Title: Medical Imaging Equipment Market Analysis | Coherent Market Insights
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2Medical Imaging Equipment Market Analysis
(2020-2027)
- Medical imaging equipment is used in the
diagnosis of various critical diseases and
disorders of vital organs such as liver, lungs,
heart, and brain. - This equipment produces either 2D or 3D images of
anatomical structures, which are then interpreted
by physicians to detect abnormalities.
radiography (X-rays), magnetic resonance imaging
(MRI), computed tomography (CT), fluoroscopy,
ultrasound, echocardiography, and Positron
Emission Tomography (PET) are some of the most
widely used medical imaging devices.
3- Increasing number of imaging procedures such as
magnetic resonance imaging (MRI), computed
tomography (CT), and others due to high
prevalence of chronic diseases and traumatic
injuries is expected to boost growth of the
medical imaging equipment market over the
forecast period. According to the Organization
for Economic Co-operation and Development (OECD),
around 279 computed tomography (CT) and 128
magnetic resonance imaging (MRI) exams per 1,000
inhabitants were performed in the U.S. in 2019. - The global medical imaging equipment market is
estimated to be valued at US 38,942.6
million in 2020 and is expected to exhibit
a CAGR of 4.8 over the forecast
period (2020-2027).
4 Figure 1. Global Medical Imaging Equipment
Market Share () in Terms of Value, By Region,
2020
5Increasing product launches by market players for
medical imaging is expected to propel the market
growth over the forecast period
- Key players operating in the market are focusing
on obtaining approvals for their advanced
therapeutics and this is expected to drive the
market growth over the forecast period. - For instance, in March 2017, GE Healthcare
expanded its range of magnetic resonance imaging
(MRI) contrast media and imaging products, by
announcing the launch of Clariscan, a
gadolinium-based contrast agent, which offers an
improved contrast between normal and pathological
tissue, and facilitates a rapid detection of
abnormalities.
6Figure 2. Global Medical Imaging Equipment Market
Share () in Terms of Value, By Modality, 2020
7Increasing incidence of cardiovascular disorders
is expected to drive the market growth over the
forecast period
- Increasing incidence of cardiovascular disorders
is expected to drive demand for diagnosis and
treatment of these disorders. This, in turn, is
expected to drive growth of the global medical
imaging equipment market during the forecast
period. - According to the World Health Organizations 2017
report, cardiovascular diseases are the number
one cause of death, globally. Around 17.9 million
people died due to cardiovascular diseases in
2016, which accounted for around 31 of global
deaths. Among these deaths, around 85 of deaths
occurred due to heart attack and stroke.
8(No Transcript)
9Global Medical Imaging Equipment Market Impact
of Coronavirus (Covid-19) Pandemic
- Supply chain and manufacturing activities in
India, Italy, Spain, U.K., and the U.S. have been
disrupted due to lockdowns implemented by
governments in the past few months, while
countries such as Saudi Arabia, UAE, Egypt, and
others are facing problems with regards to
transportation. - The coronavirus or COVID-19 outbreak that started
from Wuhan, China, has spread across continents,
affecting various industries, globally. Supply of
key materials has been severely disrupted due to
the forced quarantine, and lack of labor and raw
materials.
10- Due to a severe shortage of medical resources at
the front line, only patients diagnosed with
serious conditions can be hospitalized.
Unfortunately, the pathogenic mechanism of the
virus has not been identified completely,
therefore, there is no specific drug and
treatment except for symptomatic and supportive
treatments. - Respiratory support devices such as life-support
machines, atomizer, oxygen generators, and
monitors are primary clinical treatment medical
devices. Thus, from diagnosis to cure, the need
for instruments for measuring temperature,
nucleic acid diagnostic kit, antiviral medical
products, and life-support machine has increased
consistently. To restore the balance between
supply and demand, the Chinese government
launched the emergency approval procedure for the
registration and application of medical devices
urgently needed for epidemic prevention and
control.
11Medical Imaging Equipment Market Restraints
- High cost of imaging equipment such as MRI
machines and CT scanners is a major factor, which
is expected to hinder growth of the global
medical imaging equipment market. Devices of such
high cost can be unaffordable to small-scale
hospital facilities in emerging economies such as
India and African countries, which is expected to
negatively impact growth of the market. For
instance, price of a magnetic resonance imaging
(MRI) device starts from US 150,000 and a high
end device costs over US 1 million. Such high
cost of devices can be affordable to
multispecialty hospitals and diagnostic
laboratories.
12Key Players
- Major players operating in the global medical
imaging equipment market include Siemens
Healthineers, General Electric Company,
Koninklijke Philips NV, Fujifilm Holdings
Corporation, Shimadzu Corporation, Hologic, Inc.,
Samsung Medison Co., Ltd., Carestream Health, and
Canon Inc.
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