New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Medical Imaging Equipment Services Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Medical Imaging Equipment Services Market Size:
The growth of global medical imaging equipment services market is expected to garner a revenue of approximately USD 29 billion at the end of 2033. The market growth is primarily driven by rising instance of people suffering from cancer. To detect the exact location and the area covered affected by the cancer, a proper medical imaging is crucial. Nearly 28 million new cases of cancer are expected to be diagnosed in 2040, while 16 million people are expected to die from the disease. Moreover, around 2 million new instances of lung cancer and nearly 2.26 million new cases of breast cancer were reported in 2020, according to the World Health Organization. In addition, around 10 million individuals perished from cancer. Besides this, the market growth is also driven by improved healthcare and rising investment in healthcare infrastructure. The World Bank estimates that worldwide health spending made up 9.83% of global GDP in 2019.
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Global Medical Imaging Equipment Services Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Computed tomography scanners segment to dominate the revenue graph
- Hospitals sub-segment remains prominent in the end-user segment
Rise in Count of Surgical Procedures, Organ Donation, and People with Cardiovascular Issues
The market growth is expected on the account of rising cases of problems which requires surgical treatment. The World Health Organization reported that in 2018, more than 2 million surgeries were accomplished. Moreover, around 11% of the diseases worldwide are treated with surgical procedures. Additionally, approximately 310 million surgical procedures are performed annually throughout the world. In the coming years, there will be an estimated 30% more cases which is to be in requirement of surgical procedures. Other than this, the growth of global medical imaging equipment is anticipated by higher number of people in need of organ donation and growing prevalence of heart problems. Globally, approximately 130,000 organ transplantation were carried out in 2020. Out of total transplantations, kidney was the most transplanted organ followed by heart transplantation. Furthermore, the World Health Organization estimates that over 17.9 million people worldwide die from cardiovascular disease each year, accounting for the majority of global fatalities.
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Global Medical Imaging Equipment Services Market: Regional Overview
The global medical imaging equipment services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Cases of Cancer and Surgeries is to Propel the Market Growth in North America
Imaging test are used for cancer in many ways such as, it can detect cancer at early stage and even in the person with no symptoms at all. The cancer screening test are also important to find the tumor spot and its spread. Therefore, rise in number of cancer patient is to boost the North America’s market growth. In 2021, there were around 2 million new cases of cancer were reported and approximately 600,000 people’s life was succumbed to cancer. Besides this, rise in the number of cases which requires surgical treatment is expected to elevate the North America’s market growth. From January 1, 2019 to January 30, 2021, more than 13 million surgical procedures were carried out in the United States.
Asia Pacific’s Market Growth is Boosted by Rising Cases of Cardiovascular Disease and Growing Health Expenditure
Asia pacific has the largest share of burden of cardiovascular issues though it is highly preventable, still high proportion of population is suffering with various heart problems. Out the total 19 million deaths by cardiovascular deaths worldwide in 2019, an approximate share of 58% death is attributed to Asia, it was totaled to nearly 11 million deaths. Moreover, from 1990 to 2019, the share of cardiovascular deaths in total deaths had jumped from around 23% to about 35%. Furthermore, improved facilities and rising expenditure in healthcare sector is anticipated to drive up the market growth in Asia Pacific. Since 2015, when it was just under USD 20 trillion, the expenditure on healthcare in Asia Pacific is expected to climb fivefold by 2030. Healthcare expenditure for the elderly are projected to increase ten times in Singapore, reaching around USD 49 billion in 2030. Additionally, the entire health spending in East Asia and the Pacific accounts for 6.67% of the region's GDP, according to World Bank data.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Medical Imaging Equipment Services Market, Segmentation by Modality
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- X-Ray
- Ultrasound
- PET & PET/CT
- Nuclear Medicine
- Molecular Imaging
- Radio Pharmacy Service
- Others
On the basis of product type, the computed tomography (CT) scanners segment is to grow at a significant CAGR over the forecast period and expected to collect highest revenue at the end of 2033. The segment growth is attributed to rise in number of CT scans, to this time, CT scans examination is increasing by 4% per year all over the world., which makes for around 300 million CT scans every year. Furthermore, increased case of bone fracture is to propel the need of CT scans. In 2019, around 178 million of new fractures worldwide were reported.
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Global Medical Imaging Equipment Services Market, Segmentation by Service Provider
- Original Equipment Manufacturers (OEMs)
- Independent Service Providers
Global Medical Imaging Equipment Services Market, Segmentation by End User
- Hospitals
- Diagnostic Centers
- Others
By end user, the hospital segment is to garner the modest revenue at the end of 2033. The segment growth is attributed to rising hospital expenditure followed by higher hospital visits. According to the National Health Expenditure fact sheet, in 2020, hospital spending increased 6.4% to $1,270.1 billion, which was a little increase from the 6.3% growth in 2019. Moreover, number of hospital visits in the United States was around 130 million.
Global Medical Imaging Equipment Services Market, Segmentation by Service Type
- Equipment Repair & Maintenance
- Technical Training
- Software Upgrades
- Refurbished Systems
- Equipment Removal & Relocation
Few of the well-known market leaders in the global medical imaging equipment services market that are profiled by Research Nester are Toshiba International Corporation, Fonar Corporation, Siemens Healthcare Private Limited, Fujifilm India Private Limited, Shimadzu Corporation, GE Healthcare, Samsung Medison Co., Ltd., Hitachi, Ltd., Koninklijke Philips N.V., Carestream Health and others.
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Recent Developments in the Medical Imaging Equipment Services Market
- July 2021, Fujifilm Corporation announced the launch of two new NURA health screening in India. The brand new NURA centres is to debut in Mumbai in September of this year and Gurugram on July 21 of this year. These centers are installed specifically for the screening of cancer and lifestyle disease. NURA health screening uses Fujifilm’s medical camera and gives HD images. Moreover, it uses artificial intelligence technology that facilitates advances imaging and aids early detection of cancer and other lifestyle diseases. Furthermore, to grow its health screening service business in developing nations, the corporation will continue to open new NURA centres.
- July 2022, Shimadzu Corporation announced the new type of MobileDaRt Evolution MX8 version v type digital X-ray system, for release outside Japan. The system comprises of digital radiography (DR) and is equipped with GLIDE Technology
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