Hospitals and healthcare facilities are growing and upgrading very rapidly. These facilities require critical and costly advanced medical equipment like X-Ray, CT scanner, MRI plays an important role in initiatives to improve public health for all population groups. Global Medical Imaging Equipment market now becoming the key area of focus for technology advancement in healthcare sector.
This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global medical equipment market. The historic years considered for the study are 2016-2018, base year is 2019, estimated year is 2020, and forecast period is 2021-2025.
The global medical imaging equipment market was valued at USD 35Bn in 2019 and is expect to grow with a CAGR of 5.7% during the forecast period.
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Global Medical Imaging Equipment Market: Market Dynamic
The global medical imaging equipment market is majorly driven by the major factors include the rapidly growing geriatric population and growing awareness about early disease detection and the wide scope of clinical applications. Also increasing in demand of advance technology to precise the life threating disease.
On the other side, factors like the high cost of medical imaging systems and the low reimbursement structure for outpatient imaging facilities are likely to restrain the growth of the market to a certain extent in the coming years. However, the lack of skilled personnel is hampering the growth of Medical imaging equipment market.
Global Medical Imaging Equipment Market: Segmental Analysis
Global medical imaging equipment market is classified by product type, application, end user, and region.
On the basis of product type, the medical equipment market is segmented into magnetic resonance imaging (MRI), computed tomography (CT), X-ray, ultrasound, nuclear imaging. Among all the products, X-ray segment accounted for the largest share in market as the cost of X-rays is less as compared to other imaging modalities, also favorable returns on investments.
On the basis of end user, the medical imaging equipment market is segmented into hospitals, diagnostic imaging centers, research and academic. The hospital segment held the largest share of the market, attributed to rising number of diagnostic imaging procedures performed in hospitals to improve the quality of patient care, and adoption of advanced technologies to improve workflow efficiency.
Global Medical Imaging Equipment Market: Regional Analysis
Geographically, the medical imaging equipment market is classified into five major regions namely North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
In 2019, North America holds dominant shares in global medical imaging equipment market. However the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period due to the improving healthcare infrastructure.
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Global Medical Imaging Equipment Market: Competition Scenario
Prominent players in the global medical imaging equipment market includes
- Philips Healthcare
- Samsung Medison
- GE Healthcare
- Hitachi Medical System
- Siemens Healthcare
- Fujifilm Holdings Corporation
- Shimadzu Corporation
- Canon Medical Systems Corporation
- Fonar Corporation
- Hologic Inc.
Critical Questions Answered in the Report
- What are the key trends in the global medical imaging equipment market?
- How the market (and its various sub segments) has grown in last four years and what would be the growth rate in next five years?
- What are the key strategies adopted by the major vendors to lead in the global medical imaging equipment market?
- What is the market share of the top vendors?
Research Methodology
The study extensively uses both secondary and primary research methodologies. More than 100 industry experts from different phases of the value chain (supply side, demand side, resellers/distributors, and independent consultants) were interviewed to gain key insights about the market and validate the research findings. Secondary sources referred for the research study include company websites, annual reports, paid database tools, investor presentations, webinars, blogs, news/journals, whitepapers, survey papers, associations, and government websites. All the collected data and insights were then processed using our proprietary data mining software that executes various algorithms to make projections for the forecast period.