Recent developments in the 3D imaging technology have propelled the growth of the global medical imaging equipment market. The rapidly growing geriatric population across the U.S. and Japan, coupled with the growing prevalence of chronic diseases is expected to drive the market in the coming years. The global medical imaging equipment market was worth US$27,705.8 mn in 2014. The market is anticipated to expand at a CAGR of 5.6% during the period between 2015 and 2023 and reach a valuation of US$45,305.0 mn by 2023.
A number of initiatives taken by the government and private organizations will augment the growth of the global medical imaging equipment market. However, the growing pressure on healthcare budgets in the U.S., along with the low adoption of digital technology-based systems, MRI scanners, and conventional CT among patients will restrain the overall market. Excise duty imposed on medical device manufacturers in countries such as the U.S. will further hamper the growth of the market in the coming years. Cloud-based medical imaging technology is expected to create new opportunities for the growth of the global medical imaging equipment market.
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Digital X-Ray Systems Revolutionize X-Ray Imaging Equipment Market
On the basis of product type, the global medical imaging equipment market has been segmented into ultrasound systems, X-ray devices, magnetic resonance imaging equipment, computed tomography scanners, and nuclear imaging equipment. Digital X-ray systems have revolutionized the X-ray imaging equipment market. In 2014, the X-ray devices segment accounted for the largest share in the market. The demand for portable X-ray devices such as mobile and handheld X-ray systems has been rising across emergency departments and ICUs.
Key Players Focus on Research and Development Activities
Some of the key players in the global medical imaging market are Hologic Inc., GE Healthcare, Philips Healthcare, Siemens Healthcare, Shimadzu Corporation, Samsung Medison Co. Ltd., Fujifilm Holdings Corporation, Hitachi Medical Corporation, Genesis Medical Imaging Inc., Carestream Health Inc., Fonar Corporation, and Toshiba Corporation. Philips Healthcare, Siemens Healthcare, Toshiba Corporation, and GE Healthcare are among the leading players in the market.
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As the market is capital intensive, the key players spend significantly on research and development activities and launch new equipment. For example, Carestream Health Inc. has developed CARESTREAM DRX Plus 3543 detector that will be used to produce high quality diagnostic images within seconds. The company has also designed a new 3D extremity imaging system targeted to help orthopaedic specialists detect injuries for professional athletes. The 3D extremity imaging system utilizes the cone beam CT technology to help in the treatment of orthopaedic conditions such as joint replacements, arthritis, traumatic injuries, and osteoporosis. The cone based CT technology (CBCT) uses lesser radiation compared to the full-body conventional CT systems and are able to capture weight-bearing images of legs, feet, and knees. These systems are intended to be used for sports medicines and orthopaedic practices.