A recent study conducted by Market Research Future (MRFR) claims that over the next four years the market will witness a healthy growth. The Global Medical Imaging Market is expected to gain prominence over the forecast period (2019–2023). It is estimated that the global medical imaging market is expected to grow at a CAGR ~6.5 % during the forecast period of 2018–2023. Currently, there are multiple medical imaging systems available to show focal and diffuse pathologies in various organs.
Global Medical Imaging Market – Key Players
Major participants of this market are
- Carestream Health, Inc.
- Esaote SpA
- Fonar Corporation
- Fujifilm Holdings Corporation
- GE Healthcare
- Hitachi Medical Corporation
- Hologic, Inc.
- Narang Medical Limited
- Philips Healthcare
- Samsung Medison Co. Ltd
- Shimadzu Corporation
- Siemens Healthcare
- Toshiba Corporation
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Advantis, a Greek-based medical imaging start-up is developing a unique imaging software technology. The company recently unveiled a neuroimaging software called Brainance MD, which displays, processes and analyses brain scans. The product is accessible through the internet, which significantly expands is global reach.
Osimis, a Belgium-based start-up has reported raised €2.3 million. The fund will be channelized towards its collaborative medical imaging software.
Global Medical Imaging Market – Overview
The Global Medical Market will expand at a compound annual growth rate (CAGR) of 6.5% between 2018 and 2023, finds Market Research Future (MRFR). Advancements in technology have introduced medical imaging systems that can show diffuse and focal pathologies in a variety of organs.
Increasing prevalence of various chronic diseases, cardiac diseases, and neurological diseases have resulted in increased demand for medical imaging services. Healthcare as a sector is growing exponentially across the world, with increasing investments being made in state-of-the-art systems. Emerging economies are expected to make huge development in catching up to developed economies with regards to providing patients with advanced systems which are widely available.
Several market leaders are involved in comprehensive research and development activities to offer further advancements in the highly competitive market. Additionally, there is a high preference and demand for minimally invasive treatments and diagnostic procedures. This combined with rising numbers of diagnostic imaging centers are likely to lead to surging growth for the global medical imagining market.
Presently, health care reforms have not caught up to healthcare trends, particularly in emerging and underdeveloped economies which will pose a challenge to the growth of the market. Moreover, medical imaging devices are expensive. However, emerging economies represent high promise and opportunities for growth in the coming years, and R&D activities will likely expand market value.
Global Medical Imaging Market – Segmentation
The Global Medical Imaging Market is segmented based on product type, application, end-user, and region. By product type, the market is segmented into magnetic resonance imaging (MRI), X-Ray imaging systems, ultrasound imaging systems, nuclear imaging systems, and computed tomography (CT) scanners. The MRI segment is sub-segmented into low to mid-field MRI systems, high and very high field MRI systems, and ultra-high field MRI systems. Other sub-segmentations of key segments are provided in the report.
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By application, the market is segmented into product type, and then further segmented by applications for each product type. Key segments include MRI systems, CT scanners, nuclear imaging systems, X-ray imaging systems, and ultrasound imaging systems. ultrasound systems are further segmented into obstetrics, general imaging, cardiology, urology, vascular, and others. Further sub-segmentation can be found in the report.
By end-user, the market is segmented into hospitals & clinics, research & academic institutes, diagnostic imaging centers, and others.
Global Medical Imaging Market – Regional Analysis
The American region holds the major share of the global medical imaging market, owing to the existing well-established healthcare system, technological advancements, and the geriatric population. Due to the increasing acceptance of advanced imaging equipment multitude of products have been introduced by leading players. For instance, Vantage Galan 3.0T XGO Edition MRI by Canon Medical Systems USA, Inc. received approval from Food and Drug Administration (FDA). The Galan 3T XGO Edition offers the ability to conduct high-quality neuroimaging exams, and higher-resolution images.
Europe holds the second position in the global medical imaging market. It is expected that the government support towards research & development expenditure.
The Asia-Pacific medical imaging market consists of countries namely China, Japan, Republic of Korea, India, Australia and the Rest of Asia-Pacific. The rising prevalence of Cardiovascular Disease (CVD) is propelling the growth of the market. According to a study published in the Circulation Journal in 2017, 80% of CVD deaths take place in low- and middle-income countries.
The Middle East and Africa holds the lowest share of the Global Medical Imaging Market due to low development, lack of technical knowledge, and poor medical facilities.
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