Global Medical Imaging Equipment Market, By Product (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging, Ultrasound, and X-ray), By Modality (Standalone and Portable), By Application (Orthopedic, Cardiology, Oncology, Neurology, Gynecology, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.

The companies are focusing on developing technologically advanced medical imaging equipment, in order to expand their product portfolio and strengthen their presence in the market, which is expected to drive growth of the global medical imaging equipment market over the forecast period. For instance, in July 2017, Neurologica Corporation launched a technologically advanced version of its previous BodyTom 32-slice CT scanner. The new upgraded version features new visual design, upgraded software, hardware, and workstation.

Similarly, in September 2018, the Carl Zeiss Meditec AG introduced an innovative medical imaging system that is TIVATOTM 700 for spine surgery. TIVATO 700 expands the range of clinical applications for spine surgeons and gives the field of spine surgery access to cutting-edge technologies.

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Global Medical Imaging Equipment Market – Impact of Coronavirus (Covid-19) Pandemic

Due to increasing prevalence of COVID-19, key players operating in the global medical imaging equipment market are focusing on obtaining approval for novel products to support and combat the effect of COVID-19. For instance, in September 2020, Fujifilm Sonosite, Inc., specialists in developing cutting-edge point-of-care ultrasound (POCUS) solutions, and part of the larger Fujifilm Healthcare portfolio, announced that the company received 510(k) clearance from the U.S. Food & Drug Administration (FDA) for the company's entire POCUS portfolio to support healthcare providers in performing accurate lung and cardiac imaging in COVID-19 patients. POCUS emerged as a critical tool to support clinicians in their efforts to evaluate lung and cardiac complications of COVID-19.

Browse 35 Market Data Tables and 35 Figures spread through 212 Pages and in-depth TOC on “Medical Imaging Equipment Market”- Global Forecast to 2027, By Product (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging, Ultrasound, and X-ray), By Modality (Standalone and Portable), By Application (Orthopedic, Cardiology, Oncology, Neurology, Gynecology, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).

Increasing product launches for medical imaging is expected to propel the market growth over the forecast period. For instance, on April 29, 2020, Canon Medical Systems USA, Inc. launched a deployable CT scanner, Aquilion Prime SP CT system, with a rapid decontamination solution to isolate and decontaminate the CT scanner for rapid safe imaging.

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Also, in February 2019, Royal Philips launched Incisive CT to help healthcare organizations and imaging departments to achieve their financial, operational, and clinical goals. The Incisive CT provides an improved CT experience for patients and help the staff make smart clinical decisions.

Key Takeaways of the Global Medical Imaging Equipment Market:

The global medical imaging equipment market is expected to exhibit a CAGR of 4.8% over the forecast period, owing to increasing agreements and acquisitions by market players. For instance, in January 2018, Siemens Healthineers entered into an agreement with Circle Cardiovascular Imaging, a provider of cardiac imaging solutions, for improving cardiac magnetic resonance imaging workflows and diagnostic tools.

Among product, ultrasound segment held a dominant position in the global medical imaging equipment market in 2019, owing to increasing product launches by market players. For instance, on July 8, 2020, Hologic, Inc. announced the U.S. launch of SuperSonic MACH 40 cart-based ultrasound system, designed to enhance the efficiency and accuracy of ultrasounds.

Among application, cardiology segment held a dominant position in the global medical imaging equipment market in 2019, owing to increasing prevalence of cardiovascular diseases. According to the Heart and Circulatory Disease Statistics 2018, from British Heart Foundation, around 1.4 million people were diagnosed with cardiovascular and circulatory diseases in England during 2017-2018.

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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