SEATTLE, May 13, 2021, (MEDGADGET) — Overview:
The diagnosis of various essential diseases and disorders of vital organs such as the liver, lungs, heart, and brain is done with medical imaging equipment. This equipment creates 2D or 3D representations of anatomical structures, which are then interpreted by doctors to look for anomalies. Some of the most commonly used diagnostic imaging instruments include radiography (X-rays), magnetic resonance imaging (MRI), computed tomography (CT), fluoroscopy, ultrasound, echocardiography, and Positron Emission Tomography (PET).
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Due to the high prevalence of chronic diseases and traumatic injuries, the number of imaging procedures such as magnetic resonance imaging (MRI), computed tomography (CT), and others is expected to increase, boosting the growth of the medical imaging equipment market over the forecast period. For instance, in 2019, the United States conducted about 279 computed tomography (CT) and 128 magnetic resonance imaging (MRI) exams per 1,000 people, according to the Organization for Economic Co-operation and Development (OECD).
Lockdowns imposed by governments in recent months have disturbed supply chains and manufacturing operations in India, Italy, Spain, the United Kingdom, and the United States, while countries such as Saudi Arabia, the United Arab Emirates, Egypt, and others are experiencing transportation issues.
The coronavirus epidemic, which began in Wuhan, China, has spread across continents, affecting a wide range of industries. The imposed quarantine, as well as a shortage of labour and raw materials, have seriously disrupted the supply of essential materials.
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Only patients diagnosed with critical illnesses may be hospitalised due to a severe lack of medical services on the front lines. Unfortunately, since the virus’s pathogenic mechanism has not been fully identified, there is no effective medication or treatment available other than symptomatic and supportive care. Primary health care medical equipment are respiratory support devices such as life-support machines, atomizers, oxygen generators, and monitors. As a result, the market for temperature measuring devices, nucleic acid test kits, antiviral medicinal products, and life-support machines has gradually risen from diagnosis to cure. The Chinese government introduced an emergency approval process for the registration and application of medical devices that are desperately required for disease prevention and control, in order to restore the balance between supply and demand.
Major players involved in the market are focused on approvals for advanced therapeutics, thus, aiding in the growth of global medical imaging market. For instance, Clariscan, a gadolinium-based contrast agent that provides enhanced contrast between normal and pathological tissue and enables rapid identification of abnormalities, was introduced in March 2017 by GE Healthcare, extending its range of magnetic resonance imaging (MRI) contrast media and imaging products.
Rising prevalence of cardiovascular disorders leading to more detections and treatments of them is expected to fuel the global medical imaging equipment market. According to a 2017 study by the World Health Organisation, cardiovascular diseases are the leading cause of death worldwide. In 2016, 17.9 million people died from cardiovascular diseases, accounting for about 31% of all deaths worldwide. Around 85 percent of these deaths were caused by a heart attack or a stroke.
The expense of imaging equipment such as MRI machines and CT scanners is high and is expected to hamper the global medical imaging equipment market’s growth. Small-scale hospital facilities in developing economies like India and Africa may not be able to afford such high-cost equipment, which will have a negative effect on business growth. For instance, a magnetic resonance imaging (MRI) device costs as little as $150,000 and as much as $1 million for a high-end device. Multispecialty hospitals and diagnostic laboratories can be able to handle such high device costs.
The global medical imaging equipment market is estimated to be valued at US$ 38,942.6 million in 2020 and is expected to exhibit a CAGR of 4.8% over the forecast period (2020-2027).
Medical Imaging Equipment Market, By Product, is segmented into:
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear Imaging, Ultrasound, and X-ray)
- North America
- Latin America
- Asia Pacific
- Middle East
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Major players operating in the global medical imaging equipment market include Hologic, Inc., Samsung Medison Co., Ltd., Koninklijke Philips NV, Fujifilm Holdings Corporation, Siemens Healthineers, General Electric Company, Shimadzu Corporation, Carestream Health, and Canon Inc.
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