Medical Imaging Equipment Market Growth Accelerated By Rising Investments In Medical Infrastructure Upgrade
Medical Imaging Equipment Market
The medical imaging equipment market plays a vital role in medical imaging diagnostics. Medical imaging equipment enables noninvasive visualization of internal organs and tissues, helping physicians accurately detect and diagnose various medical conditions. Advances in medical imaging technologies have improved patient care significantly by enabling early detection of diseases, minimization of invasive procedures, and effective treatment monitoring.
The global Medical Imaging Equipment Market is estimated to be valued at US$ 44 Billion in 2023 and is expected to exhibit a CAGR Of 7.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing investments by both public and private sectors in developing and upgrading healthcare infrastructure especially in emerging economies have emerged as a key trend boosting the medical imaging equipment market growth. Governments across various countries are focusing on expanding access to advanced healthcare services by establishing new diagnostic centers, hospitals, and clinics equipped with modern medical imaging technologies. Additionally, sizable funding towards research and development of novel imaging modalities is positively influencing the market dynamics. Manufacturers are increasingly investing in innovations to develop technologically advanced products with improved functionalities. This in turn is accentuating demand for medical imaging equipment worldwide.
Segment Analysis
The global medical imaging equipment market is dominated by the diagnostic imaging equipment segment. Within diagnostic imaging equipment, X-ray devices hold the largest market share due to extensive use of X-rays for various diagnostic purposes. X-rays are used to diagnose fractures, digestive issues, chest infections and other medical conditions. The affordability and ease of use of X-ray devices have made them the preferred choice for initial diagnosis over other expensive imaging modalities such as CT, MRI and ultrasound.
Key Takeaways
The Global Medical Imaging Equipment Market Demand is expected to witness high growth during the forecast period owing to rising demand for advanced diagnostic imaging equipment.
The North America region holds the highest share in the global medical imaging equipment market due to high healthcare expenditure and early adoption of advanced technologies. The strong foothold of leading global players and availability of reimbursements for diagnostic tests are major factors driving the North America medical imaging equipment market.
Key players operating in the medical imaging equipment market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems, Hitachi Ltd. GE Healthcare dominates the global medical imaging equipment market with wide range of high and low end equipment. Siemens Healthineers holds second position owing to strong presence across major imaging modalities.
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