The global medical imaging market size was USD 36.19 billion in 2020. The market is expected to grow from USD 37.97 billion in 2021 to USD 56.53 billion in 2028 at a CAGR of 5.8% in the 2021-2028 period. The Medical Imaging Market is likely to grow in the coming years due to the increasing incidence of chronic diseases such as liver, cancer, and cardiovascular diseases. According to a report published by Fortune Business Insights, Market: Global Market Analysis, Insights and Forecasts, 2018-2025.
Growing Adoption of Technologically Advanced Systems to Drive the Market in the US
The increasing investment by government and public organizations towards diagnosis and treatment of cancer has paved the way for innovations and advancements in the global Market. The increasing awareness about effects of major diseases such as cancer and orthopedic diseases has fueled the demand for early detection of these disease and immediate diagnosis methods. Furthermore, research initiatives by the leading companies are aiding the growth of the market in the U.S. In 2018, Siemens Healthcare GmbH introduced two new magnetic resonance imaging scanners.
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The products were an instant hit within the healthcare personnel and there was an immediate demand for Siemens’ devices for medical imaging. The increasing demand had a direct impact on the overall market in the US. Besides US, the Market in Asia Pacific is likely to grow in the coming years due to high investments in research and development of medical imaging by private organizations and leading investor firms.
Increasing Demand for Ultra-Sonic Equipment to Boost Growth
To suffice the constantly increasing demand and growing expectations from end users, healthcare manufacturers are putting in more efforts to come up with new products. Along with new products, healthcare manufacturers are also under the pressure of improving product and device efficiencies. There is an increasing demand for ultrasound imaging equipment arising from healthcare settings in emerging countries. The major reason for this rising demand is the improved efficiency of new ultrasound imaging equipment introduced in the market. Among all types of medical imaging equipment, ultra-sonic devices accounted for almost 22.9% of the global Market.
Novel Imaging Techniques including 3D and Colour Imaging to Boost the Global Market
Recent advancements in 3D imaging have given impetus to the global Market. Increasing investment in improving pixel resolutions and other factors related to ensuring improved image quality have a direct impact on the global Market. Furthermore, the advances made in molecular imaging have led to exceptional discoveries and contributed to development of next-in-class devices. The high quality images produced by the latest medical imaging devices have allowed healthcare professionals to explore potentials within the molecular cell biology. The aforementioned factors have accounted for the growth of the global Market.
South Korean Government announces US$ 1 Bn for Development of Medical Devices
In May 2019, the South Korean government announced that it plans to invest around 1 trillion Won, which is US$ 1Bn in the research and development of high caliber medical devices. The Ministry of Science and ICT (MSIT) announced that after the preliminary study on research and development was concluded last month, it now aims to develop world class devices within the next 6 years. The MSIT made its intentions clear by announcing a huge sum that no compromises will be made in healthcare devices including imaging, scanning, diagnosis, treatment, and other devices. With a huge investment, the government aims at tackling issues such as treating physically disabled people, improving quality of rehabilitation for those in need, and providing high quality devices for early detection of fatal diseases such as cancer. This initiative is likely to have a positive impact on the global Market and shall bode well for its growth in the coming years.
Key companies covered in the report
- GE
- Hitachi
- SHIMADZU CORPORATION
- fnms(siemens healthcare in jordan)
- SuperSonic Imagine
- Hologic, Inc.
- SAMSUNG
- FUJIFILM Holdings America Corporation
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Major Table of Content:
- Market Dynamics
- Key Insights
- Epidemiology Overview: Key Diseases, 2018
- Overview: Mergers, Acquisitions &Partnerships
- Pricing Analysis, Key Players
- Installed Base Scenario, Key Brands/ Players
- Global Medical Imaging Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Magnetic Resonance Imaging (MRI) Equipment
- Computed Tomography (CT) Equipment
- X-ray Equipment
- Ultrasound Equipment
- Molecular Imaging Equipment
- Market Analysis, Insights and Forecast – By Application
- Cardiology
- Neurology
- Orthopedics
- Gynecology
- Oncology
- Others (Urology, etc.)
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Diagnostic Imaging Centers
- Others
- Market Analysis, Insights and Forecast, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Strategic Recommendations
Continued…
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