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Global Medical Imaging Equipment Market to Surpass USD 44 Billion by 2025

By Medimaging International staff writers
Posted on 22 Jun 2019
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Image: Growth in the global medical imaging equipment market is being driven by an increase of chronic diseases such as liver, cancer, and cardiovascular disease (Photo courtesy of Fortune Business Insights).
Image: Growth in the global medical imaging equipment market is being driven by an increase of chronic diseases such as liver, cancer, and cardiovascular disease (Photo courtesy of Fortune Business Insights).
The global medical imaging equipment market was valued at USD 30.81 billion in 2017 and is expected to grow at a CAGR of 4.6% during the forecast period (2018-2025) to reach USD 44.07 billion by 2025, driven by the increasing incidence of chronic diseases such as liver, cancer, and cardiovascular diseases. Additionally, increasing awareness about the effects of major diseases such as cancer and orthopedic diseases is fueling the demand for early detection of these disease and immediate diagnosis methods, thereby contributing to the market growth.

These are the latest findings of Fortune Business Insights (Pune, Maharashtra, India), a market intelligence and consulting firm.

In 2017, ultrasonic devices accounted for almost 22.9% of the global medical imaging equipment market. Ultrasound imaging equipment is witnessing growing demand from healthcare settings in the emerging countries due to the improved efficiency of new devices in the market. Recent advancements in 3D imaging have also provided a boost to the global medical imaging equipment market.

Increasing investment by government and public organizations in the diagnosis and treatment of cancer has led to innovations and advancements in the global medical imaging equipment market. Growing investment in improving pixel resolutions and other steps to ensure improved image quality directly impact the market growth. Additionally, advances in molecular imaging have led to exceptional discoveries and contributed to the development of next-in-class devices. The high quality images produced by the latest medical imaging devices allow healthcare professionals to explore potentials within the molecular cell biology. All these factors are driving the growth of the global medical imaging equipment market.

Geographically, research initiatives by leading companies are aiding the growth of the medical imaging equipment market in the US. The Asia Pacific medical imaging equipment market is also expected to grow over the coming years due to high investments in research and development of medical imaging by private organizations and leading investor firms. Other initiatives, such as the South Korean government’s plan to invest around USD 1 billion in the research and development of high caliber medical devices, is expected to positively impact the global medical imaging equipment market and aid its growth over the coming years.

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