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Medical Imaging Equipment Market Size Expansion: A Snapshot of Growth Between 2024 and 2029
In the past few years, there has been a marked rise in the size of the medical imaging equipment market. Anticipated growth from $45.75 billion in 2024 to $48.89 billion in 2025 is expected, with a compound annual growth rate (CAGR) of 6.9%.
Factors behind this growth in the historic period include an aging population, a surge in disease prevalence, government policies, increasing awareness, and AI integration.
In the coming years, robust expansion is anticipated in the medical imaging equipment market. The market is projected to reach $60.89 billion by 2029, with a compound annual growth rate (CAGR) of 5.6%.
The surge during the forecast period can be attributed to the rise in personalized medicine, remote patient monitoring, growing markets in emerging economies, value-driven healthcare, and precision medicine. Key trends for the forecast period include the integration of digital health, novel imaging modalities, technological evolution, incorporation of telemedicine, and portability and point-of-care imaging.
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Key Drivers Behind the Expansion of the Medical Imaging Equipment Market: Insights and Trends
The increase in chronic diseases is anticipated to fuel the expansion of the medical imaging equipment market. Chronic diseases, generally slow-progressing and enduring conditions, often for many years or a whole lifetime, emerge from changing lifestyles, hereditary factors, and aging demographics.
Medical imaging apparatus aids patients with chronic diseases by allowing early detection, precise diagnosis, tailored treatment strategies, and continuous tracking of disease advancement and response to treatment. For example, in September 2022, the World Health Organization, a UN specialized agency based in Switzerland, reported 41 million deaths, making up 74% of the total deaths caused by non-communicable or chronic diseases globally each year.
The statistics included 17.9 million deaths from heart-related diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes.
Hence, the growing incidence of chronic diseases is propelling the expansion of the medical imaging equipment market.
Which Segments in the Medical Imaging Equipment Industry Are Seeing the Fastest Growth?
The medical imaging equipment market covered in this report is segmented –
1) By Equipment: Computed Tomography, X-Ray Systems, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Systems, Nuclear Imaging Equipment, Mammography Equipment, Contrast Media Injectors, C-Arms And Fluoroscopy Device
2) By Modality: Stand-Alone Devices, Portable Devices, Hand-Held Devices
3) By Application: Cardiology, Neurology, Orthopedics, Gynecology, Oncology, Other Applications
4) By End-User: Diagnostic Imaging Centers, Ambulatory Surgical Centers, Specialty Clinics, Research Institutes
Subsegments:
1) By Computed Tomography (CT) Systems: Stationary CT Scanners, Portable Or Handheld CT Scanners
2) By X-Ray Systems: Analog X-Ray Systems, Digital X-Ray Systems, Fluoroscopy X-Ray Systems
3) By Magnetic Resonance Imaging (MRI) Systems: Closed MRI Systems, Open MRI Systems, Extremity MRI Systems
4) By Ultrasound Systems: Diagnostic Ultrasound Systems, Therapeutic Ultrasound Systems, Portable Ultrasound Systems
5) By Nuclear Imaging Equipment: Single Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET) Scanners, Hybrid PET Or CT Scanners
6) By Mammography Equipment: Analog Mammography Systems, Digital Mammography Systems, 3D Tomosynthesis Mammography Systems
7) By Contrast Media Injectors: CT Contrast Media Injectors, MRI Contrast Media Injectors, PET Or CT Contrast Media Injectors
8) By C-Arms And Fluoroscopy Devices: Mobile C-Arms, Mini C-Arms, Fixed C-Arms, Fluoroscopy Systems
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Which New Trends Will Create Growth Opportunities in the Medical Imaging Equipment Market?
Prominent entities in the medical imaging equipment market like Exo, are directing their efforts towards the creation of progressive products like the Exo Iris, their latest medical imaging device. This device boasts real-time artificial intelligence (AI) technology such as SweepAI, which autonomously procures vital images, thus lessening dependence on operator competence and promising consistent, accurate imaging.
In September 2023, the American medical imaging start-up, Exo, unveiled the Exo Iris. The device is not only affordable and compact but also user-friendly, extending its reach to a broad spectrum of healthcare providers like doctors, nurses, EMTs, and clinicians across emergency, acute care, outpatient, and home settings.
Additional features include an ultra-wide field of view for imaging up to 150 degrees, which allows caregivers to capture an entire liver or full-body fetus in a single vista. The device is also furnished with Exo Works, a point-of-care ultrasound workflow solution for effortless documentation and rapid review of exams from any location.
Which Global Regions Are Powering Demand in the Medical Imaging Equipment Market?
Asia-Pacific was the largest region in the medical imaging equipment market in 2024. The regions covered in the medical imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How Key Players Are Driving Growth in the Medical Imaging Equipment Market?
Major companies operating in the medical imaging equipment market are Medtronic plc., Siemens Healthineers, Fujifilm Medical Systems, Philips Healthcare, Stryker Corporation, GE Healthcare, Analogic Corporation, EIZO Corporation, Terumo Corporation, Mindray Medical International Limited, Hologic Inc., Shimadzu Corporation, PerkinElmer Inc., Carestream Health, Barco NV, Varian Medical Systems Inc., Esaote S.p.A., Samsung Medison Co. Ltd., Canon Medical Systems Corporation, Hitachi Healthcare Ltd., Planmed Oyj, Misonix Inc., Nano X Imaging Ltd., InnoScan Inc
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