First Research US Industry Profile

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Electromedical & X-ray Apparatus Manufacturing
SIC Codes: 3844, 3845
NAICS Codes: 334510, 334517
Last Quarterly Update: 6/27/2022
Companies in this industry manufacture magnetic resonance imaging and ultrasound equipment, pacemakers and other devices, and irradiation apparatus for medical or industrial uses. Major US companies include Abbott, GE Healthcare Systems, Hologic, Varian Medical Systems, and Zoll Medical, as well as divisions Johnson & Johnson. Outside the US, major companies include Hitachi Healthcare (Japan), Medtronic (Ireland), Philips (Netherlands), Siemens Healthineers (Germany), and Sonova (Switzerland).
The diagnostic imaging equipment market, which includes X-ray imaging and electromedical systems, is forecast to grow at a CAGR of 6.25% between 2021 to 2028, according to Data Bridge Market Research. North America dominates the market due to the increase in chronic diseases, growth in the geriatric population, and increase in government funding. Growth is driven by aging populations and rising occurrences of noncommunicable conditions such as heart disease and cancer.
The US electromedical and X-ray apparatus manufacturing industry includes about 1,000 establishments with combined annual revenue of about $45 billion.
Competitive Landscape
Demand is driven by technological advancements, demographics (the aging US population drives the need for medical products), and the needs of the health care industry. The profitability of individual companies depends on efficient operations and effective marketing. Large companies enjoy economies of scale in research, manufacturing, marketing, and distribution. Smaller companies can compete effectively by developing innovative technologies or specialty products for niche markets, such as cancer therapy apparatus. In the US, both the electromedical and the X-ray apparatus segments are highly concentrated: the 50 largest companies account for about 85% and 98% of revenue, respectively.
Imports of electromedical and X-ray apparatus products, mainly from Mexico, Germany, Ireland, Japan, China, and the Netherlands, account for bout 40% of the US market. Exports account for about 35% of US production. Major export markets for US manufacturers include China, the Netherlands, Japan, Canada, Germany, and France.
Products, Operations & Technology
Major products include MRI, CT, and PET scanners, along with X-ray, mammography, ultrasound, fluoroscopy, and nuclear medicine equipment. Other products ... plus:
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Finance & Regulation
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Regional & International Issues
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Human Resources
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