Market Analysis: Global Medical Imaging Equipment Market Estimated to Grow at 5.4% CAGR from 2021 to 2028
The global medical imaging equipment market is projected to witness substantial growth, reaching a value of US$ 50.3 billion by the end of 2028. According to the latest report by Transparency Market Research, the market was valued at US$ 30.7 billion in 2020 and is estimated to expand at a CAGR of 5.4% from 2021 to 2028.
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The report provides a comprehensive analysis of the market, including detailed insights into the competitive landscape, market trends, and regional dynamics, offering valuable information for industry stakeholders and investors. The global medical imaging equipment market is witnessing a surge in demand due to the rising prevalence of diseases, chronic and neurological conditions, and cancers worldwide.
Key players in the global medical imaging market are focusing on the production of high-quality and technologically advanced devices to gain lucrative revenue streams. The increasing demand for medical imaging equipment in the healthcare sector is being driven by technological advancements, implementation of digital technology, automation, and the rise in demand for 3D medical imaging devices.
The coronavirus pandemic has posed challenges to the healthcare system, leading to a decline in patients visiting hospitals for diagnosis of various diseases. However, efforts taken by governments, healthcare practitioners, and market stakeholders to recover from losses caused due to the pandemic have led to a resurgence in the market. The increasing geriatric population, rising surgical procedures, and rapidly improving healthcare infrastructure are contributing to the global market growth, creating lucrative opportunities for manufacturers to mark their presence in the global market.
Technological advancements in the healthcare industry, including the increasing adoption of digitally advanced equipment for rapid and accurate diagnosis, are propelling the global market. Ongoing research and development activities in manufacturing procedures and the penetration of artificial intelligence (AI) technology in manufacturing medical imaging equipment are creating value-grab opportunities for market players.
The rise in the prevalence of cardiovascular, heart diseases, neurological complications, orthopedic, respiratory, and oral diseases has increased the demand for rapid diagnosis procedures, leading to a rise in demand for medical imaging equipment such as CT scanners, X-ray devices, MRI instruments, and ultrasound devices.
Asia Pacific is expected to account for the largest share of the global medical imaging market, with technological growth and advancement in the healthcare industry, the rising incidence of chronic disorders, and the increasing geriatric population contributing to market growth in the region.
The report also profiles major players in the global market, providing insights into their financial overview, product portfolio, business strategies, and recent developments. Leading players operating in the global medical imaging equipment business include 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, and Toshiba Corporation, among others.
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