Medical imaging involves creating visual representations of the body’s interior structure for medical intervention purposes. The technique is sometimes also used for visual representation of the functional behavior of organs or tissues. With technological advancements penetrating the healthcare arena at an unprecedented pace, the development of 3D imaging technology has led to the emergence of computer aided detection (CAD) diagnostic techniques and increased applications of the same.
Particularly in the developed regions of the U.S. and Europe, the utilization of 2D modalities is saturated, thereby opening avenues for newer diagnostic modalities. Other than this, across the world, the increasing patient pool of individuals suffering from respiratory, cardiovascular, and orthopedic diseases has fuelled the demand for diagnostic equipment. In countries such as Japan and the U.S., a growing geriatric population base, which requires medical intervention on a consistent basis is augmenting growth of the medical imaging equipment market.
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The global medical imaging equipment market will be valued at US$45.3 bn by 2023, increasing from US$27.7 bn in 2014 at a CAGR of 5.6% from 2015 to 2023.
Advantages of Portable X-ray Systems Lead to Rising Adoption
The global market for medical imaging equipment is divided on the basis of product, technology, and geography. By product, X-ray devices, computed tomography (CT) scanners, nuclear imaging equipment, ultrasound systems, and magnetic resonance imaging (MRI) equipment are the key components of the market. Amongst all, X-ray devices held the largest share in the global market in 2014. Stationary/fixed and portable are the major types of X-ray systems; portable X-ray devices are of two types, viz. mobile and handheld, and have high adoption rates due to their usability in ICUs and emergency departments.
For critical care patients, transfer of the patient from admissions to the radiology unit involves risk to the patient’s health and also entails logistic expenses. To address this problem, medical practitioners are increasingly using portable X-ray equipment for diagnostic purposes. Advancement in ultrasound technology and the equipment used for this type of imaging has been extremely useful for diagnosis of cancer and other complex diseases. The technology has proven to be useful for imaging required during surgical procedures. With the introduction of 4D technologies, the ultrasound product segment of the market will receive a further boost.
Technological Advancement Benefits North America Medical Imaging Market
In terms of the regional segmentation, North America contributed the largest revenue to the global medical imaging equipment market in 2014. In the region, several players have introduced state-of-the-art hand-held portable devices for medical imaging, which has benefitted the regional market to a very high degree. Generally, the region exhibits faster adoption of technological innovations than other regions, thereby accentuating for the high adoption of newer equipment for diagnostics.
In 2014, Asia Pacific stood as the second largest market for medical imaging equipment; the region outperformed Europe for the volume of diagnosis carried out for medical intervention purposes. Moreover, healthcare infrastructural development in terms of number of clinical facilities and hospitals and an increasing patient pool requiring precise diagnosis are favorable for the growth of this regional market.
Some key players in the global medical imaging equipment market are Philips Healthcare, Siemens Healthcare, Shimadzu Corporation, Hitachi Medical Corporation, Carestream Health Inc., Fonar Corporation, GE Healthcare, Hologic Inc., Samsung Medison Co. Ltd., Genesis Medical Imaging Inc., Fujifilm Holdings Corporation, and Toshiba Corporation.