Medical Imaging Market Overview
Medical Imaging or Radiology is the field of medical science concerned with recreating the images of internal organs, bones, blood vessels and other internal parts of the body for diagnosing diseases or injuries. These are non-invasive procedures meaning there is no need for surgical processes. Specialised medical equipment is used for medical imaging.
The value of the global Medical imaging market stood at USD 37.97 billion in the year This value is projected to increase to USD 64,994.14 Million by 2030. In the forecast period, this market is estimated to register a CAGR of 5.8%.
Growing number of patients suffering from various chronic diseases such as cancer, cardiovascular diseases, diabetes, arthritis and others has led to an increased importance for early diagnosis, leading to more demand for medical imaging facilities and the consequent growth of the medical imaging market. Rapid growth in the geriatric population and the resulting increase in age-related diseases also drive this market’s growth. Technological advancements in medical imaging procedures and increasing investments by both government bodies and private players also boost the market growth.
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The covid-19 pandemic had a negative impact on the growth of the medical imaging market. Reduced hospital visits, decreased number of routine and elective procedures due to focus on Covid-19, disruption of supply chain due to closure of manufacturing facilities or delayed deliveries and the financial inability of imaging centres and hospitals to purchase new devices restricted the market growth during the pandemic. Technological shortcomings of various medical imaging procedures also have a negative impact on market growth.
The global medical imaging market is divided into CT equipment, X-ray equipment, ultrasound and molecular imaging and MRI based on product type. CT equipment segment held the largest share in 2020 and is expected to dominate the forecast period. The main reason is the increasing adoption of CT equipment by hospitals and diagnostic centres for early and accurate diagnosis. Covid-19 pandemic also boosted the CT equipment segment because CT scan of the chest is usually required to detect the disease and track its progress.
The global medical imaging market is divided into oncology, cardiology, gynaecology, orthopaedics, neurology and others. The largest segment is cardiology. The rapid rise in cardiovascular diseases due to the increasing geriatric population and the high prevalence of sedentary lifestyle.
The global medical imaging market is divided into speciality clinics, diagnostic imaging centres, hospitals, and others based on the end user. Diagnostic centres hold the largest share in the market. This is due to rapid growth of diagnostic centres in both developed and developing countries.
The global medical imaging market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
North America dominated the global medical imaging market with 30.5% share in 2020. Reasons for this dominance are more adoption of advanced medical imaging procedures, the presence of major manufacturers, the highest spending on healthcare and increasing diagnostic tests due to the rise in chronic diseases.
Medical Imaging Market Key Players
The biggest contenders in the medical imaging market are Shimadzu Corporation (Japan), General Electric Company (US), Siemens AG (Germany), Hitachi Ltd (Japan), CMR Naviscan (US), Koninklijke Philips N.V., FUJIFILM Holdings Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Medtronic PLC (Ireland), Esaote S.p.A (Italy), Carestream Health (US), Canon Medical Systems Corporation (Japan), Analogic Corporation (US), Hologic, Inc. (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung (South Korea), and many more.
In 2021, Konillijke Philips N.V. launched Spectral Computed Tomography 7500 technology which uses spectral detectors for accurate diagnosis.
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