Medical Imaging Market Size, Share, Growth Analysis, By Technology(X-ray Devices (Radiography, Fluoroscopy and Mammography), Ultrasound (Handheld, Compact and Cart/Trolley)), By Application(Cardiology, Oncology, Neurology, Orthopaedics), By End User(Hospitals, Diagnostic Imaging Centers, Others), By Region - Industry Forecast 2024-2031

Medical Imaging Market Driver

Technologically Advanced Propel Market Growth

• Breakthrough innovations such as Artificial Intelligence (AI) & augmented intelligence and Virtual Reality (VR) combined with 3-D imaging allow for better patient care thereby facilitating progression of the market share. For instance, EchoPixel’s virtual reality system helps surgeons to perform procedures such as congenital heart defects with patient specific surgical views.The True 3D software provides surgical views that help reduce occurrence of unexpected situations during surgeries thereby helping surgeons give precise care to the patient. Availability of such advanced medical imaging modalities will accelerate the overall industry outlook. 
• Elements such as the growing demand for early and cost-effective diagnosis of chronic diseases, as well as the world's ageing population, are expected to influence global demand for medical imaging equipment. Some of the key factors driving market growth are the introduction of technologically advanced devices and the developing healthcare sector in Asian countries.  

Restraints 

• Many organisations, particularly in developing countries, lack the funding required to acquire top imaging systems, which is expected to limit market growth over the forecast period. Frequent product recalls in the imaging equipment is one of the major elements anticipated to hamper the global market growth during the forecast period. Combined with presence of a large and regulated refurbished equipment market, especially in emerging and lucrative markets such as China, and India, has limited the adoption of new and innovative equipment in these countries. Several established and domestic players have entered this segment offering low cost, and refurbished equipment to healthcare facilities globally. The overall cost-benefit ratio of these refurbished devices for small and medium sized healthcare facilities is higher, which has led to lower adoption of new systems / equipment in the global market.