Medical Imaging Equipment Market Poised to Register 5.6% CAGR through 2023

Posted by Vikas Bahurupi on June 15th, 2018

Detecting diseases at earlier stages can positively impact the further clinical procedures and shorten the recovery span for patients. Global healthcare organizations as well as independent clinical bodies have intensified the processes of adopting optimal medical imaging equipment. The prime benefit of using efficient diagnostic imaging equipment is that it enables medical practitioners in identifying abnormalities at a stage where the disorder hasn’t matured to incurable or fatal levels. At present, medical imaging equipment can be regarded as a viable method for diagnosis of malignant ailments such as cancer and other tumor-related diseases. As cardiovascular diseases and cancer are among the most dominant disorders inciting use of advanced diagnostics, the global medical imaging equipment market was valued at US$ 29.4 Bn in 2015 and is projected to reach US$ 45.3 Bn by 2023, expanding at a CAGR of 5.6% during the forecast period from 2015 to 2023. 

Improving the imaging accuracy will remain the key aspect that will determine the trajectory of developing medical imaging equipment for future. Anticipating disorders that are more likely to hamper human health in the upcoming decades has an equally influencing effect on such developments. The most recent technological advancement in diagnostic imaging is the use of electromagnetic radiation for producing images of internal human anatomy. Implementing tomography or similar 3D imaging techniques can be observed as the first step towards manufacturing futuristic medical imaging equipment. Crucial prospects that will shape up the future of medical imaging equipment include,

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Miniaturization: The size of medical imaging equipment has been a predominant challenge in diagnostic operations. Replacing the large MRI and CT scanners with miniaturized devices will be a major achievement, not only for diagnostic purposes but also for boosting the revenues from detection procedures. Without curbing the efficiency, miniaturized medical imaging equipment will gain traction over existing ones. The competitive production costs and affordable diagnosis charges will promote the use of miniaturized imaging devices in the future.

Portability: Reducing the equipment dimensions will invite opportunities for developing portable imaging devices. Stationary medical imaging equipment are generally preferred by surgeons as they are connected to ample power supply and prevent imaging implications due to mechanical shocks. Nevertheless, the advent of portable imaging devices will not only increase access to diagnostic technologies among rural areas, but also shorten the working time for clinical procedures. Using portable imaging equipment for diagnostic purposes in untapped regions will increase awareness of detecting diseases at initial stages. And, the operational hours of tedious diagnostic procedures may get abridged when images of the affected anatomical area are produced with such conveniently moving imaging equipment; unlike immovable imaging equipment that consume a lot of precious time.

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Key participants in global imaging equipment market include, GE Healthcare, Shimadzu Corporation, Philips Healthcare, Genesis Medical Imaging inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Hitachi Medical Corporation, Fujifilm Holdings Corporation, Toshiba Corporation and Fonar Corporation. The medical imaging equipment market is highly capital.