Global Medical Imaging Equipment Markets, 2022-2026: Upsurge in Demand for Point Of Care Diagnostics, Emerging 4D & 5D Ultrasound Imaging Technology, & Cryogen-Free MRI Imaging System
DUBLIN, June 21, 2022 /PRNewswire/ -- The "Global Medical Imaging Equipment Market: Analysis By Product By End User Size and Trends with Impact of COVID-19 and forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
In 2021, global medical imaging equipment market was valued at US$38.36 billion in 2021, and is expected to reach up to US$48.58 billion in 2026. The market is expected to expand at a CAGR of 4.70% over the forecasted period of 2022-2026.
Medical imaging describes the technology which uses radiation, sound waves or flexible optical instrument equipped with a small camera to visualize internal structure of a body to perform accurate diagnosis. Medical imaging equipment has become a significant instrument for doctors, dentists, surgeons and physical therapists with the objective of offering better care for their patients.
Benefits associated with medical imaging has made it a popular choice amongst medical professionals. As of now, medical imaging is going through significant changes with corporations helping in establishing digital workflow keeping medical imaging in center and with government deploying funds to build strong healthcare infrastructure.
Global Medical Imaging Equipment Market Dynamics
Growth Drivers: The aging population is a prominent growth factor of medical imaging market. The aging population in developed economies is compelling government to invest in healthcare services and provide affordable healthcare services. The inclusion of equity into the industry would create growth opportunities for the market. Other than this, rapid rise in demand for point of care diagnostics is also providing growth opportunities to the market.
With rising awareness about the benefits of diagnose of cancer in stage 1 has given people a hope to save the lives of their loved ones, and point of care diagnostic is an umbrella term for medical imaging tools, hence becoming the growth driver of the market. Furthermore, factors like rising healthcare expenditure, growing cases of death due to chronic disease, accelerating obese population, etc. would also help the market to grow across the globe.
Challenges: The market also have to deal with some of the challenges such as shortage of helium, high cost involved, and lack of skilled radiologists. These challenges are expected to hamper market growth in coming years. The medical imaging devices are very costly in terms of purchasing as well as installing. The high cost of equipment makes customers reluctant in purchasing them. Such situations are more common in developing countries where per capita income is very low in comparison to developed countries.
Trends: Artificial intelligence is set to revolutionize the industry by overcoming certain limitations associated with the conventional devices such as time consuming examination, high dependency on technicians to acquire and interpret images, etc. Furthermore, other notable trends such as 3D printing in medical imaging, emerging 4D & 5D ultrasound imging technology and cryogen-free MRI imaging system would also provide significant growth opportunities to the market.
Market Segmentation Analysis:
In 2021, ultrasound segment dominated the market by absorbing more than one-fourth of the market, as it is considered the safest technology for the diagnose procedures because it does not utilize ionizing radiation and magnetic field. Ultrasound not only used to determine health status of fetus and mother but it also used to diagnose liver tumor, breast cyst, kidney stone, gallstones, size of ovaries and health of uterus in a patient suffering from PCOS/PCOD, pancreas, etc.
In 2021, 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. Hospital segment is likely to continue to register decent growth during the forecast period because of M&A deals between market players and hospitals. For instance, Philips and Zhejiang University's First Affiliated Hospital, has signed a multi-year contract to support the expansion by combining clinical research and education.
Asia Pacific dominated the market in 2021 by occupying almost 45% share of the global market. The most important factor driving the market in Asia Pacific is the rising demand for advanced diagnostic equipment, and presence of most populous countries of the world with rapidly changing demographic.
In China, medical imaging equipment installation would increase because after COVID-19, government strongly focus on healthcare infrastructure to be better prepare for any future healthcare emergency. Europe medical imaging equipment market provides lucrative opportunities in the coming years. Various reasons such as introduction of technological advanced systems and the increasing demand for early diagnosis, are expected to drive the growth of the market in Europe.
Impact Analysis of COVID-19 and Way Forward:
Pandemic also brought forth the benefits of mobile and portable imaging systems as they are easy to handle and can diagnose sooner and easier in remote locations that were set up nationwide. Most of the hospitals find it easier to sterilize a mobile DR or ultrasound system than cleaning a CT room for 30-50 mins. The pandemic also encouraged hard-hit country like China, Italy, India, the US, and many others to implement strong healthcare policies, which would support healthcare requirement of its citizens while building a strong healthcare infrastructure in the country.
Siemens Healthineers, Koninklijke Philips N.V. and General Electric Company (GE) hold more than 75% share in the industry, and rest is being covered by Hitachi, Canon, Crestream Health, Inc. and others. Siemens Healthineers and General Electric Company (GE) both operate in diagnostic imaging industry through their subsdiaries, aka, Siemens AG, and GE Healthcare.
Both companies extensively invest in R&D to offer technically enhanced products to their targeted audience. Even though Siemen Healthineers is as big as General Electric Company (GE), but the former less diversified portfolio helped latter to stand out in this front.
The key players of medical imaging equipment market are:
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SOURCE Research and Markets