Medical Imaging Market Overview
Market Research Future (MRFR) expects the medical imaging market to thrive at a rate of 6.52% from 2020 to 2027 (assessment period). It is also presumed that the global market would touch USD 45,719.65 Million by 2027-end.
Growth Drivers and Challenges
To cater to the surging diagnostic needs and bolster sales volume, manufacturers are emphasizing on designing technically innovative and high quality medical digital imaging systems. Some of the latest systems have features like digital X-rays and 5D ultrasound along with wireless DR detectors that facilitate better image quality as well as accurate diagnosis. The emergence of superconducting magnets coupled with the integration of software into imaging modalities and hybrid imaging modalities as major technological developments in medical imaging have favored the global industry. Additionally, the firms’ rising focus on upgrading the existing imaging modalities to integrate new software solutions, will also have a remarkable impact on the global market.
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With the rapid emergence of cutting-edge technologies like machine learning and artificial intelligence, and their integration into medical imaging devices promises of a thriving future. AI-backed medical imaging systems help users automate highly complicated diagnostic procedures, elevate patient experience, and also bring down the total costs. The companies are also striving to design AI platforms for major end-users including hospitals for the management of extensive medical imaging data, which assist clinicians reach insightful decisions.
Medical Imaging Market Segmentation
Modality, application, and end-user have been covered in the MRFR report as the major segments, in order to offer an exhaustive outline of the medical imaging industry.
Modality-wise, the key segments mentioned in the MRFR study are X-Ray Systems, Magnetic Resonance Imaging (MRI), Ultrasound Systems, Computed Tomography (C.T.), Nuclear Imaging, among others. Computed tomography or CT notes considerable demand worldwide, as a result of which the segment is touted to achieve the fastest growth rate in the next few years. Demand for CT systems has been further pushed by the COVID-19 pandemic. Also, the introduction of the high-precision CT scanners integrated with the artificial intelligence technology as well as visualization systems will further foster the demand.
Major applications of the medical imaging system include neurology, cardiology, oncology, and more. The cardiology segment is dominating the worldwide industry, given the extensive use of the systems in this field.
Diagnostic centers, hospitals and clinics, coupled with research organizations and academic institutes are the top end-users of medical imaging systems. The clinics and hospitals segment has procured the top spot in the market considering the huge demand for innovative imaging modalities, particularly in surgical suites.
Medical Imaging Market Regional Insight
Europe, the Middle East & Africa or ME, the Americas, and Asia Pacific or APAC are the major markets for medical imaging.
The Americas has taken the lead in the global industry, as the demand for medical imaging systems has escalated on the back of the flourishing healthcare sector and constant technical developments. Significant awareness among the professionals, large-scale budgets allocated for extensive research and development activities in oncology and various other fields are some of the key reasons for the regional market’s robust growth. Not to mention, the grants offered by the governments to the healthcare firms in the United States as well as Canada paired with the favorable insurance scenario further amplifies the business growth in the region.
Second in the lead is Europe, in terms of volume and growth. The region should maintain its position throughout the evaluation timeline, thanks to the surging cases of cancer as well as the consequent increase in the demand for advanced and effective medical imaging systems. The market share in the region is also bolstered by the easy accessibility to medical facilities, burgeoning aging patient pool, and the exponential surge in both infectious and chronic disorders.
The fastest growth will be experienced by the APAC market for medical imaging, given the rapidly soaring cases of chronic ailments, and the resultant surge in the need for technologically innovative advanced devices and equipment. Japan is the most bankable market in Asia Pacific, while the highest growth rate will be attained by South Korea due to the surging number of large-scale manufacturing facilities being set up in the country.
Medical Imaging Market Leading Vendors
The significant stakeholders in the global market for medical imaging are Hitachi Ltd (Japan), Shimadzu Corporation (Japan), Canon Medical Systems Corporation (Japan), CMR Naviscan (US), Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Koninklijke Philips N.V. (Netherlands), Samsung (South Korea), Medtronic PLC (Ireland), FUJIFILM Holdings Corporation (Japan), Siemens AG (Germany), Carestream Health (US), General Electric Company (US), Esaote S.p.A (Italy), Hologic, Inc. (US), Analogic Corporation (US), to mention a few.
The global market for medical imaging is filled with numerous reputed vendors that frequently undertake strategies such as agreements, acquisitions, collaborations, and mergers to elevate their business standings. This has rendered the global market significantly competitive.
Nanox, the well-known medical imaging firm has acquired Zebra Medical Vision, the advanced deep-learning medical imaging analytics vendor. The deal is worth around USD 200 million, both the medical imaging companies will be leveraging Zebra-Med’s skilled team, cloud capabilities, AI technology, as well as the regulatory framework to develop the cutting-edge Medtech juggernaut.
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