Medical imaging, often known as radiography, is a branch of medicine in which medical practitioners make pictures of various body areas for diagnostic or therapeutic purposes. Non-invasive medical imaging techniques enable practitioners to diagnose injuries and diseases without being intrusive. Since it enables non-invasive and painless evaluation and therapy monitoring, X-ray imaging is widely used in medical applications. X-ray imaging equipment is used to diagnose a variety of disorders, including fractures, infections, malignancies, and arthritis. The rising number of instances linked with these disorders will benefit market growth.
Industry Demand and Key Market Trends
According to OMR Research, the global medical x-ray equipment and imaging software market is projected to grow at a CAGR of 7.8% during the forecast period (2023–2029). The driving factor for the market is the use of artificial intelligence (AI) technology in the production of x-ray equipment and imaging software devices that creates value-added potential for market participants. Another key trend in the market that is driving it is a variety of medical imaging techniques that provide three-dimensional (3D) vision with precision and speed. Advances in 3D imaging have enabled the creation of computer-assisted detection (CAD) as well as image analysis software. This drives the market for practically every modality, most notably tomographic imaging methods. Furthermore, surgeons are employing 3D imaging to plan procedures, which has increased the use of these systems. The use of 3D imaging for breast cancer diagnosis, which allows for greater tissue depiction than standard mammograms, is increasing.
Furthermore, globally, the prevalence of chronic illnesses, including cancer, cardiovascular disease, and diabetes, has dramatically grown, which in turn fuels market expansion. For instance, according to the World Health Organization (WHO), the mortality due to cardiovascular diseases is expected to reach 23.6 million by 2030, of which an estimated 7.4 million are due to coronary heart diseases and 6.7 million are due to stroke.
Medical system technical developments and rising public-private sector investment in the medical imaging industry are the primary drivers of the market. Additionally, many hospitals and other medical institutions include X-ray equipment and imaging software as part of their fundamental healthcare systems. Diagnostic centers provide comprehensive screening and diagnostics to provide the highest quality of care and satisfy the needs of patients. The number of diagnostic facilities accessible to provide reliable patient diagnosis grows in tandem with the incidence of infectious and noncommunicable diseases. The market players are also building new and separate diagnostic centers for improved services and diagnosis. For instance, the Augusta Health Outpatient Pavilion is intended to increase access to outpatient care in the region and fulfill the rising demand for outpatient care both locally and nationally. The 60,000-square-foot center is not only devoted to outpatient treatment, but it is also constructed on the continuum of care, combining imaging, surgery, and breast care in one location. The new Pavilion is set to open for patients on January 16, 2022. To accelerate patients' imaging needs, the Pavilion's imaging center will operate as a free-standing Radiology Group practice. When it opens, the facility will include two x-ray units (one of which will also do fluoroscopy tests), three ultrasound units, one CT scanner, and two MRI scanners. Additionally, in June 2022, Suraksha Diagnostics Pvt. Ltd. (SDPL) launched its 45th diagnostic center in Tollygunge, in south Kolkata, and plans to open up more units across India by 2025. The multi-facility center undertakes both radiology and pathology testing, apart from a variety of specialized, high-end tests.
Recent Developments
Companies such as Carestream Health, Dentsply Sirona, Esaote SpA, GE HealthCare Technologies Inc., INFINITT Healthcare Co. Ltd., Koninklijke Philips N.V., Medis Medical Imaging, MIM Software Inc., ScienceSoft, Siemens Healthcare GmbH, Varex Imaging Corporation, Xinapse Systems Ltd., and others are assisting in the market’s growth via various mergers and acquisitions, new product launches, technical advancements, and investment activities. Some of the recent developments in the market include:
• In January 2023, Canon Medical Systems USA Inc., a corporate division of Canon Medical Systems Corporation, a globally recognized pioneer in revolutionary diagnostic imaging technology, recently completed a strategic collaboration agreement with ScImage, Inc. Sclmage, situated in Los Altos, CA, offers cloud-native enterprise image management, PACS, and image exchange solutions to the healthcare industry. ScImage and Canon Medical Systems USA's strategic cooperation will immediately increase and develop Canon Medical Systems' hemodynamics outreach with the Fysicon QMAPP* Hemo portfolio (Fysicon is a Canon Medical subsidiary). As a consequence, Canon Medical intends to expand its position in the cardiac industry by providing new solutions and distinctive business models adapted to the individual demands of each client. QMAPP Hemo is simple to use and can be mounted to a regular diagnostic X-ray or operating table, making an interventional lab area more efficient without compromising patient or exam data.
• In December 2022, Acutus Medical announced the complete commercial release of AcQMap 8.5, which was initially launched in 2018. The next-generation AcQMap 8.5 software improves fidelity and clarity in the vicinity of critical atrial structures. Additionally, it emphasizes open features on the surface, such as the mitral valve. As a result, health care providers can more readily discover, visualize, and incorporate structures into a personalized treatment plan.