Medical Imaging Equipment Global Market Report 2024

Medical imaging equipment encompasses a wide range of devices and technologies utilized in the medical field to visualize the internal structures and functions of the body. This category of equipment plays a crucial role in enhancing patient care by facilitating accurate diagnosis, personalized treatment planning, and effective monitoring of health conditions.

Key medical imaging equipment comprises computed tomography (CT), x-ray systems, magnetic resonance imaging (MRI) systems, ultrasound systems, nuclear imaging equipment, mammography equipment, contrast media injectors, c-arms, and fluoroscopy devices. Computed tomography (CT) utilizes X-rays to generate detailed cross-sectional images of the body and encompasses diverse modalities, including stand-alone, portable, and hand-held devices. These technologies find application in various medical fields such as cardiology, neurology, orthopedics, gynecology, and oncology. Target end-users encompass diagnostic imaging centers, ambulatory surgical centers, specialty clinics, and research institutes.

The medical imaging equipment market research report is one of a series of new reports that provides medical imaging equipment market statistics, including medical imaging equipment industry global market size, regional shares, competitors with a medical imaging equipment market share, detailed medical imaging equipment market segments, market trends and opportunities, and any further data you may need to thrive in the medical imaging equipment industry. This medical imaging equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical imaging equipment market size has grown strongly in recent years. It will grow from $42.68 billion in 2023 to $45.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to several factors, including a growing aging population, an increasing disease burden, government initiatives, heightened awareness, and the integration of artificial intelligence (AI) into the healthcare sector.

The medical imaging equipment market size is expected to see strong growth in the next few years. It will grow to $57.71 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The anticipated growth in the forecast period can be linked to the rise of personalized medicine, the expansion of remote patient monitoring, the increasing growth of emerging markets, the adoption of value-based healthcare, and the advancing field of precision medicine. Key trends expected in the forecast period include the integration of digital health, the development of innovative imaging modalities, continuous technological advancements, the integration of telemedicine, and the increasing prevalence of portable and point-of-care imaging solutions.

The anticipated surge in the prevalence of chronic diseases is poised to drive the expansion of the medical imaging equipment market. Chronic diseases, characterized by prolonged and gradual progression, are influenced by shifting lifestyles, genetic predispositions, and aging demographics. Medical imaging equipment plays a pivotal role in supporting patients with chronic conditions, enabling early detection, precise diagnosis, personalized treatment planning, and continuous monitoring of disease progression and treatment efficacy. In September 2022, the World Health Organization reported a staggering 41 million deaths annually, with 74% attributed to non-communicable diseases (NCDs) or chronic diseases. Major contributors include 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2 million deaths from diabetes. This data underscores the pressing need for advanced medical imaging solutions.

Key players in the medical imaging equipment market are strategically focusing on the development of cutting-edge products, exemplified by Exo's latest innovation, the Exo Iris. Equipped with real-time artificial intelligence (AI) technology, such as SweepAI, this device automates image capture, reducing dependence on operator expertise for consistent and precise imaging. Launched in September 2023, Exo Iris is designed to be affordable, compact, and user-friendly, catering to various healthcare providers in emergency, acute care, outpatient, and at-home settings. Notable features include an ultra-wide field of view for imaging up to 150 degrees, allowing caregivers to capture comprehensive organ or full-body images in a single view. The device is complemented by Exo Works, a point-of-care ultrasound workflow solution, enabling seamless documentation and exam review in seconds from any location.

In July 2023, Radon Medical Imaging LLC acquired Tristate Biomedical Solutions LLC. This undisclosed acquisition positions Radon to enhance its medical imaging equipment maintenance and repair services, fortify its business operations, and extend its geographic footprint. Tristate Biomedical Solutions LLC, a reputable U.S.-based medical equipment company, specializes in offering biomedical and imaging equipment solutions.

The medical imaging equipment market consists of sales of positron emission tomography (PET) scanners, fluoroscopy machines, digital radiography systems, angiography machines, ophthalmic imaging equipment, and nuclear medicine cameras. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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