Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global medical imaging equipment market is set to gain momentum from the rising cases of changing lifestyle and higher prevalence of chronic diseases, such as orthopedic disorders, cardiovascular diseases, and cancer worldwide. It is further resulting in the increasing patient pool that is surging the demand for diagnostic imaging procedures. This information is given by Fortune Business Insights™ in a published report, titled, “Medical Imaging Equipment Market Size, Share and Industry Analysis by Type (Magnetic Resonance Imaging Equipment, Computed Tomography Equipment, X-ray Equipment, Ultrasound Equipment Molecular Imaging Equipment), By Application (Cardiology, Neurology, Orthopedics, Gynecology, Oncology), By End User (Hospitals, Specialty Clinics, Diagnostic Imaging Centers, Others) and Regional Forecast, 2019 – 2026.” The report further mentions that the medical imaging equipment market size stood at USD 30,814.2 million in 2017 and is projected to reach USD 44,077.7 million by 2025, thereby exhibiting a CAGR of 4.6% between 2018 to 2025.
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This Report Answers the Following Questions:
- Which is the dominating region in the global market?
- How will the market be affected by changing consumer behaviour?
- Which segment is set to lead the market throughout the forthcoming years?
- Which strategies are being adopted by companies to promote the usage of medical imaging equipment?
- What are the growth drivers, hindrances, challenges, and opportunities in the market?
Drivers & Restraints-
Rising Government Emphasis on Early Diagnosis to Drive Growth
The governments and regulatory bodies of numerous countries worldwide are creating awareness programs amongst the masses regarding the importance of early diagnosis of diseases to lower the overall health expenditure. Such initiatives are gradually increasing the number of patients undergoing X-ray, CT, and MRI scans across the globe. This is a vital factor that is contributing to the medical imaging equipment market growth.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Segment-
Ultrasound Segment to Grow Steadily Backed by Rising Technological Advancements
In terms of product type, the market is segregated into molecular imaging equipment, X-ray equipment, ultrasound equipment, computed tomography equipment, and magnetic resonance imaging equipment. Amongst these, the computed tomography equipment segment held 19.4% medical imaging equipment market share in 2017, whereas the ultrasound equipment segment held 22.9% share.
This growth is attributable to the persistent initiatives by the industry giants to deliver unique products equipped with enhanced clinical and functional benefits. They are doing so to keep up with the rapidly changing demand of the consumers. New medical imaging equipment models featuring clinical supremacy, such as 7T MRI machines, C-arms with X-ray flat panel detectors, and portable ultrasound are launched to meet the growing demand.
Regional Analysis-
Rising Preference for Diagnostic Imaging Procedures to Favor Growth in North America
Based on geography, North America generated USD 7,993.4 million revenue in 2017. This growth is attributable to the rising adoption of advanced medical imaging equipment in the U.S. as several healthcare institutions are modernizing their old equipment. Coupled with this, the rising launch of state-of-the-art medical imaging equipment in this region would propel growth. Also, several patients are opting for diagnostic imaging procedures in the U.S.
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Competitive Landscape-
Key Players Aim to Gain Competitive Edge by Owning Diverse Product Portfolio
The market comprises of several companies. However, in 2017, only 3 to 5 of them accounted for more than one third of the market share. They are trying to gain a competitive edge by possessing a diverse product portfolio and by creating a robust distribution network to widen their geographic presence. Apart from that, presently, several domestic companies are entering in the market with their in-house medical imaging equipment. Below are two of the key industry developments:
- November 2018: Siemens Healthcare unveiled AI-Rad Companion Chest CT at the 2018 Annual Meeting of the Radiological Society of North America (RSNA). It is the company’s first ever intelligent software solution for radiology. It is capable of identifying potentially disease-relevant changes and organs. It is a blend of computed tomography (CT) and artificial intelligence (AI). A qualitative report can be easily obtained after the detection.
- March 2018: Royal Philips expanded its digital Ingenia MR range by adding the latest 3.0T MRI solution. It will be a part of the Ingenia Elition. It is an integration of the most recent innovations in services, software, and systems. It also performs exams up to 50% faster and provides excellent image quality, thereby, improving the patient experience and aiding in the enhancement of patient care.
Fortune Business Insights™ presents a list of all the providers of medical imaging equipment. They are as follows:
- Siemens Healthcare GmbH
- GENERAL ELECTRIC COMPANY
- Fujifilm Holdings Corporation
- Hitachi, Ltd.
- Hologic, Inc.
- Shimadzu Corporation
- Supersonic Imagine
- Koninklijke Philips N.V.
- SAMSUNG
- Other prominent players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology Overview: Key Diseases, 2018
- Overview: Mergers, Acquisitions & Partnerships
- Pricing Analysis, Key Players
- Installed Base Scenario, Key Brands/ Players
- Global Medical Imaging Equipment Market Analysis, Insights and Forecast, 2014-2025
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Magnetic Resonance Imaging (MRI) Equipment
- Computed Tomography (CT) Equipment
- X-ray Equipment
- Ultrasound Equipment
- Molecular Imaging Equipment
- Market Analysis, Insights and Forecast – By Application
- Cardiology
- Neurology
- Orthopedics
- Gynecology
- Oncology
- Others (Urology, etc.)
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Diagnostic Imaging Centers
- Others
- Market Analysis, Insights and Forecast, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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