Medical Imaging Market Research Report: Information by Product (X-Ray Imaging Systems, Magnetic Resonance Imaging [MRI], Ultrasound Imaging Systems, Computed Tomography [CT] Scanners, and Nuclear Imaging Systems), Application (General Imaging, Dental, Obstetrics/Gynecology (OB/GYN), Cardiology, Vascular, Urology, Oncology, Neurology, Pelvic and Abdominal, Spine and Musculoskeletal), Modality (Portable and Stationary), End User (Hospitals & Clinics, Diagnostic Imaging Centers, and Others) and Region (Americas, Europe, Asia-Pacific, and Middle East and Africa) – Global Forecast till 2025
Industry Trends and Insights
The Medical Imaging Market Size to Exhibit a CAGR of 5.4% during the forecast period of 2019-2025. Medical Imaging is nothing but the body’s interior visual representations for clinical analysis and medical intervention. Medical imaging market is expected to witness significant growth owing to rising number of diagnostic imaging centers, increasing occurrence of cancer and burgeoning demand for minimally invasive over the forecast period. Furthermore, unfavorable healthcare reforms governing the healthcare sector in some countries and a high cost of medical imaging are projected to pose as hindrances in the growth of the global medical imaging market.
Different factors attributing to the ascension of the global medical imaging market include the increasing prevalence of cardiac and neurological diseases and rising investments in the field from private as well as public organizations. The Health Policy Commission released a cost trends report in 2015, which suggested that there were around 71.8% MRI services performed in 2012, which exceeded 75% in 2015. It was also noted that imaging services held around 16% share of payment for services, as reported by Healthcare Spending and Medicare program in 2016.
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.
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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
- Computed tomography (CT) scanners
The MRI segment is sub-segmented into
- low to mid-field MRI systems
- high and very high field MRI systems
- ultra-high field MRI systems
By application, the market is segmented into
- MRI systems
- CT scanners
- nuclear imaging systems
- X-ray imaging systems
- Ultrasound imaging systems
Ultrasound systems are further segmented into
- General imaging
By end-user, the market is segmented into hospitals & clinics, research & academic institutes, diagnostic imaging centers, and others.
Medical Imaging Market Key Players
Major participants in the medical imaging industry 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
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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