The global medical imaging devices market is expected to witness significant growth over the forecast period. Medical imaging devices play a crucial role in the diagnosis and treatment of various medical conditions and assist physicians in obtaining visual representations of the interior aspects of the human body for clinical analysis and medical intervention. The rising prevalence of chronic and lifestyle diseases such as cancer, cardiovascular diseases, and neurological disorders has amplified the need for early disease diagnosis and detection across the world. Growing geriatric population and demand for minimally invasive procedures have further augmented the demand for state-of-the-art imaging equipments. The global medical imaging devices market is estimated to be valued at US$ 40.33 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the global medical imaging devices market are Hitachi, Ltd., and Hologic Inc., Butterfly Inc., Analogic, and so on. These players are focusing on new product launches and innovations and geographical expansions to strengthen their market position.

In terms of opportunities, the rising need for point-of-care diagnosis across developing nations presents significant growth prospects for players in the medical imaging devices market. Additionally, the growing adoption of hybrid imaging systems and artificial intelligence integrated devices are expected to create new avenues over the forecast period.

Globally, the medical imaging devices market is projected to witness highest gains in the Asia Pacific region led by factors such as rapidly growing healthcare infrastructure, increasing per capita income, and expansion of private healthcare sectors in countries like China, India, and South Korea. Meanwhile, North America will likely retain its top position both in terms of production and consumption of medical imaging devices over the next few years.

Market drivers: The key driver for the medical imaging devices market is the increasing prevalence of chronic and lifestyle diseases. Rapid urbanization and changing dietary patterns of people have led to significant rise in diseases like cancer and cardiovascular diseases worldwide. This has augmented the demand for early disease diagnosis and effective treatment procedures which require the use of medical imaging devices.

Market restraints: High cost of advanced medical imaging systems poses a major restraint for the market. Premium pricing of devices incorporating new technologies like robotic imaging and artificial intelligence-powered diagnostics limits the affordability in developing nations. Moreover, unfavorable reimbursement scenarios related to medical imaging procedures in some countries further hampers the market growth. Strict regulatory requirements for new product approval is another factor inhibiting faster innovation and market penetration.

Segment Analysis

The global medical imaging devices market is dominated by computed tomography scanners sub-segment. Computed tomography scanners held around 25% of market share in 2022. Computed tomography scanners have witnessed growth owing to rising incidences of chronic diseases such as cancer which require early diagnosis. CT scanners provide greater diagnostic precision compared to traditional diagnostic modalities such as X-rays. The ability to produce cross-sectional images of the body and computer processed reconstruction of the images has contributed significantly to computed tomography scanners adoption. Magnetic Resonance Imaging sub segment held the second largest share and is expected to witness high growth during the forecast period due to advantages such as non-invasive procedures and ability to differentiate between healthy and diseased tissues accurately.

Regional Analysis

North America dominated the global medical imaging devices market and accounted for over 35% share of the total market in 2022. Rising healthcare expenditure, well-established healthcare infrastructure and early access to advanced medical technologies have contributed to North America's large market share. Asia Pacific is expected to witness the highest growth during the forecast period owing to large patient population, increasing disposable income, rising healthcare spending and increasing awareness. Countries such as China, India and Japan are expected to offer high growth opportunities for market players. Implementation of favorable government initiatives to modernize healthcare infrastructure along with health insurance penetration will aid medical imaging devices market growth in Asia Pacific.

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