Medical Imaging Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3164
Medical Imaging Devices Market size is projected to experience significant growth from 2019 to 2025.
Growing prevalence of chronic diseases such as arthritis and cardiac diseases will drive medical health imaging devices growth in the coming years. According to WHO, global burden of chronic diseases is anticipated to reach 57% by 2020. Expected surge in number of these cases in future is expected to fuel medical imaging devices market growth.
Recent advancements in medical imaging devices have paved the way for innovative solutions that have made patient diagnosis more convenient. For instance, growing use of portable X-ray systems bypass the need of a technician for developing the X-ray or physically transporting it from one location to another. These advancements will augment medical imaging market growth.
Rise in the geriatric population will further bolster medical imaging devices market growth. According to United Nations, in 2017 the global population aged 60 years or above equaled 962 million. The number is expected to double by 2050 and reach nearly 2.1 billion owing to increase in expected lifespan and availability of advanced medical technologies for treatment of diseases. The rising geriatric population coupled with chronic diseases they suffer from is expected to drive the medical imaging devices market growth.
However, high costs associated with medical imaging tests coupled with limited access to necessary infrastructure might restrict medical imaging devices market growth. For instance, according to National Center for Biotechnology Information (NCBI), Sub-Saharan Africa has just one MRI for every 25 million inhabitants in contrast to northern hemisphere that has 25 MRIs for every one million inhabitants.
Healthcare professionals use MRI scans for diagnosing a variety of conditions, from tumors to torn ligaments. Demand for MRI systems has gained considerable momentum in the recent years owing to the technological advancements. For instance, open MRI systems are now replacing traditional MRI systems. Unpleasant experiences associated with traditional MRI systems, especially for people with claustrophobia, have paved the way for development of open MRI systems. Open MRI systems are less restrictive, can accommodate heavier individuals and operate with the same accuracy. These advancements will boost the MRI system market growth.
Rapid urbanization coupled with a significant increase in number of vehicles has resulted in a significant rise in the number of road accidents. According to World Health Organization, every year approximately 1.35 million people die and between 20 and 50 million more people suffer from non-fatal injuries as a result of road accidents. The injuries often result in fractures and ligament tears which requires accurate diagnosis. This has resulted in significant increase in use of medical imaging devices for orthopedic purposes.
U.S. is expected to dominate North American medical imaging devices market during the forecast period. U.S. is at the forefront for technology adoption. Higher affordability coupled with greater access to healthcare will supplement the medical imaging devices market growth in the U.S.
Some of the prominent players of global medical imaging devices market include Canon Medical Systems Corporation, Carestream Health Inc., Esaote SpA, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Systems, Hologic Inc., Philips Healthcare, Samsung Medison and Siemens Healthineers. The competitors focus on product launch, merger and acquisitions to strengthen their market position.
Medical Imaging Market, by product, 2014-2025 (USD Million)
- X-ray Devices
- Computed Tomography Scanners
- Magnetic Resonance Imaging Equipment
- Ultrasound Imaging Systems
- Nuclear Imaging Systems
Medical Imaging Market, by application, 2014-2025 (USD Million)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Canon Medical Systems Corporation
- Carestream Health Inc.
- Esaote SpA
- Fujifilm Holdings Corporation
- GE Healthcare
- Hitachi Medical Systems
- Hologic Inc.
- Philips Healthcare
- Samsung Medison
- Siemens Healhineers
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