According to the Market Statsville Group, the global & Africa medical imaging equipment market size is expected to grow from USD 39.5 billion in 2021 to USD 62.0 billion by 2030, at a CAGR of 5.8% from 2022 to 2030. The rising incidence of chronic diseases such as cardiovascular, neurology disorders, and so on, combined with the realigning healthcare systems, have led to an increase in emphasis on early diagnosis. According to the Centers of Disease Control and Prevention (CDC), coronary artery diseases (CAD) affect an estimated 18.2 million adults each year in the U.S. alone. Diagnostic imaging refers to the use of different imaging modalities to get visual representations of the interior of a body for diagnostic and therapeutic purposes. This includes various types of modalities used to capture images of the human body for diagnosis and treatment of diseases and hence plays a vital role in improving overall health.
The rising prevalence of chronic diseases such as cardiovascular, cancer, orthopedic, and diabetes is responsible for a growing number of diagnostic imaging procedures across the globe. As per the report published world Health Organization (WHO), approximately 3.6 billion diagnostic procedures are performed worldwide every year. Out of all, around 350 million examinations are carried out on pediatric patients. This, along with the growing focus of government organizations on early diagnosis of diseases to control healthcare costs, also influences the number of patients undergoing X-ray, Magnetic resonance, and computed tomography scans globally.
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Global & Africa Medical Imaging Equipment Market Dynamics
Elements such as the growing demand for early and cost-effective diagnosis of chronic diseases and the growing aging population across the globe are anticipated to influence the demand for medical imaging equipment globally. The introduction of technologically advanced devices and the developing healthcare sector in Asian countries are key factors driving the market growth.
Frequent product recalls in the imaging equipment is one of the major elements anticipated to hamper the global market growth during the forecast period. For instance, In December 2020, Canon Medical System, USA, INC. recalled more than 60 Canon Aquilion Prime SP, Multislice Helical CT Scanner, TSX-303B/8L due to the software issue in the system.
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Scope of the Global & Africa Medical Imaging Equipment Market
The study categorizes the medical imaging equipment market based on type, application, end-users, and global.
By Type Outlook
- MRI Equipment
- CT Equipment
- X-ray Equipment
- Molecular Imaging
By Application Outlook
By End-Users Outlook
- Specialty Clinics
- Diagnostic Imaging Centers
By Region Outlook
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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The X-ray equipment segment is projected to account for the largest market share, by type
Based on type, the global medical imaging market is segmented into MRI equipment, CT equipment, X-ray equipment, ultrasound, and molecular imaging. The X-ray equipment segment held a dominant market share in 2021. This segment's growth is primarily driven by the increasing use of interventional x-ray systems, including C-arms, and others, for image-guided surgeries. The advances in C-arms, including mini c-arms based on digital radiography and flat-panel detectors, have been instrumental in augmenting the demand for x-ray equipment globally. However, the ultrasound equipment segment is anticipated to grow at a considerable CAGR during the forecast period. New ergonomic models with clinical supremacy are being introduced in the market, such as portable ultrasound, due to the unmet needs and growing demand for advanced equipment from healthcare settings globally.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global & Africa medical imaging equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Global & Africa, Asia Pacific is estimated to hold the highest CAGR in the global & Africa medical imaging equipment market during the forecast period. Owing to the rising prevalence of chronic diseases and rising demand for advanced diagnostic devices, the market in the Asia Pacific is growing. Additionally, a large and aging installed base of imaging equipment in the Asia Pacific presents a lucrative opportunity for market players. This, along with a rapidly developing healthcare and hospital infrastructure in the region, especially in countries such as China, and India, is anticipated to drive the demand for new medical imaging equipment during the forecast period.
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Key Market Players
The medical imaging equipment market is mildly concentrated in nature with few numbers of global & africa players operating in the market such:
- General Electric Company
- Hitachi, Ltd.
- Shimadzu Corporation
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
- Hologic, Inc.
- Fujifilm Holdings Corporation