The global medical imaging devices market includes various medical equipment that help in capturing images of internal body parts. Major medical imaging devices include X-rays, computed tomography (CT) scanners, magnetic resonance imaging (MRI) machines, ultrasound scanners, nuclear imaging devices such as SPECT and PET scanners. These devices are widely used to aid in identifying, diagnosing, and treating medical conditions such as cancer, heart diseases and neurological disorders. The increasing prevalence of chronic diseases across the globe is driving the demand for medical imaging devices to detect anomalies at the earliest. The advantages of using medical imaging include non-invasive examination of patients, shorter procedure time and high accuracy in diagnosing various health issues. Government programs focussed on healthcare innovation and awareness regarding early diagnosis are promoting the adoption of advanced medical imaging devices globally. The Global medical imaging devices Market is estimated to be valued at US$ 40.33 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the global medical imaging devices market are Hitachi, Ltd., and Hologic Inc., Butterfly Inc., Analogic, and so on. These players are focusing on launching innovative devices with advanced features to gain a competitive edge. For instance, in 2023 Hitachi launched an advanced CT scanner named "Aquilion Fusion" that combines tube voltage modulation and artificial intelligence capabilities to enhance image quality and workflow.
The growing geriatric population, increasing incidence of lifestyle diseases and rising healthcare expenditure worldwide are fueling the demand for medical imaging devices. As per WHO, chronic diseases accounted for over 70% of all deaths globally in 2020. This growing disease burden is propelling the need for more efficient diagnostic tools like medical imaging devices.
Advanced technologies such as artificial intelligence, machine learning and cloud computing are being integrated into medical imaging devices. For example, AI-powered CT and MRI scanners can now automatically detect anomalies, segment images and provide diagnostic assistance to radiologists. Such technological upgrades are improving the efficacy, workflow and predictive capabilities of medical imaging devices.
Market Trends
- Multi-modality imaging systems that integrate imaging technologies like CT, MRI, PET etc. into a single device are gaining traction as they enable capturing comprehensive scans with reduced procedure time.
- Point-of-care medical imaging devices are being developed for use in ambulatory care centers, physicians clinics and at patient’s bedside in hospitals. This will improve access and turnaround time for diagnostic scans.
Market Opportunities
- Growing healthcare investment in emerging nations of Asia Pacific and Latin America is opening up opportunities for players to tap the high potential medical device markets.
- Focus on the development of portable, affordable and wireless medical imaging devices can enable imaging capabilities even in remote and resource-poor regions.
Impact of COVID-19 on Global Medical Imaging Devices Market Growth
The COVID-19 pandemic presented several challenges to the global medical imaging devices market. During the initial outbreak, the demand for medical imaging devices witnessed a decline as non-essential medical procedures and elective surgeries were postponed to focus resources on COVID-19 patients. This adversely impacted the revenue growth of the market in 2020. However, medical imaging played a pivotal role in the diagnosis and treatment of COVID-19 infections. CT scans emerged as an important diagnostic tool for detecting viral pneumonia caused by SARS-CoV-2. Accordingly, the demand for CT scanners rose significantly globally during the pandemic. Manufacturers also faced disruptions in the supply chain and workforce availability during the lockdowns. This hampered the production and distribution of medical imaging devices.
With the resumption of non-COVID healthcare services, the demand is recovering fast in the post-COVID period. The market is expected to attain higher growth compared to the pre-pandemic levels in coming years. This is attributed to growing investments by governments and hospitals to strengthen diagnostic infrastructure. There is increasing adoption of advanced technologies like AI and cloud computing in medical imaging. This is helping radiologists to effectively diagnose and monitor patients remotely. To cope with future crises, manufacturers are focusing on building resilient and agile supply networks. They are also exploring automation and digitization within the manufacturing process to ensure business continuity.
Geographical Regions with Highest Value Concentration in Medical Imaging Devices Market
North America region accounts for the largest share in terms of value in the global medical imaging devices market. This is attributed to the presence of major players, well-developed healthcare infrastructure, and rising healthcare expenditure in the U.S. and Canada. The Asia Pacific region is expected to witness the fastest growth during the forecast period. This is driven by improving access to healthcare, increasing healthcare spending, and rising awareness about early disease diagnosis in populous countries like China and India. Governments in Asia Pacific are undertaking various initiatives to modernize medical imaging facilities and enhance diagnostic services.
Fastest Growing Region for the Medical Imaging Devices Market
The Asia Pacific region poses significant growth opportunities for players in the medical imaging devices market. This is backed by improving economic conditions, growing medical tourism, and heavy investments by both public and private sectors in this region. China and India have a large patient pool and are witnessing rapid establishment of new hospitals and diagnostic centers. This is spurring the demand for new medical imaging systems. Furthermore, increasing investment by international organizations to expand primary healthcare in rural areas will aid the regional market growth. The rising disposable incomes are also enabling better access to advanced healthcare services in Asia Pacific. All these factors are expected to fuel the medical imaging devices market in the region during the forecast period.
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