Medical Imaging Equipment Market Analysis | Coherent Market Insights

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Medical Imaging Equipment Market Analysis
(2020-2027)

• Medical imaging equipment is used in the
  diagnosis of various critical diseases and
  disorders of vital organs such as liver, lungs,
  heart, and brain.
• This equipment produces either 2D or 3D images of
  anatomical structures, which are then interpreted
  by physicians to detect abnormalities.
  radiography (X-rays), magnetic resonance imaging
  (MRI), computed tomography (CT), fluoroscopy,
  ultrasound, echocardiography, and Positron
  Emission Tomography (PET) are some of the most
  widely used medical imaging devices.

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• Increasing number of imaging procedures such as
  magnetic resonance imaging (MRI), computed
  tomography (CT), and others due to high
  prevalence of chronic diseases and traumatic
  injuries is expected to boost growth of the
  medical imaging equipment market over the
  forecast period. According to the Organization
  for Economic Co-operation and Development (OECD),
  around 279 computed tomography (CT) and 128
  magnetic resonance imaging (MRI) exams per 1,000
  inhabitants were performed in the U.S. in 2019. 
• The global medical imaging equipment market is
  estimated to be valued at US 38,942.6
  million in 2020 and is expected to exhibit
  a CAGR of 4.8 over the forecast
  period (2020-2027).

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Figure 1. Global Medical Imaging Equipment
Market Share () in Terms of Value, By Region,
2020
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Increasing product launches by market players for
medical imaging is expected to propel the market
growth over the forecast period

• Key players operating in the market are focusing
  on obtaining approvals for their advanced
  therapeutics and this is expected to drive the
  market growth over the forecast period.
• For instance, in March 2017, GE Healthcare
  expanded its range of magnetic resonance imaging
  (MRI) contrast media and imaging products, by
  announcing the launch of Clariscan, a
  gadolinium-based contrast agent, which offers an
  improved contrast between normal and pathological
  tissue, and facilitates a rapid detection of
  abnormalities. 

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Figure 2. Global Medical Imaging Equipment Market
Share () in Terms of Value, By Modality, 2020
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Increasing incidence of cardiovascular disorders
is expected to drive the market growth over the
forecast period

• Increasing incidence of cardiovascular disorders
  is expected to drive demand for diagnosis and
  treatment of these disorders. This, in turn, is
  expected to drive growth of the global medical
  imaging equipment market during the forecast
  period.
• According to the World Health Organizations 2017
  report, cardiovascular diseases are the number
  one cause of death, globally. Around 17.9 million
  people died due to cardiovascular diseases in
  2016, which accounted for around 31 of global
  deaths. Among these deaths, around 85 of deaths
  occurred due to heart attack and stroke.

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Global Medical Imaging Equipment Market Impact
of Coronavirus (Covid-19) Pandemic

• Supply chain and manufacturing activities in
  India, Italy, Spain, U.K., and the U.S. have been
  disrupted due to lockdowns implemented by
  governments in the past few months, while
  countries such as Saudi Arabia, UAE, Egypt, and
  others are facing problems with regards to
  transportation.
• The coronavirus or COVID-19 outbreak that started
  from Wuhan, China, has spread across continents,
  affecting various industries, globally. Supply of
  key materials has been severely disrupted due to
  the forced quarantine, and lack of labor and raw
  materials.

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• Due to a severe shortage of medical resources at
  the front line, only patients diagnosed with
  serious conditions can be hospitalized.
  Unfortunately, the pathogenic mechanism of the
  virus has not been identified completely,
  therefore, there is no specific drug and
  treatment except for symptomatic and supportive
  treatments.
• Respiratory support devices such as life-support
  machines, atomizer, oxygen generators, and
  monitors are primary clinical treatment medical
  devices. Thus, from diagnosis to cure, the need
  for instruments for measuring temperature,
  nucleic acid diagnostic kit, antiviral medical
  products, and life-support machine has increased
  consistently. To restore the balance between
  supply and demand, the Chinese government
  launched the emergency approval procedure for the
  registration and application of medical devices
  urgently needed for epidemic prevention and
  control.

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Medical Imaging Equipment Market Restraints

• High cost of imaging equipment such as MRI
  machines and CT scanners is a major factor, which
  is expected to hinder growth of the global
  medical imaging equipment market. Devices of such
  high cost can be unaffordable to small-scale
  hospital facilities in emerging economies such as
  India and African countries, which is expected to
  negatively impact growth of the market. For
  instance, price of a magnetic resonance imaging
  (MRI) device starts from US 150,000 and a high
  end device costs over US 1 million. Such high
  cost of devices can be affordable to
  multispecialty hospitals and diagnostic
  laboratories.

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Key Players

• Major players operating in the global medical
  imaging equipment market include Siemens
  Healthineers, General Electric Company,
  Koninklijke Philips NV, Fujifilm Holdings
  Corporation, Shimadzu Corporation, Hologic, Inc.,
  Samsung Medison Co., Ltd., Carestream Health, and
  Canon Inc.

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