Medical Imaging Market Overview
Medical imaging market is on track to thrive at a rate of 6.52% from 2020 to 2027 (analysis period). It is also likely that the market can touch USD 45,719.65 Million by 2027-end.
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Growth Drivers and Deterrents
The medical imaging industry is touted to witness robust growth in the years to come on account of the rampant surge in chronic disorders and the need for faster detection. These diseases are quite prevalent among the rapidly expanding geriatric pool. Moreover, the frequent technological advances, increased spending by government bodies, particularly in Asian countries and the surge in launch of new devices and services by well-known companies also push the market growth. For instance, in January 2021, Fujifilm introduced its new medical imaging solution in the Indian market. The solution helps early detection of any sign of several lifestyle-related disorders as well as cancer.
A few more growth boosting factors can be the rise in supportive FDI regulations, favorable business scenario, and the mounting knowledge among healthcare workers with regard to the latest imaging technologies. Apart from this, soaring popularity and use of teleradiology services make up for the shortage of skilled and trained radiologists across the globe.
Modality, application, as well as end-user are the major segments analyzed in the MRFR report, to better outline the growth prospects of the global market.
Modality-based segments discussed in the report are Ultrasound Systems, Magnetic Resonance Imaging (MRI), Nuclear Imaging, Computed Tomography (C.T.), X-Ray Systems, among others. The demand for CT is quite substantial and therefore the segment can exhibit the fastest growth. The use of these systems has escalated rapidly since the COVID-19 outbreak, while the emergence of high-precision advanced CT scanners backed by artificial intelligence as well as innovative visualization systems also foster the segmental expansion.
Applications of medical imaging systems are oncology, cardiology, neurology, and more. The lead has been procured by the cardiology segment in the industry.
The end-users in the global industry profiled in the study are diagnostic centers, research organizations and academic institutes along with hospitals and clinics. The clinics and hospitals segment stands at the leading spot in the market since the demand for highly advanced imaging modalities has been surging exponentially, especially in surgical suites.
The global market can be regionally segregated into Europe, the Middle East & Africa or ME, Asia Pacific or APAC and the Americas.
The American market for medical imaging is the highest gainer and the key reason can be the thriving healthcare sector, along with the technical innovations in diagnostic devices and many more. High awareness level among healthcare professionals, large-scale amounts spent on rigorous research and development activities, mostly in oncology are identified as major growth boosters as well. In addition to this, the grants provided by the government to several healthcare agencies, especially in the US and Canada along with the supportive insurance scenario fortify the market position in the region.
Europe is the second most lucrative region in the global market, in view of the rising cancer cases and the resultant surge in the need for efficient medical imaging systems. The regional market is further boosted by the availability of well-equipped medical facilities, soaring elderly patient base, and the exponential growth in the number of infectious and chronic diseases.
The medical imaging market in APAC should capture the highest growth rate during the appraisal timeline, by virtue of the rapidly mounting number of chronic ailments, which fosters the need for technically advanced medical imaging equipment. Japan is the most attractive market in the region, while South Korea is touted to be a fast-emerging market in view of the rising set up of huge manufacturing units with cheap priced diagnostic units.
The strong market contenders identified in the MRFR report are Siemens AG (Germany), Hitachi Ltd (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Canon Medical Systems Corporation (Japan), CMR Naviscan (US), Koninklijke Philips N.V., FUJIFILM Holdings Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Samsung (South Korea), Medtronic PLC (Ireland), Esaote S.p.A (Italy), Analogic Corporation (US), Carestream Health (US), General Electric Company (US), Shimadzu Corporation (Japan), Hologic, Inc. (US), and many more.
The medical imaging industry is filled with well-established giants that undertake strategies such as collaborations, mergers, agreements, and acquisitions to remain relevant. As a result, the global market is significantly competitive.
NANO-X IMAGING LTD, a leading firm in the medical imaging industry, extended the collaborative contract with USARAD Holdings Inc., a teleradiology and telemedicine company based in the US. This extension has been done with the aim to create a new radiology diagnostics solution that will combine over 300 radiologists along with extensive use of AI-backed algorithms.
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