Medical Imaging Equipment Market is Being Driven by Miniaturization

Medical Imaging Equipment Market is Being Driven by Miniaturization

 Advantages of medical imaging equipment include high-resolution imaging to detect internal injuries and abnormalities non-invasively. Such equipment assists radiologists and clinicians in early disease detection and monitoring disease progression or treatment effectiveness over time.

The Global Medical Imaging Equipment Market is estimated to be valued at US$ 1.93 billion in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Medical Imaging Equipment market are Nidec Corporation, Bosch, Mabuchi Motor Co Ltd, Abb Ltd, Siemens Ag, Denso Corporation, Maxon Motor Ag, Mitsuba Corporation, Johnson Electric Holdings Limited, Brose Fahrzeugteile Gmbh & Co. Kg, Portescap, Allied Motion Technologies Inc., Arc Systems Inc., Constar Micromotor Co. Ltd., BÃ1⁄4hler Motor GmbH, Fritz Faulhaber GmbH & Co. KG, Ebmpapst, Faulhaber Group, Chinabase Machinery (Hangzhou) Co. Ltd, Mini Motor. The growing demand for early disease detection and increasing healthcare expenditure are fueling market growth. Moreover,major players are expanding globally to cater to the rising demand from developing countries.

Market Key Trends
One of the major trends in the Medical Imaging Equipment Market Size is miniaturization. With advancement in nanotechnology and microsystem integration, medical device manufacturers are focusing on developing miniature medical imaging systems for point-of-care applications and improved portability. Miniaturized imaging systems allow for use in ambulatory settings and are especially useful for geriatric and pediatric patients. This trend is expected to drive innovation and growth in the coming years.

Porter's Analysis
Threat of new entrants: High costs of R&D for new medical imaging technologies makes threat of new entrants low. Bargaining power of buyers: Large group of buyers like hospitals, diagnostic centers limits individual buyer's bargaining power. Bargaining power of suppliers: Suppliers of medical imaging components have some bargaining power given proprietary technologies and components require. Threat of new substitutes: Some newer modalities like MRI replacing older ones like CT, threat from substitutes exists. Competitive rivalry: Intense competition among existing players to gain market share keeps competitive rivalry high.

Geographical regions with highest value concentration: North America region accounts for the largest share in the medical imaging equipment market in terms of value owing to high adoption of advanced medical technologies and presence of major players in the US and Canada. Asia Pacific is the fastest growing region for the medical imaging equipment market driven by increasing healthcare expenditure, large patient population and rising awareness.

Geographical regions with fastest growth: Asia Pacific region is poised to grow at the fastest CAGR during the forecast period. Factors such as rising geriatric population, increasing incidence of chronic diseases, growing healthcare spending, rapidly improving healthcare infrastructure and expanding network of diagnostic centers are driving the demand for medical imaging equipment in Asia Pacific region. Additionally, growing medical tourism across China, India and other Asian countries is a high impact rendering driver for this regional market.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)