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bbin体育The global medical imaging market size was USD 33.69 billion in 2019 and is projected to reach USD 43.33 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period.
The rising incidence of chronic diseases such as cardiovascular, neurology disorders, etc., and the realigning healthcare systems have led to an increase in emphasis on early diagnosis. According to the Centers of Disease Control and Prevention (CDC), coronary artery diseases (CAD) affect an estimated 18.2 million adults each year in the U.S. alone. Diagnostic imaging refers to the use of different imaging modalities to get visual representations of the interior of a body for diagnostic and therapeutic purposes. This includes various types of modalities that are used to capture images of the human body for diagnosis and treatment of diseases, and hence plays a vital role in improving the overall health.
Increasing incidence of chronic and acute diseases including cancer, cardiovascular diseases and orthopedic disorders among general population is presenting a large patient pool undergoing diagnostic imaging procedures globally。 According to the World Health Organization (WHO), an estimated 3。6 billion diagnostic examinations are performed each year globally。 Out of these, an estimated 350 million examinations are performed on pediatric patients。 This, combined with increasing emphasis of regional and national governments towards early diagnosis aiming to reduce overall healthcare costs, is driving the number of patients undergoing MRI, CT and X-ray scans globally。
Reducing Hospital Visits during the Covid-19 Pandemic to Affect Medical Imaging Manufacturers
bbin体育Outbreak of Covid-19 has had a negative impact on the global market. Some segments have experienced an overall negative impact due to decline in the number of patient visits to the hospitals globally. The demand for MRI and molecular imaging equipment has gone down during the pandemic. Market players such as Philips, GE, and Siemens, witnessed a decline in demand for these modalities during Q1 2020. In major countries including the U.S., and European countries, an estimated 50% to 70% decline was observed in diagnostic examinations performed during March – April 2020. However, resumption of services in most of these countries, has led to revival of these examinations performed during Q2 2020.
Additionally, decline in the market is due to the delays in elective procedures。 Due to the COVID-19 pandemic, new guidelines recommended by radiology departments to minimize cross-sectional imaging, interventional radiology, and ultrasound to reduce COVID-19 spread to staff and patients is an additional factor impacting the market。
However, digital X-ray and CT are witnessing exceptionally high demand due to various studies presenting the clinical efficiency of X-rays in diagnosis of Covid-19 patients through chest scans. Citing the growing demand, market players have ramped up the production of these modalities, aiming to balance the supply demand gap. According to the Q1 results published by Koninklijke Philips N.V., the company witnessed a growing demand for ventilators, vital signs monitoring devices, along with x-ray and CT equipment during the pandemic. The company ramped up its production for medical imaging equipment along with other critical care equipment during Q2 2020, to meet the demand.
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AI-enabled Medical Imaging Equipment to Fuel Product Demand
Introduction of technologically advanced imaging equipment is one of the major elements stimulating the market growth. Increasing use of advanced AI-enabled diagnostic equipment for the rapid diagnosis and predictive analysis in developed countries is one of the major factors anticipated to contribute to the rising product demand during the forecast period.
Currently, only a handful of players operating in the market are providing technologically advanced AI-enabled diagnostic solutions to the healthcare industry. For instance, October 2019, Siemens Healthineers launched an ultrasound system, Acuson Redwood, which offers an imaging solution for clinical departments including, radiology, cardiology and obstetrics/gynecology. The system is portable and lightweight with multiple artificial intelligence (AI)-based tools for smart workflows and cardiology features. The introduction of AI-enabled equipment is anticipated to drive the demand leading to market growth.
Introduction of Technologically Advanced Systems to Propel the Market Growth
Elements such as increasing demand for early-stage diagnosis of chronic disease and rising aging demographics are likely to boost the demand for medical imaging equipment globally. Introduction of technologically advanced devices coupled with investment in the healthcare infrastructure especially in developing countries such as India and China are some of the prominent factors expected to contribute to key market growth. For instance, In January 2020, Allengers, in collaboration with Canon Medical Systems, launched India’s first locally manufactured 32 slice CT scanner.
Additionally, in March 2018, Philips launched its new Ingenia Elition 3T MRI equipment at the European Congress of Radiology。 The several new products launches are expected to spur the demand hence propelling the growth of the market。
Frequent Product Recalls to Hinder Market Growth
Frequent product recalls in the imaging equipment is one of the major elements anticipated to hamper the global market growth during the forecast period. For instance, in November 2018, GE Healthcare., recalled Millennium MG, Millennium MC, and Millennium Myosight nuclear medicine systems. A total of 996 systems were recalled due to improper functioning primary motion stopper and a missing mechanical stopper, which would limit the detector's travel beyond its limits during normal operation.
This, combined with presence of a large and regulated refurbished equipment market, especially in emerging and lucrative markets such as China, and India, has limited the adoption of new and innovative equipment in these countries. Several established and domestic players have entered this segment offering low cost, and refurbished equipment to healthcare facilities globally. The overall cost-benefit ratio of these refurbished devices for small and medium sized healthcare facilities is higher, which has led to lower adoption of new systems / equipment in the global market.
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Technological Advances in X-ray Systems to Augment the Demand
Based on type, the market is segmented into bbin体育MRI equipment, CT equipment, X-ray equipment, ultrasound and molecular imaging technologies. The X-ray equipment segment held a dominant medical imaging market share in 2019. This growth of this segment is primarily driven by the increasing use of the interventional x-ray systems including C-arms, and others, for image-guided surgeries. The advances in C-arms, including mini c-arms based on digital radiography and flat panel detectors have been instrumental in augmenting the demand for x-ray equipment globally.
However, the bbin体育ultrasound equipment segment is anticipated to grow at a considerable CAGR during the forecast period. New ergonomic models with clinical supremacy being introduced in the market such as portable ultrasound, as a result of the unmet needs and growing demand for advanced equipment from healthcare settings globally.
Prevalence of Orthopedic Disorders is Boosting the Growth of the Segment
On the basis of application, the market segments include oncology, cardiology, orthopedics, gynecology, neurology, and others. Orthopedics segment dominated the application segment in 2019. Increasing incidence of cancer across the globe, along with rising emphasis on early detection and diagnosis of cancer, is driving the demand for oncology imaging. This along with improving access to healthcare facilities and diagnostic imaging centers in emerging countries, is projected to drive the comparatively higher CAGR of oncology application segment.
Diagnostic Imaging Centers Segment Held a Dominant Share in 2019
Based on end user, the medical imaging market is segmented hospitals, specialty clinics, diagnostic imaging centers, and others. Increasing number of diagnostic imaging centers in developed and emerging countries owing to consolidation in the market are prominent factors that can be attributable to the dominant share of diagnostic imaging centers segment. Hospitals segment is anticipated to grow at significant CAGR during the forecast period of 2020-2027.
North America Medical Imaging Market Size, 2019 (USD Billion)
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The market size in North America stood at USD 8.67 billion in 2019. Increasing number of patients undergoing diagnostic imaging procedures in the country, are propelling the growth of the diagnostic imaging market in this region. Europe is anticipated to grow at significant CAGR owing to with the presence of well-established healthcare facilities coupled with increasing demand for advanced healthcare systems among the aging population.
Asia Pacific is expected to grow at higher CAGR during the forecast of 2020-2027 owing to rising prevalence of chronic diseases and rising demand for advanced diagnostic devices。 Additionally, a large and aging installed base of imaging equipment in Asia Pacific is presenting a lucrative opportunity for market players。
Latin America is anticipated to grow at comparatively lower share of the market owing to the presence of a huge underpenetrated market。 Rapidly developing hospital network in Middle East & Africa, are poised to drive the market in the regions at a moderate CAGR during forecast period。
Extensive Distribution Network, Strong Portfolio, and Stout Brand Presence of Major Players Have Resulted in a Consolidated Market in 2019
A diverse portfolio of medical imaging equipment, combined with a strong and widespread distribution network globally, are some of the major factors attributed to the dominance of the players in the market. GE Healthcare, Philips, and Siemens Healthineers, are among the leading players in the market in 2019. For instance, In May 2020, Koninklijke Philips N.V., launched EPIQ Elite a new ultrasound system for pediatric patients
Other key players such as Hitachi, Ltd。, and Hologic Inc。 have also entered the market competition with novel and technologically advanced devices。
An Infographic Representation of Medical Imaging Equipment Market
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The market research report of medical imaging provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the medical imaging market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth and advancement of the market over the recent years.
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|Value (USD billion)|
|By Type, Application, End User and Geography|
By End User
Fortune Business Insights says that the global medical imaging market size was USD 33.69 billion in 2019 and is projected to reach USD 43.33 billion by 2027.
In 2019, the North America market value stood at USD 33.69 billion.
Growing at a CAGR of 5.1 %, the market will exhibit steady growth in the forecast period (2020-2027).
bbin体育X-ray equipment segment is expected to be the leading segment in this market during the forecast period。
Introduction of technologically advanced products is one of the major factors driving the growth of the market。
GE Healthcare, Philips, and Siemens Healthineers are the major players in the global market.
North America dominated the market share in 2019.
Launch of AI-enabled products by market players is expected to drive the adoption of these devices globally。
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