Market Overview
The Europe Medical Imaging Equipment Market size was valued at USD 1.08 billion in 2021 and is estimated to reach USD 1.54 billion, exhibiting a CAGR of 5.4% during the forecast period (2024-2031).
Medical imaging allows medical examiners to observe the inside of a body to establish a medical condition using techniques and machines such as Magnetic Resonance Imaging (MRI), X-ray and Computed Tomography (CT) scan.
This imaging allows radiologists and other health professionals to picture the structures and activities occurring inside the body.
Market Summary
| Metrics | Details |
| CAGR | 5.4% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product Type, Application, End-User, and Country |
| Countries Covered | Germany, U.K, France, Italy, Spain, Rest of Europe |
| Largest Country | Germany |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To Know More Insights - Download Sample
Source: DataM Intelligence Analysis (2022)
Market Dynamics
The growing geriatric population and the rising cases of chronic diseases, technological betterment in imaging modalities and the increasing concentration on medical imaging devices in diagnosis are driving the Europe medical imaging equipment market growth during the forecast period.
The Growing Geriatric Population and the Presence of Different Associations are Predicted to Drive Europe’s Market Growth.
According to the Eurostat, in 2021, more than one-fifth, i.e., 20.8 %, of the EU population, was aged 65 and over, also the percentage of people aged 80 or over in the EU's population is projected to have a two-and-a-half-fold increase between 2021 and 2100, from 6.0 % to 14.6 %. Also, according to the World Economic Forum, the European Union and other regions across the globe are expected to face rapidly aging populations this century.
More than 30% of the EU population is expected to be 65 or older by 2100. In 2021, the EU's dependency ratio was 32, which meant that for every 100 working-age people, there were 32 elderly people. By 2100, this ratio is predicted to rise to 57. Moreover, according to a National Health Service (NHS) report, from June 2019 and May 2020, over 40.4 million imaging tests were performed in the U.K.
Eurostat, a statistical office of the European Union, reported that Hungary had the most intensive use of CT and MRI scanners out of the EU Member States, with standards of 18 200 and 9 100 scans conducted by each unit, relative to population size, more PET (positron emission tomography) scans were performed in 2020 in Denmark than in any other EU Member State, at 1 400 scans per 100 000 inhabitants.
In addition, different associations, such as the COCIR and the European Trade Association, represent the medical imaging, radiotherapy, health ICT and electromedical industries. Founded in 1959, COCIR is a non-profit association headquartered in Brussels (Belgium) with a China Desk based in Beijing since 2007.
COCIR is unique as it combines the healthcare, IT and telecommunications industries and is focused on opening markets for COCIR members in Europe and beyond. Thus from the mentioned data, it is estimated that the growing geriatric population and increasing utilization of diagnostic imaging are driving Europe's medical imaging market in the forecast period.
The Absence of a Uniform Reimbursement Policy in Europe is Restraining the Growth of the Europe Medical Imaging Equipment Market.
However, the lack of a universal reimbursement policy for medical imaging in Europe is expected to hamper the market's growth during the forecast period. The reimbursement for medical imaging technologies in Europe is determined at the national level. Therefore, the individual country varies by a large extent on the fees paid covered by state and private payors.
For instance, the government-financed systems of Switzerland, Italy, Spain and France cover all PET presentations, but in Germany, PET is nationally reimbursed exclusively for pulmonary tumors for other manifestations, patients must either carry some format of private insurance to cover these expenses or cover the costs themselves. Thus, the absence of a uniform reimbursement policy in Europe will hamper market growth.
COVID-19 Impact on Market
The COVID-19 pandemic has negatively impacted Europe's diagnostic imaging market as there was a large reduction in outpatient medical imaging. For instance, according to an article titled " Impact of COVID-19 on the imaging diagnosis of cardiac disease in Europe" published by BMJ Journals, the Centers in Northern and Southern Europe canceled nearly all outpatient activities than Western and Eastern Europe.
There was a more significant drop in total practice magnitudes in Europe than in the rest of the world in March 2020 (45% vs. 41%), with a more noteworthy decline in Southern Europe (58%), but by April 2020, this was alike in Europe and the rest of the world (69% vs. 63%).
Regional deviations were obvious among the imaging modalities, but the largest deductions were in Southern Europe for almost all modalities. Thus, the reduction in imaging practices has negatively impacted the market during the pandemic.
Market Segment Analysis
The X-ray Segment is Expected to have a Greater Grasp of the Medical Imaging Equipment Market during the forecast period (2024-2031)
The X-ray segment has the most significant share of the medical imaging equipment market due to the system's versatility and convenience. An X-ray is a noninvasive medical imaging test that helps physicians diagnose and treat medical conditions. X-rays diagnose skeletal systems, oral cavities, lungs, breast, digestive systems and ingested objects. The growth in the X-ray segment is mainly due to its cost-effectiveness.
Other factors responsible are technological advancements, increasing cancer and orthopedic diseases and the growing aging population. For instance, according to Versus Arthritis, UK's largest charity dedicated to supporting people with arthritis, more than 20 million individuals in the UK suffer from musculoskeletal (MSK) disorders, like arthritis and low back pain.
Furthermore, the introduction of advanced X-ray equipment also contributes to the segment's dominance in the market. For example, on July 12, 2022, Shimadzu Corporation launched a New Type of Mobile X-ray System Outside of Japan, accommodating a Wide Range of Needs for Mobile X-ray Systems. Also, on August 02, 2022, GE Healthcare launched its most advanced fixed X-ray system yet, the next-generation Definium 656 HD. Therefore, from the data mentioned, it is estimated that the X-ray segment will dominate the market throughout the forecast period.
Source: DataM Intelligence Analysis (2021)
Market Geographical Share
Germany is Expected to Dominate the Europe Medical Imaging Equipment Market.
The growing cases of chronic diseases and increased investments by different bodies contribute to the growth of Germany's medical imaging market at a high CAGR. Such as according to the Global Cancer Observatory, about 628,519 new cancer cases were diagnosed in Germany in 2020. Similarly, according to the German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery, there were about 29,444 isolated coronary artery bypass grafting operations carried out.
Out of which, around 35,469 isolated heart valve surgeries and roughly 843 assist device implantations were documented in Germany. Also, the number of solitary heart transplants in Germany has surged to 340, a 2.1 percent increase over the previous year. Furthermore, the entry of new emerging market players from Germany, such as Inova DE GmbH, Dermtest, Diaspective Vision and Hasty.ai, among others, ensures the growth of Germany's medical imaging market in the forecasted period.
Also, in October 2019, the German Research Foundation (DFG) launched a new Artificial Intelligence (AI) imaging priority program, "Radiomics: Next Generation Medical Imaging" ("Radiomics: Nächste Generation der medizinischen Bildgebung"). More than 8 million euros will flow into the program in the next three years. The University Hospital Freiburg will coordinate the program. Such developments ensure the regional market growth at a high CAGR throughout the forecast period.
Source: DataM Intelligence Analysis (2022)
Companies and Competitive Landscape
The medical imaging equipment market is competitive due to the increasing demand and emergence of new market players. The key players operating in the Europe medical imaging equipment market hold most of the market share examples are Carestream Health Inc., Shimadzu Medical, Esaote SpA, FUJIFILM Holdings Corporation, GE Healthcare, Canon Medical Systems Corporation, Hologic Corporation, Koninklijke Philips NV, Hitachi Medical Systems and Siemens Healthineers among others.
The key players are embracing various strategies such as product launches, mergers & acquisitions, partnerships and collaborations, contributing to the growth of the European medical imaging equipment market. For instance, in September 2022, Philips Foundation and RAD-AID International embarked on a multi-year cross-continental partnership to increase access to ultrasound services for 50 million people in low- and middle-income countries.
GE Healthcare
Overview:
GE Healthcare is headquartered in Chicago, Illinois, United States and was founded in 2004. It is a subsidiary of the American Multinational Conglomerate General Electric. It is a leading manufacturer and distributor of diagnostic imaging and radiopharmaceuticals for imaging modalities used in medical imaging procedures.
Product Portfolio:
The company’s portfolio has LOGIQ Fortis Ultrasound: The GE LOGIQ Fortis ultrasound is developed to assure users of assured care in numerous clinical settings.
The Europe Medical Imaging Equipment Report Would Provide Access to Approximately 40+ Market Data Tables, 45+ Figures and in the Range of 200 (Approximate) Pages.
