Medical Imaging Equipment Market
Medical Imaging Equipment Market Size, Share & Industry Analysis, By Modality (X-ray, Computed Tomography, Magnetic Resonance Imaging, Ultrasound, Nuclear Imaging, Others), By End User (Hospitals, Diagnostic Imaging Centers, Ambulatory Surgical Centers, Others), By Application (Cardiology, Neurology, Orthopedics, Oncology, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global Medical Imaging Equipment Market is projected to grow at a CAGR of XX% from 2024 to 2031. The market value is expected to increase from USD XX billion in 2024 to USD YY billion by 2031. North America dominates the market, driven by advanced healthcare infrastructure, high healthcare expenditure, and early adoption of innovative imaging technologies. Key metrics include rising prevalence of chronic diseases, increasing geriatric population, and growing demand for early and accurate diagnosis.
The Medical Imaging Equipment Market is quickly developing, owing to technical advancements in imaging modalities, an increase in the prevalence of chronic diseases, and growing awareness of the benefits of early diagnosis. The market is distinguished by continual improvements in imaging technologies that aim to improve image quality, reduce radiation exposure, and increase patient comfort. Manufacturers are developing portable and compact imaging equipment, AI-integrated systems, and hybrid imaging technologies to meet the evolving needs of healthcare practitioners and patients.
Market Dynamics:
Market Trend: Integration of Artificial Intelligence in medical imaging systems
The integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies is becoming increasingly common in the Medical Imaging Equipment Market. This shift is driven by AI's potential to improve image quality, diagnostic accuracy, and workflow efficiency. AI algorithms are being developed to assist radiologists in detecting anomalies, prioritising cases, and performing quantitative analysis on medical images. Major imaging equipment manufacturers are making major investments in AI capabilities, either through internal development or strategic partnerships with AI companies. For example, GE Healthcare's Edison AI platform is integrated into a number of imaging modalities, enabling automated image reconstruction, segmentation, and analysis. The use of AI is expected to alter medical imaging by enabling faster and more accurate diagnosis, cheaper healthcare costs, and improved patient outcomes.
Market Driver: Growing prevalence of chronic diseases and aging population
The increased prevalence of chronic diseases, together with the world's ageing population, are the primary drivers of the Medical Imaging Equipment market. Chronic conditions such as cardiovascular disease, cancer, and neurological diseases usually require repeat imaging for diagnosis, treatment planning, and monitoring. According to the World Health Organisation, chronic diseases account for 71% of all deaths worldwide, and this figure is expected to rise. The global population of 60 and older is anticipated to grow to 2 billion by 2050, up from 900 million in 2015. This demographic shift is driving up the demand for advanced imaging equipment used to diagnose age-related disorders such as osteoporosis, Alzheimer's disease, and arthritis. For example, the global incidence of cancer is expected to rise by 47% between 2020 and 2040, necessitating increased use of imaging technology for early identification and treatment monitoring. These dynamics are driving significant investments in medical imaging infrastructure and technology upgrades at healthcare facilities all around the world.
Market Restraint: High costs associated with advanced imaging equipment and procedures
The Medical Imaging Equipment Market has significant challenges due to the high cost of current imaging equipment and therapies. The initial cost of cutting-edge imaging equipment such as MRI, CT, and PET scanners can range from hundreds of thousands to millions of dollars, making it difficult for smaller healthcare facilities to acquire and maintain this technology. A high-end MRI scanner, for example, can cost more than $3 million, which includes installation, maintenance, and specialised staff training. These high pricing might result in expensive imaging treatments for patients, thereby limiting access to current diagnostic services, especially in developing countries or among uninsured populations. In the United States, a single MRI scan might cost between $400 and $3,500, depending on the body area and healthcare provider. Furthermore, rapid technological advancements in imaging equipment can cause quick obsolescence, demanding frequent upgrades and increasing costs for healthcare providers. To overcome these cost-related challenges and improve access to advanced imaging technologies, the industry is exploring a variety of options, including equipment leasing and teleradiology.
Segment Overview:
Computed Tomography (CT) dominates the Medical Imaging Equipment Market, driven by its versatility, speed, and increasing applications in various medical specialties.
The Computed Tomography (CT) sector holds a large proportion of the Medical Imaging Equipment Market. This dominance is attributable to CT's ability to provide detailed cross-sectional images of various body parts, its short scanning periods, and its wide range of applications across numerous medical professions. The global CT market is predicted to grow at a 7.5% CAGR between 2024 and 2031, because to technological advancements including spectral CT and photon-counting detectors, which give improved image quality and lower radiation exposure.
Recent developments in CT technology have aimed to improve image resolution, minimise scan times, and reduce radiation exposure. For example, the advancement of dual-energy CT scanners has enhanced tissue characterisation and material differentiation, resulting in increased diagnostic accuracy in oncology and cardiology applications. The COVID-19 pandemic has increased demand for CT scanners, making chest CT a critical tool for diagnosing and monitoring COVID-19 patients. Major CT manufacturers reported a 20-30% increase in CT scanner sales during the pandemic's peak in 2020.
The Magnetic Resonance Imaging (MRI) market is also rapidly developing, thanks to the advancement of high-field strength devices and sophisticated imaging techniques. The global MRI market is expected to reach $8.5 billion by 2027, with a CAGR of 5.8%. Innovations like silent MRI technology, which reduces acoustic noise during scans, and AI-assisted image reconstruction are driving MRI system adoption in healthcare facilities.
The Ultrasound segment is quickly developing, because to the rising use of point-of-care ultrasound devices and advancements in 3D/4D imaging technologies. The global ultrasound market is estimated to reach $9 billion by 2026, growing at a CAGR of 6.3%. The development of portable and handheld ultrasound devices is expanding ultrasound's application beyond traditional settings, making it an indispensable tool in emergency medicine, critical care, and remote healthcare delivery.
Regional Outlook:
North America leads the Medical Imaging Equipment Market, driven by advanced healthcare infrastructure and high adoption rates of innovative imaging technologies.
North America, specifically the United States, dominates the global medical imaging equipment market. This advantage stems partly from the region's well-established healthcare infrastructure, high healthcare spending, and early adoption of advanced imaging technologies. The United States alone accounts for about 40% of the global medical imaging market, with a predicted value of $30 billion in 2022. The presence of major imaging equipment manufacturers, as well as a strong emphasis on medical imaging research and development, contribute to the region's dominant position.
The increasing prevalence of chronic diseases in North America, along with an ageing population, continues to drive demand for advanced imaging services. According to the Centres for Disease Control and Prevention (CDC), six out of ten people in the United States have a chronic disease that necessitates routine diagnostic imaging. The region has also seen a rapid adoption of AI-integrated imaging solutions, with over 30% of US healthcare providers incorporating AI into their imaging workflows by 2022.
Europe is the second-largest market for medical imaging equipment, with Germany, France, and the United Kingdom dominating technology uptake. The European medical imaging market is expected to grow at a 5.2% CAGR between 2024 and 2031, driven by growing investments in healthcare infrastructure and rising demand for minimally invasive diagnostic procedures. The European Union's Horizon Europe initiative has provided significant funding for medical imaging research, focussing on next-generation imaging systems and AI applications.
Asia-Pacific is emerging as the most rapidly expanding market for medical imaging equipment, with China and India leading the way. From 2024 to 2031, the region's market is predicted to grow at an 8.5% CAGR, owing to improved healthcare infrastructure, greater healthcare expenditure, and rising awareness of early disease detection. China, in particular, has seen a significant increase in the installation of contemporary imaging equipment, with the number of CT scanners per million people doubling over the last decade.
Competitive Intelligence:
The Medical Imaging Equipment Market is marked by intense rivalry and significant R&D investments. To maintain their market positions, prominent players are focused on technological innovation, strategic partnerships, and regional expansion. Leading companies such as Siemens Healthineers, GE Healthcare, and Philips Healthcare are expanding their product offerings through both internal development and the acquisition of innovative startups.
Siemens Healthineers announced a 5.9% increase in sales from its imaging segment in fiscal year 2022, confirming the sector's continued growth. The company plans to invest €2.5 billion in research and development by 2025, with an emphasis on AI-powered imaging devices and customised healthcare solutions. Similarly, GE Healthcare has strengthened its position in the AI imaging sector by strategic acquisitions, such as the purchase of Prismatic Sensors AB to enhance their photon-counting CT technology.
Canon Medical Systems and Fujifilm Healthcare are increasing market share in emerging markets by introducing new products and expanding their operations. These advances boost market competitiveness and innovation.
The market is also seeing a shift towards value-based imaging solutions, with companies developing low-cost and portable imaging technology to satisfy the needs of resource-constrained healthcare environments. This approach creates opportunities for new entrants and regional enterprises to obtain market share in underdeveloped regions.
Analyst Opinion:
The Medical Imaging Equipment Market is predicted to grow rapidly, driven by technological advancements, rising illness burdens, and a growing emphasis on early detection and personalised medicine. The integration of AI and machine learning technologies will shape the market's future, as they promise to improve diagnostic accuracy, workflow efficiency, and enable predictive healthcare.
The development of multi-modality imaging systems, which use a variety of imaging technologies to provide comprehensive diagnostic information, is an important trend to watch. The integration of molecular and anatomical imaging modalities is expected to open up new opportunities in precision medicine and targeted therapies.
The shift to value-based healthcare is likely to have an impact on market dynamics, with a greater emphasis on offering cost-effective imaging solutions while maintaining quality. Companies that successfully balance innovation and affordability are likely to gain a competitive advantage, especially in growing markets.
Regulatory constraints, particularly those concerning AI integration and data security, will have a substantial impact on the commercial landscape. Companies who can navigate these regulatory challenges while still offering innovative solutions will be well-positioned for long-term success.
Major Players:
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Siemens Healthineers AG
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General Electric Company (GE Healthcare)
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Koninklijke Philips N.V.
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Canon Medical Systems Corporation
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Fujifilm Holdings Corporation
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Hitachi, Ltd.
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Samsung Electronics Co., Ltd. (Samsung Medison)
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Carestream Health, Inc.
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Hologic, Inc.
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Esaote S.p.A.
Key Developments:
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September 2023: Siemens Healthineers debuts its next-generation CT scanner, which combines photon-counting technology for improved image quality and reduced radiation exposure.
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In July 2023, GE Healthcare unveiled a new portable X-ray gadget powered by AI for point-of-care imaging in emergency and critical care environments.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Siemens Healthineers AG
5.2. General Electric Company (GE Healthcare)
5.3. Koninklijke Philips N.V.
5.4. Canon Medical Systems Corporation
5.5. Fujifilm Holdings Corporation
5.6. Hitachi, Ltd.
5.7. Samsung Electronics Co., Ltd. (Samsung Medison)
5.8. Carestream Health, Inc.
5.9. Hologic, Inc.
5.10. Esaote S.p.A. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of Artificial Intelligence in medical imaging systems
6.1.2. Development of portable and point-of-care imaging devices
6.1.3. Advancements in hybrid imaging technologies
6.2. Market Drivers
6.2.1. Growing prevalence of chronic diseases and aging population
6.2.2. Increasing demand for early and accurate diagnosis
6.2.3. Technological advancements in imaging modalities
6.3. Market Restraints
6.3.1. High costs associated with advanced imaging equipment and procedures
6.3.2. Concerns over radiation exposure in certain imaging modalities
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY MODALITY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. X-ray
7.1.1. Digital Radiography
7.1.2. Computed Radiography
7.1.3. Analog X-ray
7.2. Computed Tomography
7.2.1. High-end Slice CT
7.2.2. Mid-end Slice CT
7.2.3. Low-end Slice CT
7.3. Magnetic Resonance Imaging
7.3.1. High-field MRI
7.3.2. Mid-field MRI
7.3.3. Low-field MRI
7.4. Ultrasound
7.4.1. 2D Ultrasound
7.4.2. 3D/4D Ultrasound
7.4.3. Doppler Ultrasound
7.5. Nuclear Imaging
7.5.1. SPECT
7.5.2. PET
7.6. Others
7.6.1. Mammography
7.6.2. Fluoroscopy
8. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Hospitals
8.1.1. Public Hospitals
8.1.2. Private Hospitals
8.2. Diagnostic Imaging Centers
8.2.1. Standalone Centers
8.2.2. Hospital-affiliated Centers
8.3. Ambulatory Surgical Centers
8.4. Others
8.4.1. Academic and Research Institutions
8.4.2. Specialty Clinics
9. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Cardiology
9.1.1. Coronary Artery Disease
9.1.2. Congenital Heart Defects
9.2. Neurology
9.2.1. Brain Imaging
9.2.2. Spine Imaging
9.3. Orthopedics
9.3.1. Fracture Detection
9.3.2. Arthritis Diagnosis
9.4. Oncology
9.4.1. Cancer Screening
9.4.2. Treatment Planning
9.5. Others
9.5.1. Gastroenterology
9.5.2. Urology
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Modality:
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X-ray
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Computed Tomography
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Magnetic Resonance Imaging
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Ultrasound
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Nuclear Imaging
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Others
By End User:
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Hospitals
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Diagnostic Imaging Centers
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Ambulatory Surgical Centers
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Others
By Application:
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Cardiology
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Neurology
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Orthopedics
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Oncology
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Others
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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