Ultrasound Systems
  • 2-D
  • 3-D & 4-D
  • Doppler
  • High-Intensity Frequency Ultrasound (HIFU)
  • Lithotripsy
  • Computed Tomography (CT) Scanners
  • Stationary
  • Mobile
  • Magnetic Resonance Imaging (MRI) Equipment
  • Low-slice
  • Medium-slice
  • High-slice
  • Nuclear Imaging Equipment
  • SPECT Scanner
  • PET Scanner

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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