Medical Imaging Market shall reach a value of $39,441.4 Million in 2027, growing with a CAGR of 5.5% during the forecast period of 2020 to 2027.
The widespread prevalence of chronic diseases is one of the major drivers of the market of medical imaging. Medical imaging is key to accurate diagnosis of chronic diseases,
in early detection of diseases, and cut down the cost of treatment. More expendable income and pursuit of a better standard of living consumers globally have the purchasing power to access imaging procedures. In developing economies, technological innovations and government investments and finance are expected to lead to even further market demand. On the other hand, in developed economies, the rise of state-of-the-art imaging modalities by hospitals universities for better training to acquire skills in advanced technology is the positive driver for the product market. There has been a shift of this positive factor towards developing countries as well.
With the onset of COVID-19, imaging is preferred by most healthcare professionals as it gives diagnosis in a shorter time. In the current situation of the pandemic, susceptibility of pediatric and elderly patients, as well as response to novel drug combinations, is another key use that leads to greater demand. On the economic front, favourable Foreign Direct Investment (FDI) policies, increasing ease of doing business, and rising awareness about imaging technologies are other factors which are expected to push the product market even further.
In the long term, oncology is the driving force of the product market. As reported by the National Cancer Institute report 2019, it was estimated that around 606,880 people will die in 2019 in the US alone. Medical imaging is key to oncology, in chemo and radiation. Devices like CT are the preferred technique of imaging for conditions in trauma patients as well. Diagnostic imaging is also expected to tackle the problem of the shortage of skilled radiologists, improve access, higher precision, cut down cost, and render the aftermath of radiation less painful.
Side effects of medical imaging such as nausea, dry mouth, diarrhoea, allergy as well as some critical consequences such as kidney disease, dementia etc pose as threats that restrict the growth of the product market. Nevertheless, the authenticity and responsive nature of medical imaging are expected to continue its growing demand in future.
Medical Imaging Market Growth and Trends
A rising demand for imaging modalities by teaching hospitals and universities to provide training for advanced technology is a direct driver of the growth of the medical imaging systems market. Based on product type, the ultrasound segment held the largest market share in 2019 and is anticipated to maintain its dominance in the coming years, and this can be attributed to the increase in product application, as recent developments in advanced ultrasound transducers have fostered new avenues for ultrasound devices in biomedical and cardiovascular imaging. High focus on the development of portable ultrasound devices is most likely to expand the application of this modality in ambulatory as well as emergency care, thus bolstering the medical imaging market growth. The development of high-precision CT scanners integration with Artificial Intelligence and advanced visualization systems is another factor driving the market growth of medical imaging systems, as the technology is effective in achieving precision diagnostic without the need to increase dosage. As per the end user market segment, hospitals captured the largest market share in recent times, and increasing demand for advanced imaging techniques and the integration of surgical suits with imaging technologies are further boosting the growth of the segment. Some developed countries have shown steep increase in demand for these modalities in teaching hospitals in comparison with general or special hospitals. New hospitals and even ambulatory centres generally dedicate space for imaging modalities, which generates rising demand for imaging equipment that is expected to drive market growth. Government initiatives to extend the reach of advanced care in rural areas is one of the prime segment drivers in the medical imaging market at present.
High cost of medical imaging systems is a possible challenging factor that could scale down demand for these equipment and therefore negatively impact market growth for the same.
Medical Imaging Market Competition
Key companies operating in this industry are Siemens, GE Healthcare, Philips Healthcare, Canon Medical Systems, Hitachi Medical, Fujifilm, Carestream, Konica Minolta, Shimadzu, Hologic, Mindray, Samsung, Planmeca, Wangdong, Angell and Southwest Medical Equipment.
• Medical Imaging Market Revenue Estimation and Forecast (2020 – 2027)
• Production Estimation and Forecast (2020 – 2027)
• Sales/Consumption Volume Estimation and Forecast (2020 – 2027)
• Breakdown of Revenue by Segments (2020 – 2027)
• Breakdown of Production by Segments (2020 – 2027)
• Breakdown of Sales Volume by Segments (2020 – 2027)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
Medical Imaging Market Segmentation
Product Outlook (Revenue, USD Million, 2020 - 2027)
• X-Ray Devices
• Ultrasound Devices
Application Outlook (Revenue, USD Million, 2020 - 2027)
• Diagnostic Centers
Country (Revenue, USD Million, 2020 - 2027)
• United States
• South Korea
• Rest of Asia Pacific
• Rest of Europe
• Rest of South America
Middle East and Africa
• Saudi Arabia
Medical Imaging Market Companies
• GE Healthcare
• Philips Healthcare
• Canon Medical Systems
• Hitachi Medical
• Konica Minolta
• Southwest Medical Equipment
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