Medical Imaging Devices Market Scope
Medical imaging is a technique of digital representation of the internal organs of the body for medical intervention and diagnosis. Physicians use these devices to diagnose the diseases associated with the body. The various type of medical imaging technology helps in delivering different information coupled with the potential disease, injury or gives information about the delivered medical treatments. These techniques are less invasive or non-invasive and also helps to understand the possible diseases or injury. The increasing number of cancer patients coupled with technological advancements in diagnostic equipment is driving in the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Koninklijke Philips N.V (Netherlands), GE Healthcare (United States), Shimadzu Corporation (Japan), Varian Medical System (United States), Siemens Healthineers AG (Germany), Toshiba Corporation (Japan), Carestream (United States) and Aribex, Inc. (United States) |
CAGR | 5.4% |
The Global Medical Imaging Device market is fragmented with several market players who are involved in a new product launch. For instance, April 2019, Mayfair Diagnostics has purchased 10 Carestream imaging systems including three CARESTREAM DRX-Evolution/DRX-Evolution Plus digital radiography systems, ( two CARESTREAM DRX-Ascend Systems and five CARESTREAM DRX-1 Systems to upgrade their existing medical imaging systems. These imaging systems are located throughout Mayfair’s network of 14 clinics. Research Analyst at AMA estimates that Global Players will contribute to the maximum growth of Global Medical Imaging Devices market throughout the predicted period.
Koninklijke Philips N.V (Netherlands), GE Healthcare (United States), Shimadzu Corporation (Japan), Varian Medical System (United States), Siemens Healthineers AG (Germany), Toshiba Corporation (Japan), Carestream (United States) and Aribex, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Ziehm Imaging GmbH (Germany), Canon Medical Systems Inc. (United States), Konica Minolta, Inc. (Japan), Enclitic (United States) and Mayfair Diagnostics (Canada).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Medical Imaging Devices market by Type , by Application (General Medical Imaging, Central Nervous System, Oncology, Cardiovascular, Metabolic Disorders and Life Science Research) and Region with country level break-up. On the basis of Type, Magnetic Resonance Imaging (MRI) are dominating the market in the year 2023
On the basis of geography, the market of Medical Imaging Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
May 2019, Konica Minolta, Inc. (Konica Minolta) has entered into an agreement on the joint development of artificial intelligence (AI) with Enlitic, Inc. (Enlitic), a pioneering startup company which specializes in developing AI for medical image analysis. and As the first step under this agreement, work will start on developing AI for interpreting chest radiographs.
On September 26, 2023, Exo, a medical imaging startup, announced the launch of its newest imaging device: Exo Iris, a portable ultrasound device.
Influencing Trend:
Increasing Awareness About Early Detection of Diseases, Growing Insurance Coverage and Healthcare Infrastructure and Increasing Need for Effective Management of Medical Imaging Devices
Market Growth Drivers:
Advancement in 3D Imaging Technology Coupled with Increased Application of Medical Imaging Devices, Rising Incidence of Chronic Diseases Resulting in Increased Demand for Diagnostic Equipment and Rapidly Growing Geriatric Population with Weaker Immune System
Challenges:
Lack of Skilled Radiologists and Stringent Government Regulations is posing a Challenge for the Market
Restraints:
High Cost of Medical Imaging Devices such as Xray, MRI, etc. and Risk of High Radiation Exposure to the Patients
Opportunities:
Increasing Investment by the Government in Healthcare Industry and funds by Public/Private Organizations
Key Target Audience
Medical Imaging Device Manufacturers, Healthcare Industry, Potential Investors, Industry Associations, Marketing & Consulting Firms, Government & Regulatory Bodies and Others