What Is The Current and Historic Market Size Analysis Of The Medical Imaging Equipment Market?
The medical imaging equipment market has seen considerable growth due to a variety of factors.
• The market size for medical imaging equipment has seen robust growth in the past few years. The market is projected to expand from $45.75 billion in 2024 to $48.89 billion in 2025, achieving a compound annual growth rate (CAGR) of 6.9%.
This historic growth has been driven by factors such as the increase in the aging population, intensifying disease prevalence, governmental interventions, improved awareness, and the incorporation of Artificial Intelligence.
What are the Market Size and Expected Growth Rates for the Medical Imaging Equipment Market?
The medical imaging equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for medical imaging equipment is predicted to witness robust expansion in the coming years. The market is projected to reach $60.89 billion by 2029, with a compounded annual growth rate (CAGR) of 5.6%.
The anticipated growth during the forecast period can be traced back to the surge in personalized medicine, amplified remote patient monitoring, thriving emerging markets, value-orientated healthcare, and increased precision medicine. Significant trends during the projected period encompass the integration of digital health, the introduction of inventive imaging modalities, technology advancements, the incorporation of telemedicine, as well as portable and point-of-care imaging.
Which Key Drivers Are Propelling The Medical Imaging Equipment Market's Growth?
The increase in chronic diseases is predicted to boost the expansion of the medical imaging equipment market. Chronic diseases are enduring ailments characterized by a gradual progression and often persist for a long duration, possibly years or an entire lifetime. These conditions surface due to alterations in lifestyles, hereditary tendencies, and the advancement in age of populations. Medical imaging equipment is critical for patients with chronic diseases as it enables early detection, precise diagnosis, tailored treatment strategies, and continuous observation of disease evolution and reaction to treatment. For example, in September 2022, the World Health Organization, a specialized entity of the United Nations based in Switzerland, reported 41 million deaths, accounting for 74% of fatalities resulting from non-communicable diseases (NCDs) or chronic diseases globally every year. There were 17.9 million deaths due to cardiovascular diseases, 9.3 million due to cancer, 4.1 million due to chronic respiratory diseases, and 2.0 million due to diabetes. Hence, the escalation in chronic diseases incidence is propelling the growth of the medical imaging equipment market.
What Are The Key Segments Within The Global Medical Imaging Equipment Market?
The medical imaging equipment market covered in this report is segmented –
1) By Equipment: Computed Tomography, X-Ray Systems, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Systems, Nuclear Imaging Equipment, Mammography Equipment, Contrast Media Injectors, C-Arms And Fluoroscopy Device
2) By Modality: Stand-Alone Devices, Portable Devices, Hand-Held Devices
3) By Application: Cardiology, Neurology, Orthopedics, Gynecology, Oncology, Other Applications
4) By End-User: Diagnostic Imaging Centers, Ambulatory Surgical Centers, Specialty Clinics, Research Institutes
Subsegments:
1) By Computed Tomography (CT) Systems: Stationary CT Scanners, Portable Or Handheld CT Scanners
2) By X-Ray Systems: Analog X-Ray Systems, Digital X-Ray Systems, Fluoroscopy X-Ray Systems
3) By Magnetic Resonance Imaging (MRI) Systems: Closed MRI Systems, Open MRI Systems, Extremity MRI Systems
4) By Ultrasound Systems: Diagnostic Ultrasound Systems, Therapeutic Ultrasound Systems, Portable Ultrasound Systems
5) By Nuclear Imaging Equipment: Single Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET) Scanners, Hybrid PET Or CT Scanners
6) By Mammography Equipment: Analog Mammography Systems, Digital Mammography Systems, 3D Tomosynthesis Mammography Systems
7) By Contrast Media Injectors: CT Contrast Media Injectors, MRI Contrast Media Injectors, PET Or CT Contrast Media Injectors
8) By C-Arms And Fluoroscopy Devices: Mobile C-Arms, Mini C-Arms, Fixed C-Arms, Fluoroscopy Systems
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What Trends Are Shaping The Medical Imaging Equipment Market?
Prominent companies in the medical imaging equipment market are focusing on developing cutting-edge products like the Exo Iris, their latest medical imaging gadget. This apparatus uses real-time artificial intelligence technology, namely SweepAI, to automatically capture essential images, thereby reducing the dependency on operator expertise while delivering precise and consistent imaging. For instance, in September 2023, US-based medical imaging start-up, Exo, introduced its latest imaging device, Exo Iris, formatted to be cost-effective, compact, and user-friendly, thus making it widely accessible to various healthcare providers, including doctors, nurses, EMTs, and clinical practitioners in emergency care, acute care, outpatient and home-based settings. Additionally, it boasts features like an ultra-wide field of vision that can cover up to 150 degrees, enabling healthcare professionals to capture an entire liver or full-body fetus in a single view. The device also comes with Exo Works, a point-of-care ultrasound workflow solution, for efficient documentation and review of exams within seconds from any location.
Who Are the Key Players In The Medical Imaging Equipment Market?
Major companies operating in the medical imaging equipment market are:
• Medtronic plc.
• Siemens Healthineers
• Fujifilm Medical Systems
• Philips Healthcare
• Stryker Corporation
• GE Healthcare
• Analogic Corporation
• EIZO Corporation
• Terumo Corporation
• Mindray Medical International Limited
• Hologic Inc.
• Shimadzu Corporation
• PerkinElmer Inc.
• Carestream Health
• Barco NV
• Varian Medical Systems Inc.
• Esaote S.p.A.
• Samsung Medison Co. Ltd.
• Canon Medical Systems Corporation
• Hitachi Healthcare Ltd.
• Planmed Oyj
• Misonix Inc.
• Nano X Imaging Ltd.
• InnoScan Inc
What Are The Regional Insights Into The Medical Imaging Equipment Market?
Asia-Pacific was the largest region in the medical imaging equipment market in 2024. The regions covered in the medical imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
