The COVID-19 pandemic has resulted in a 17.7% decline in the market for medical imaging equipment, according to a new report by the Business Research Company.
The report predicts that the medical imaging equipment market will produce revenues of $36.5 billion (32.5 billion euros) in 2020, a sharp drop compared with sales of $44.3 billion (39.5 billion euros) in 2019. The decline is primarily due to the COVID-19 outbreak and measures designed to contain it, according to the firm.
The report notes that governments are prioritizing screening for the SARS-CoV-2 virus, and medical imaging is not routinely used to screen for COVID-19, the disease caused by the novel coronavirus. What's more, factories that make imaging equipment like x-ray systems and CT and MRI scanners have been idled to protect staff.
On the positive side, the Business Research Company predicts that in 2021 the market for diagnostic imaging equipment will rebound at a compound annual growth rate of 5% and will reach sales of $54.2 billion (48.3 billion euros) in 2023.
The company also stated that North America is the largest global market for imaging equipment, with 45% of sales, while the Asia-Pacific region accounted for 24% of revenues.
