Medical Imaging Systems Market Analysis | 2021-2026

“The Medical Imaging Systems Market was estimated at US$ 20.1 billion in 2020 and is expected to grow at a CAGR of 5.2% during 2021-2026 to reach US$ 27.2 billion by 2026.”

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Market Dynamics

Introduction

A medical imaging system is a sophisticated technology used in the field of healthcare to visualize the internal structures of the human body for diagnostic and treatment purposes. It employs various imaging modalities, including X-rays, magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and nuclear medicine, to generate detailed images of organs, tissues, bones, and other bodily structures. These images provide valuable information to physicians and healthcare professionals, aiding in the detection, diagnosis, and monitoring of medical conditions and diseases.

Medical imaging systems play a crucial role in modern medicine by allowing for non-invasive and precise examinations of the body. They help healthcare providers make informed decisions about treatment plans and interventions, ultimately improving patient care and outcomes.

Market Drivers

The global market growth is primarily driven by increased demand for techniques or processes that help to diagnose chronic diseases at an early stage.

• The expanding geriatric populace coupled with increased spending on healthcare is projected to propel the market growth at a significant rate. Also, with the increase in elderly care services.

• Growing emphasis on the inclusion of artificial intelligence and augmented reality in medical imaging devices is a prominent trend noticed in the global market.

• High product costs are likely to hamper the market growth during the review period.

COVID-19 Impact

Amid the COVID-19 outbreak, the number of portable X-rays conducted increased due to a surge in COVID-19 cases across geographies. Additionally, the demand for imaging devices increased to image patients inside and outside the healthcare facilities.

In April, the U.S. Food and Drug Administration (FDA) imposed guidance to provide a policy to expand the capability and availability of various medical imaging systems such as ultrasound, medical X-ray, and magnetic resonance imaging (MRI) systems used to diagnose and monitor medical conditions.

Segments Analysis

End User Trends

Based on end-users, the market has been divided into hospitals, diagnostic imaging centers, and others.

• The hospital’s segment accounted for the largest share of more than 40% on account of the high demand for advanced imaging modalities across geographies.

• Additionally, increasing spending on healthcare infrastructure development is likely to fuel product demand at a significant rate during the review period.

Regional Analysis

“North America accounted for the largest share of approximately 30% during the forecast period.”

Due to the presence of key market players such as Analogic Corporation (The U.S.) & Carestream Health (The U.S.) and high demand for advanced medical imaging systems.

The market in the Asia-Pacific region is projected to register a healthy growth rate on account of increasing government support to use technologically advanced medical imaging devices for early diagnosis and treatment of diseases.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.   

The following are the key players in the global medical imaging systems market (arranged alphabetically).

• Analogic Corporation (The U.S.),
• Canon Medical Systems Corporation (Japan),
• Carestream Health (The U.S.),
• Siemens AG (Germany),
• Esaote S.p.A (Italy),
• General Electric Company (The U.S.),
• Hitachi Ltd (Japan),
• FUJIFILM Holdings Corporation (Japan),
• Medtronic PLC (Ireland), Hologic, Inc. (The U.S.),
• Samsung (South Korea),
• Koninklijke Philips N.V. (Netherlands), and
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China).

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

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