Medical Imaging Market Highlights
Market Research Future (MRFR) assessed the global medical imaging market 2020 through the review period till 2025. MRFR study states that the medical imaging market is expected to rise at 6.52% CAGR across the forecast period.
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By 2025, the medical imaging market value can touch USD 45,719.65 Mn. Technological advancements in healthcare applications and strategic agreements among top-notch tech companies and medical service providing giants are causes that are expected to support expansion of the medical imaging market in the years ahead. Improvements in point-of-care in case of ultrasound systems, easy portability of magnetoencephalography (MEG) brain scanners, and other revolutionizing trends in the diagnostic sector are anticipated to contribute to the improving impetus of the medical imaging market. Medical imaging solution providers are investing in innovations designed to offer accurate imaging solutions at affordable price. This is expected to create lucrative scope for the new players in the medical imaging market. However, surge in cost of diagnostic image solutions and inability of healthcare organizations to purchase expensive imaging systems due to economic disruption induced by COVID 19 pandemic can hinder the medical imaging market rise.
Medical Imaging Market Segment Analysis
The segment study of the global medical imaging market are modality, end-user, and application. The modality-based segments of the medical imaging market are magnetic resonance imaging (MRI), x-ray systems, ultrasound systems, and nuclear imaging, and computed tomography (CT). The application-based segments of the global medical imaging market are cardiology, neurology, and oncology among others. The end-user-based segments of the medical imaging market are hospitals and clinics, academic institutes, diagnostic centers, and research organizations.
Imaging systems play pivotal role in diagnosis, and subsequent designing of correct and effective prognosis regimen. The increasing need for medical imaging systems in diagnosis, choice of treatment, and monitoring progress, is resulting in strategic joint ventures between reputed players to generate decent revenue. In addition, hike in research and development undertakings for advancements in imaging devices and growing awareness about new diagnostics solutions to detect fatal disease at early stage are creating scopes for emerging players to capitalize, for generating decent resources. Lack of trained professionals and financial strap on healthcare organizations are some issues hindering sales of medical imaging systems.
Medical Imaging Market Regional Analysis
The Americas, Europe, Middle East and Africa, and Asia-Pacific are regions that are assessed under the geographic analysis of the medical imaging market. As per MRFR study, the Americas medical imaging market can dominant the global market in review tenure. The presence of numerous medical imaging system suppliers and growing prevalence of chronic diseases can prompt the regional market in the review period. The surge in funding by medical and technical organizations for research can benefit the market in the coming period. The rise in number of diagnostic tests and increase in research undertaking on cancer can bolster the regional medical imaging market growth.
In Europe, the medical imaging market is expected to earn decent value through the forecast term due to the presence of different favorable government laws and initiatives. The existence of a large population base suffering from lifestyle-associated conditions, and high rate of adoption imaging devices are other causes that can influence Europe medical imaging market in the approaching years.
In Asia Pacific, the medical imaging market can expand at high CAGR across the study tenure 2019 to 2025. Increase in capita health spending, developing healthcare sector across India, and Australia, growing older population base, and the presence a robust regulatory framework that aid in accelerated diagnostic process and product approvals at comparatively lower prices are some of the crucial factors that are identified to support APAC medical imaging market by 2025.
In the Middle East and Africa, the medical imaging market can rise at a modest pace from 2019 to 2025. The medical imaging market in Middle East can hold considerable market share through the assessment period. The developing medical infrastructure and surge in cases of medical tourism are causes that can earn profit for the medical device industry.
Medical Imaging Market Key Players
Market Research Future (MRFR) recognizes some of the top-notch players in the medical imaging market.
- Siemens AG (Germany),
- Analogic Corporation (U.S.),
- Canon Medical Systems Corporation (Japan),
- Carestream Health (U.S.),
- CMR Naviscan (U.S.),
- General Electric Company (U.S.),
- Esaote S.p.A (Italy),
- FUJIFILM Holdings Corporation (Japan),
- Hitachi Ltd (Japan),
- Hologic, Inc. (U.S.),
- Medtronic PLC (Ireland),
- Samsung (South Korea),
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China),
- Shimadzu Corporation (Japan),
- Koninklijke Philips N.V.
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