SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global medical imaging equipment market is estimated to be valued at US$ 38,942.6 million in 2020 and is expected to exhibit a CAGR of 4.8% over the forecast period (2020-2027).
Key Trends and Analysis of the Global Medical Imaging Equipment Market:
Key trends in the global medical imaging equipment market include increasing number of trauma cases and accidents, high cancer prevalence, and increasing product launches and approvals.
According to January 2018 factsheet of the World Health Organization, 20–30% of older people who fall suffer moderate to severe injuries such as bruises, hip fractures or head trauma, in the U.S.
Increasing incidence of various cancer types is expected to drive demand for medical imaging equipment, which in turn, is expected to fuel growth of the global medical imaging equipment market during the forecast period. The American Cancer Society estimated that in 2020, around 13,130 new cases of soft tissue sarcomas will be diagnosed in the U.S. Similarly, according to the Cancer Research UK, around 20 cases of ovarian cancers are diagnosed every day and are estimated to increase by around 15% from 2014 to 2035 in the U.K.
Market players are focusing on launching new products, which is expected to boost growth of the global medical imaging equipment over the forecast period. For instance, in June 2020, Konica Minolta Healthcare Americas, Inc., a U.S.-based medical device company, launched KDR Advanced U-Arm, a cost-effective standard X-ray system for static imaging along with Dynamic Digital Radiography (DDR) capability.
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Key Market Takeaways:
The global medical imaging equipment market is expected to exhibit a CAGR of 4.8% over the forecast period. This is owing to increasing product launches by market players. For instance, in April 2017, Toshiba Medical Systems Corp. launched two latest 1.5 Tesla MRI systems, Vantage Titan Zen Edition and Vantage Elan Zen Edition, to expand their business in Asia Pacific.
Among region, North America is expected to hold dominant position in the global medical imaging equipment market over the forecast period, owing to increasing mergers and acquisitions by key players in the region. For instance, in 2017, Koninklijke Philips N.V. acquired Electrical Geodesics, Inc., a U.S.-based medical device company involved in development of non-invasive technologies to diagnose brain activity. With this acquisition, Philips expanded its portfolio of imaging technologies for neurological applications.
Key players operating in the global medical imaging equipment market include Siemens Healthineers, General Electric Company, Koninklijke Philips NV, Fujifilm Holdings Corporation, Shimadzu Corporation, Hologic, Inc., Samsung Medison Co., Ltd., Carestream Health, and Canon Inc.
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Global Medical Imaging Equipment Market, By Product:
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear Imaging
Global Medical Imaging Equipment Market, By Modality:
Global Medical Imaging Equipment Market, By Application:
Global Medical Imaging Equipment Market, By Region:
- Rest of Latin America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.