A significant factor driving market growth is the rising prevalence of diseases in the growing elderly population.
Market size: USD 25.42 billion in 2019
Market growth: 4.7%
Market trends: Improved medical imaging technology
The global medical imaging market is predicted to expand to USD 37.02 billion by 2027 from USD 25.42 billion in 2019. Medical imaging is a technique and process of generating images of the interior of the human body for diagnosis and treatment. It comprises various radiological imaging including X-ray radiography, magnetic resonance imaging (MRI), or fluoroscopy.
The outlook of medicine relies on the early diagnosis and customized treatments, personalized medicine that ensures that the right treatment is given to the right patient at the right time. Medical imaging has always been tailored since it provides an individual evaluation of the role and degree of an abnormality and will be central to all forms of personalized medicines in the coming years.
According to a report published by WHO, it is predicted that the number of people aged above 65 will rise from 524 million in 2010 to 1.5 million by 2050. Rising chronic conditions such as heart diseases, stroke, and cancer, has affected the geriatric populations, mainly in high-income nations. Thus, the rising incidences of diseases in the geriatric population is expected to drive the market growth.
The increasing demand for early-stage diagnosis is expected to flourish the growth of the medical imaging market.
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Further key findings:
- On the basis of technology, Magnetic Resonance Imaging (MRI) attributed to the highest share in the medical imaging market in 2018. MRI scanning is used for observing soft tissue structures like ligaments and cartilages and organs like the heart or brain. During the forecast period, it is expected to grow at a rate of 4.1%. The patient is not exposed to any radiation directly, thus it is safe for people like children or pregnant women who are highly susceptible to the effect of radiation.
- Ultrasound imaging is expected to develop at the fastest pace in the projection period. Ultrasound imaging is typically painless with no required injections or incisions and no exposure to ionizing radiation in patients, making treatments safer than other diagnostic methods like X-rays and CT scans.
- In 2019, the hospital sector held the highest market share among the end-user and is projected to see a growth rate of 4.4% during the projected period. Factors such as well-established operating and diagnostic rooms, higher discretionary income, presence of highly trained medical professionals, and improved health covers from many private and group insurance policies for hospital-based healthcare services.
- It is estimated that wearable medical devices will have a considerable impact on the breast imaging market.
- Oncology dominated the medical imaging market in 2019 on the basis of application. The increasing number of cancer patients worldwide has seen to increase significantly. The detection of cancer in the initial stage substantially increases the probability of survival. The essential step from early cancer detection is to make people aware of cancer and encourage early diagnosis and screening.
- North America led to the highest market share in 2019 and the projection period, it is likely to have a CAGR of 4.3%. The dominance of the market is due to the high acceptance of advanced technology, better healthcare facilities and the existence of leading market players are the factors boosting the hospital sector.
- The Asia Pacific region is estimated to grow at the highest rate of 6% owing to improved healthcare infrastructures, better compensation scenarios, and increasing investments in diagnostic imaging.
- The market in Europe is expected to witness a high growth rate of 4.5% during the projection period.
- A multi-layered contract to incorporate digital technologies and imaging through the Affidea network was signed in December 2019 between two dominant key players, GE Healthcare and Affidea.
- Another key player in the healthcare industry, Royal Philips and Hologic, Inc. a pioneer of women’s health organization declared a global collaboration in 2019 to provide integrated solutions for medical professionals including novel informatics, diagnostic imaging modalities, treatment and screening for women.
- Fujifilm Holdings Corporation
- Toshiba Medical Systems Inc.
- Shimadzu Corporation
- Canon Inc.
- Samsung Electronics Co. Ltd.
- GE Healthcare
- Hologic, Inc.
- Carestream Health
- Siemens Healthineers
- Koninklijke Philips N.V.
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For the purpose of this report, Reports and Data has segmented the global medical imaging market on the basis of technology, application, end-user, and region:
Technology Outlook (Revenue, USD Million; 2017-2027)
- X-Ray Imaging
- Magnetic Resonance Imaging (MRI)
- Ultrasound Imaging
- Nuclear Imaging
- Computed Tomography
Application Outlook (Revenue, USD Million; 2017-2027)
End-User Outlook (Revenue, USD Million; 2017-2027)
- Diagnostic Centers
Regional Outlook (Revenue, USD Million; 2017-2027)
Middle East & Africa
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Table of Contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Medical Imaging Segmentation & Impact Analysis
4.1. Medical Imaging Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
126.96.36.199. Increasing prevalence of diseases in growing geriatric population
188.8.131.52. Advancement in the medical imaging technology
184.108.40.206. Rising demand for diagnosis at an early stage
4.2.3. Market restraints analysis
220.127.116.11. Cost-prohibitive medical imaging systems
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
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