February 25, 2024

The Medical Imaging Equipment Market Is Driven By Technological Advancements

Medical imaging equipment plays a vital role in early detection and diagnosis of diseases. The growing burden of chronic diseases and increasing aging population globally is propelling the demand for advanced medical imaging systems for effective treatment planning and management. Advanced medical imaging modalities such as X-ray, ultrasound, CT, MRI, nuclear imaging provide detailed anatomical and physiological information crucial for diagnosis and therapy. Technological innovations are allowing higher resolution and faster imaging which enables physicians to detect smaller abnormalities and facilitates precise diagnosis and treatment.

The global Medical Imaging Equipment Market is estimated to be valued at US$ 44.8 Billion in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Artificial Intelligence (AI) is increasingly being used to improve medical imaging. AI has the potential to automate routine tasks, assist radiologists in analyzing large datasets, and unlock deeper insights from medical scans. AI powered image analysis tools are being developed which can identify abnormalities, make preliminary diagnoses, and track disease progression more accurately than human interpretation alone. Some healthcare providers have started deploying AI solutions to reduce workload on radiologists and improve diagnostic accuracy. As AI and machine learning algorithms advance further, it will transform medical imaging by enhancing image quality, automating processing workflows, and providing personalized disease predictions to guide treatment decisions over the coming years.

 

Porter’s Analysis

Threat of new entrants: The medical imaging equipment market has moderate threat of new entrants due to high capital investments required to enter the market.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of multiple established manufacturers offering diversified product portfolios.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components from different suppliers.

Threat of new substitutes: Threat of new substitutes is low as medical imaging equipment have well-established products in the market and limited scope of product substitution.

Competitive rivalry: The market has high competitive rivalry among the key global players owing to their extensive product portfolios and strong geographic presence.

Key Takeaways

The Global Medical Imaging Equipment Market Demand is expected to witness high growth.

Regional analysis comprises dominance of North America owing to presence of state-of-the-art healthcare infrastructure and availability of advanced medical imaging technologies. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising healthcare expenditure and growing medical tourism in countries such as China and India.

Key players operating in the Medical Imaging Equipment market are GE Healthcare, Siemens Healthineers AG, Koninklijke Philips N.V., Canon Medical Systems Corporation and Hologic Inc. GE Healthcare holds the leading position in medical imaging equipment followed by Siemens Healthineers AG owing to their extensive product portfolio and strong geographic presence across major markets. Philips focused on expansion in emerging Asian markets like India and China through partnerships and new product launches.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it