Global Medical Imaging Equipment Market is Expected to Reach USD 74,216.80 Million by 2032, With a CAGR of 5.3% From 2024 to 2032- Report by Polaris Market Research (PMR)

New York, USA, July 16, 2024 (GLOBE NEWSWIRE) -- Market Overview:

The Medical Imaging Equipment Market was estimated at USD 46,639.36 million in 2023. The market valuation is expected to be USD 74,216.80 million by 2032, registering a staggering CAGR of 5.3% during the forecast period of 2024-2032.

What is Medical Imaging Equipment?

Medical imaging is a branch of medicine in which medical experts revive several images of segments of the body for diagnostics or cure motivation. Medical imaging processes involve non-intrusive examinations that permit doctors to diagnose wounds and illnesses devoid of being invasive. Varied types of medical imaging involve X-rays, magnetic resonance imaging, ultrasounds, endoscopy, tactile imaging, and computerized tomography. Alternative advantageous medical imaging processes involve nuclear medicine operational imagining methodologies such as positron emission tomography (PET) scans. Alternate usage of medical imaging includes scans to observe how competently the body is answerable to the cure for a fracture or illness.

Key Market Stats:

• Medical imaging equipment market size was valued at USD 46,639.36 million in 2023.
• The market is anticipated to grow to the USD 48,551.58 million in 2024 and USD 74,216.80 million by 2032.
• The market is expected to exhibit a CAGR of 5.3% during the forecast period.

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Major Findings from the Report:

• The market for medical imaging equipment is expected to increase significantly due to ongoing technological progressions. Furthermore, manufacturers are funding research and development to outperform the contention by initiating inventive attributes, enhancing image quality, and improving diagnostic potential.
• The medical imaging equipment market segmentation is predominantly based on type, end-use, and region.
• In 2023, North America registered a larger market share.

Medical Imaging Equipment Market Drivers and Trends

• Technological Progression: Technological progression plays an important part in fuelling the demand for medical imaging equipment, promoting invention, and improving diagnostic potential. The initiation of progressive imaging equipment has been a prominent incentive in the development of the market.
• Emergence of Artificial Intelligence: The unification of artificial intelligence in imaging equipment has surfaced as a prominent driver for market growth. AI-sanctioned diagnostic instruments ease not only detrimental diagnosis but also prophetic analysis, transforming healthcare practices.
• Growing Investments: Governments are encouraged to escalate funding in excessively progressive imaging equipment to guarantee security, dependability, and economics in healthcare conveyance and improve the medical imaging equipment market demand. For instance, in June 2021, the Government of India instigated X-ray Setu, an AI-dependent platform targeted at helping doctors in premature mediation of COVID-19 cases.
• Changing Lifestyles: Altering lifestyle motifs and the existence of lifestyle-related illnesses have additionally pushed the demand for the market. The surge in detrimental illnesses entails more persistent and progressive diagnostic processes and premature discernment and mediation.

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Market Challenges:

The demand for medical imaging equipment market growth is anticipated to be constrained by notable tariffs linked with obtaining progressive imaging technologies such as Magnetic Resonance Imaging (MRI) machines. Furthermore, the escalated costs of medical imaging equipment are aggravated by supplemental elements that cater to the holistic price of these technologies.

Industry’s Prominent Players:

• Canon Inc.
• Carestream Health Inc.
• Esaote S.P.A.
• Fujifilm Corporation
• General Electric
• Hologic, Inc.
• Koninklijke Philips N.V.,

Geographical Landscape:

In 2023, North America accounted for the most medical imaging equipment market share. This is a result of technological progression, especially in machine learning and artificial intelligence, which allow for more accurate and precise diagnosis. The market is experiencing growth due to the escalated funding in the progressive healthcare framework.

Moreover, due to the existence of cancer and cardiovascular illnesses, technological progression, and developments in medical imaging, the Asia Pacific region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).

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Medical Imaging Equipment Market Segmentation:

By Type Outlook

• CT Scanners
• X-ray Imaging Systems
• MRI Systems
• Ultrasound Imaging Systems
• Nuclear Imaging Systems
• Mammography Systems
• Endoscopes
  • Rigid Endoscope
  • Flexible Endoscope
  • Others
• Others

By End Use Outlook

• Hospitals
• Diagnostic Imaging Centres
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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