DublinAnd the June 21 2022 /PRNewswire/ – file Global Medical Imaging Equipment Market: Analysis by Product by End User Size and Trends with Impact of COVID-19 and Forecast to 2026 Report added to ResearchAndMarkets.com Show.
In 2021, the global medical imaging equipment market was evaluated 38.36 billion US dollars In 2021, it is expected to reach 48.58 billion US dollars in 2026. The market is expected to expand at a CAGR of 4.70% during the forecast period 2022-2026.
Medical imaging describes technology that uses radiation, sound waves, or a flexible optical instrument equipped with a tiny camera to visualize the internal structure of the body to make an accurate diagnosis. Medical imaging equipment has become an important tool for physicians, dentists, surgeons, and physical therapists with the goal of providing better care to their patients.
The benefits associated with medical imaging have made it a popular choice among medical professionals. As of now, medical imaging is undergoing major changes with companies helping to create a digital workflow that keeps medical imaging at the center and with the government deploying funds to build a robust healthcare infrastructure.
Global medical imaging equipment market dynamics
Growth drivers: An aging population is a prominent growth factor in the medical imaging market. Population aging in advanced economies is forcing the government to invest in health care services and provide affordable health care services. The inclusion of equity in the industry will create growth opportunities for the market. Other than that, the rapid rise in demand for point-of-care diagnostics also provides growth opportunities in the market.
With increasing awareness about the benefits of stage 1 cancer diagnosis giving people the hope of saving the lives of their loved ones, point-of-care diagnosis has become an umbrella term for medical imaging tools and thus has become the growth driver of the market. Moreover, factors like rising spending on healthcare, rising deaths from chronic diseases, accelerating increase in obesity, etc. would also help the market to grow across the globe.
Challenges: The market also has to deal with some challenges like helium shortage, high cost involved, and shortage of skilled radiologists. These challenges are expected to hinder the growth of the market in the coming years. Medical imaging devices are very expensive to purchase and install. The high cost of the equipment makes customers reluctant to purchase it. Such cases are more common in developing countries where per capita income is very low compared to developed countries.
Trends: AI is set to revolutionize the industry by overcoming certain limitations associated with traditional devices such as time-consuming examination, heavy reliance on technicians for image acquisition and interpretation, etc. Moreover, other prominent trends such as 3D printing in Medical imaging, emerging 4D and 5D ultrasound technology and refrigerant-free MRI system will provide significant growth opportunities for the market.
Market Segmentation Analysis:
In 2021, the ultrasound segment dominated the market by absorbing more than a quarter of the market, as it is considered the safest technology in diagnostic procedures because it does not use ionizing radiation and magnetic field. Ultrasound is not only used to determine the health status of the fetus and mother but it is also used to diagnose liver tumor, breast cyst, kidney stones, gallstones, ovarian size and uterine health in a patient with PCOS/PCOS, pancreas, etc.
In 2021, the hospital segment occupied the largest share by covering more than 40% of the market, and it is also expected to be the fastest growing segment. Hospital segment is likely to continue posting decent growth during the forecast period due to M&A deals between market players and hospitals. For example, Philips and Zhejiang The university’s first hospital signed a multi-year contract to support expansion by combining clinical research and education.
Asia Pacific Dominate the market in 2021 by occupying approximately 45% of the global market. The most important factor driving the market in Asia Pacific It is the increasing demand for advanced diagnostic equipment, and the presence of the most populous countries in the world with rapid demographic change.
in Chinathe installation of medical imaging equipment will increase because after COVID-19, the government is placing heavy emphasis on healthcare infrastructure to better prepare for any future health emergencies. Europe The medical imaging equipment market offers lucrative opportunities in the coming years. Various reasons such as the introduction of advanced technological systems and the increasing demand for early diagnosis are expected to drive the growth of the market in Europe.
Analyzing the impact of COVID-19 and moving forward:
The medical imaging industry has also felt the negative impact of the pandemic as market participants reported negative numbers on their income statement. The disruptions caused by logistics, with reduced manufacturing and delays in installation has put the industry in a difficult position. While the demand for computed tomography has been rising rapidly as it provides useful diagnostic results.
Pandemic has also brought the benefits of mobile and portable imaging systems as they are easier to handle and can be diagnosed faster and easier in remote locations set up nationwide. Most hospitals find it easier to sterilize a portable DR system or ultrasound system than it is to clean the CT room for 30-50 minutes. The epidemic also encouraged hard-hit countries such as ChinaAnd the ItaliaAnd the IndiaAnd the United States and many other countries to implement robust health care policies, which would support the health care requirements of their citizens while building a strong health care infrastructure in the country.
The global medical imaging equipment market is concentrated in nature, which puts a few players at the top. Collaborations and partnerships between local and global companies, innovative product releases, and a growing focus on developing multimedia imaging devices are some of the primary strategies companies use in the global medical imaging equipment market.
Siemens Healthineers, Koninklijke Philips NV and General Electric Company (GE) hold more than 75% of the industry share, covering Hitachi, Canon and Crestream Health, Inc. and others. Siemens Healtheners and General Electric (GE) both operate in the diagnostic imaging industry through their subsidiaries, also known as Siemens AG, and General Electric Healthcare.
Both companies are investing extensively in research and development to deliver technology-enhanced products to their target audience. Although Siemen Healthineers is as large as General Electric (GE), the former’s less diversified portfolio has helped the latter stand out in the field.
Moreover, companies like GE Healthcare, Siemens Healthineers, Canon Medical, Esaote, Samsung and others have implemented various organic growth strategies which have helped the growth of the company and in turn brought about various changes in the market. Whereas, companies such as Siemens AG, Shimadzu Medical Systems, Hitachi, Canon Medical, Carestream Health and others are also implementing many inorganic developments that have purchased dynamic improvements in the market in which they operate.
Growing elderly population
High spending on health care
Accelerate the obese population
High death rates due to chronic diseases
Increased demand for point-of-care diagnostics
3D printing in medical imaging
Integration of artificial intelligence with medical imaging equipment
Emerging 4D and 5D Ultrasound Imaging Technology
Refrigerant Free MRI System
The major players in the Medical Imaging Equipment Market are:
Koninklijke Philips NV
Canon Medical Systems Corporation
General Electric (GE)
Onex Corporation (Carestream Health, Inc)
For more information about this report visit https://www.researchandmarkets.com/r/63eyvc
Research and Markets
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SOURCE Research & Markets