The global medical imaging systems market size was worth around USD 40.1 Billion in 2022 and is predicted to grow to around USD 59.75 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.12% between 2023 and 2030.
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➤ The market is expected to develop due to the increasing prevalence of chronic conditions.
The global medical imaging systems market is anticipated to expand as a result of the growing prevalence of chronic conditions worldwide. Cardiovascular diseases, cancer, diabetes, chronic respiratory diseases, neurological diseases, musculoskeletal disorders, and mental health disorders are among the most prevalent conditions.. Doctors or medical professionals may request frequent images of the patient’s internal organs to diagnose or treat the condition, as several of these conditions necessitate regular medical check-ups.
➤ The market growth is restricted by the high cost of the systems.
The global medical imaging system industry is unable to realise its full potential due to certain constraints, despite its consistent development rate. One such reason is the exorbitant cost of medical imaging systems. In economies that are experiencing economic difficulties, the acquisition, operation, and maintenance of machinery can result in substantial expenditures that may restrict industry expansion. Additionally, the patients may incur substantial expenses as a result of these examinations. An MRI scan’s cost can range from $400 to $3,500 on average.
➤ Increasing progress in the development of technologies that offer growth opportunities
One of the primary segments from which the global medical imaging systems industry participants can derive additional benefits is by investing in technological advancements that enhance medical imaging systems. These devices must be more precise and efficient, while also guaranteeing patient safety, as research has indicated that prolonged exposure to certain systems can have severe health consequences. This presents an excellent opportunity for companies to invest in research and development in order to develop more advanced and effective imaging systems.
➤ Market expansion may be hindered by radiation exposure concerns
The global medical imaging systems market size may face challenges as a result of the increasing concern among healthcare agencies and patients regarding the health consequences of overexposure to intense radiation that is emitted by numerous medical imaging systems. For example, patients are at an elevated risk of developing cancer and other severe conditions as a result of the exposure to hazardous radiation from devices such as CT scans and X-rays.
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The Global Medical Imaging Systems Market is segmented based on product, application and region
Global Medical Imaging Systems Market: Product Segment Analysis
● Ultrasound
● X-Ray Devices
● Nuclear Imaging
● Computed Tomography
● Magnetic Resonance Imaging (MRI)
● Mammography
Global Medical Imaging Systems Market: Application Segment Analysis
● Breast Health
● Obstetrics and Gynecology Health
● Cardiovascular and Thoracic
● Orthopedics and Musculoskeletal
● General Imaging
● Neuro and Spine
● Urology
● Oncology
● Others
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The global Medical Imaging Systems market profiles key players such as:
● Canon Inc.
● Agfa-Gevaert Group
● Mindray Medical International Limited
● Carestream Health
● ViewRay Inc.
● Esaote SpA
● Zonare Medical Systems Inc.
● Fujifilm Holdings Corporation
● Koninklijke Philips N.V.
● GE Healthcare
● Samsung Medison Co. Ltd.
● Hitachi Ltd.
● United Imaging Healthcare Co. Ltd.
● Hologic Inc.
● Shimadzu Corporation
● Nanox Imaging Ltd.
● 3M Company
???? Recent Developments:
• The first domestically-made MRI scanner in the country was developed by scientists at the Inter-University Accelerator Centre (IUAC) in New Delhi, India, in September 2022. The superintendent of the centre, who is also an adjunct professor at the esteemed Allahabad University, oversaw the research and development program. It is anticipated that this innovation will assist India in reducing its reliance on foreign commerce for MRI machines.
• The examination rate at King George Hospital, United Kingdom, was enhanced as a result of the introduction of a new MRI machine in December 2022. The latest 3T technology is implemented in the new machine, which reduces the overall scanning time by utilising Artificial Intelligence (AI). The older models in the hospital facility have been replaced by the new machine.
➤ North America is expected to experience the most significant growth.
North America is anticipated to experience the most significant development in the global medical imaging systems market, with a compound annual growth rate (CAGR) of 4.1% during the forecast period. The presence of robust medical infrastructure and reimbursement policies in the regions of Canada and the US is one of the primary factors contributing to high regional growth. The healthcare system of the latter is one of the most renowned sectors in the world.
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