A recent report by ResearchAndMarkets.com states that the global medical imaging market will grow with a CAGR of 6.56 percent during 2018-2024. The study includes deep research into the markets of North America, Europe, and Asia-Pacific from 2016 to 2024. The medical imaging market is predicted to reach $46.18 billion by 2024 with rising age demographics, growth in the advent of new diseases, and escalating awareness for early detection and diagnosis of chronic diseases. The rising investments and grants for improvement of imaging facilities and technological advancements in diagnostics will expand the growth of the medical imaging market.
Several Chinese-manufactured goods will be impacted by the tariff imposed by the Office of the US Trade Representative, which includes X-ray, computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound. The affected goods list contains the apparatus used for medical, surgical, dental, or veterinary use based on its use of alpha, beta, or gamma radiations. The medical imaging technology societies who have been working with the Congress to remove key equipment from the final penalties predicted the inclusion of medical imaging equipment in the tariff list. A statement released in late May by the Medical Imaging and Technology Alliance (MITA) urged the US Trade Representative, Robert Lighthizer, to omit medical products worth $3 billion from the tariffs after being impressed by the bipartisanship of the Congress. In addition, the National Electrical Manufacturers Association (NEMA), the parent company of MITA, expressed their resistance toward the tariffs imposed on the radiological department, which turned out to be quite effective.