Advancements in 3D imaging technology has enabled development in computer aided detection (CAD) and increased applications for imaging diagnostic applications. This has led to growth of the developed markets such as the U.S. and Europe where the market for 2D modalities has matured. Moreover, rising incidence of several diseases such as respiratory, orthopedic, and cardiovascular has increased global demand for diagnosis and diagnostic equipment.
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The global medical imaging equipment market was valued at USD 27,705.8 million in 2014 and is projected to reach USD 45,305.0 million by 2023, expanding at a CAGR of 5.6% during the forecast period from 2015 to 2023. The rapidly growing geriatric population in developing countries such as Japan and the U.S. is a major driver of the medical imaging equipment market as this segment of the population is more prone to multiple diseases and disorders. Early diagnosis has become imperative to prevent high treatment costs at later stage of diseases which are already burgeoning health care expenditures.
Digital X-ray systems have revolutionized X-ray imaging, and thus helped the upsurge of the existing sluggish mature X-ray imaging equipment segment. The X-ray devices segment accounted for the largest share of the medical imaging equipment market in 2014. Major X-ray devices include stationary/fixed and portable X-ray systems, where the latter includes mobile and handheld X-ray systems. Portable X-ray devices have high adoption rates, especially in emergency departments and ICUs. Transferring a patient from the designated unit to the radiology unit involves high risk to the patient’s health and also entails logistic expenses. In an attempt to curb this problem, medical practitioners are rapidly shifting preference toward portable X-ray equipment. Recent advancements in the ultrasound technology and equipment are proving immensely beneficial for diagnosis of cancer and other complex diseases. In addition, this technology is proving to be efficient in imaging during several types of surgeries. The introduction of advanced technologies such as 4D imaging would further enhance growth in the ultrasound imaging devices market.
Geographically, North America held the largest share of the global medical imaging equipment market in terms of revenue in 2014. Several market players have introduced hand-held portable devices with exceptional efficacy in several markets in the past few years, significantly contributing to the growth of the overall market. Asia Pacific was the second largest market in 2014, outperforming Europe. Rising health care infrastructure such as clinical settings and hospitals and a favorable demand-supply gap are the major factors contributing to the growth of the medical equipment market in Asia Pacific.
Players such as Philips Healthcare, GE Healthcare, Siemens Healthcare, Hologic, Inc. Shimadzu Corporation, Samsung Medison Co. Ltd., Hitachi Medical Corporation, Genesis Medical Imaging, Inc., Carestream Health, Inc., Fujifilm Holdings Corporation, Fonar Corporation, and Toshiba Corporation. The global market has been dominated by few leading players such as Philips Healthcare, GE Healthcare, Siemens Healthcare, and Toshiba Corporation. The medical imaging equipment market is highly capital intensive and requires huge research and development expenditures, hence these companies, with large and deep pockets, will continue to dominate the market during the forecast period.
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