The high incidence of chronic diseases has been the fueling the rise of the global medical imaging equipment market. The need to bring in unquestionable accuracy to diagnostic standards has also rendered technological advancements, which has bolstered the market to a large degree in the past few years. Advancements such as 3D visualizations have become important in key markets in North America and Europe for diagnosing various types of cancers.
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On the other hand, 2D imaging diagnostics have also found a firm footing in the developing regions aiding the cause of creating a better medical infrastructure, states Transparency Market Research. The strengthening economies of India and China have also made a significant contribution to the rise of the global medical imaging equipment market by focusing on establishing a better healthcare infrastructure.
Improvements in Terms of Accuracy Driving Demand for Medical Imaging Equipment
The increasing number of imaging modalities that are improving in terms of accuracy on account of 3D visualization is boosting the demand of medical imaging devices. 3D medical imaging is extensively being used for the detection of breast cancer, which is witnessing a staggering rise in recent times. These devices are helping oncologists to understand the intensity of the disease and will continue to be in high demand. The growing incidences of oral, cardiovascular, respiratory, and orthopedic diseases will boost the demand for diagnostic devices in recent times. Moreover, increasing prevalence of chronic diseases is also creating a huge demand for imaging modalities such as MRI and CT scanners across hospitals.
High Cost of CT Scans and MRIs to Deter Adoption and Act as Challenge for Medical Imaging Equipment Market
The reduction in healthcare budgets across the U.S. especially is disrupting the dynamics of the medical imaging equipment market overall. The growing awareness among doctors as well as the patients about the health hazards of the radiations from these devices will also pose a challenge for the growth of the market. “Reluctance of patients in cost sensitive nations of the world to go through CT scans and MRIs on account of their high cost will also restrain the market’s growth,” said a TMR analyst.