Demand for Minimally Invasive Treatments to Positively Impact Medical Imaging Market Growth
Market Analysis:
Various factors are propelling the demand for the medical imaging market. Such factors, according to the latest Market Research Future report, include the increasing adoption of mobile x-ray and portable systems, technological innovations in medical imaging, an increase in the aging population, and increasing awareness of disease detection at an early stage. Additional factors propelling the medical imaging growth rate include increasing investments from the public and private organizations, rising prevalence of neurological and cardiac diseases, and rising preference for treatments that are minimally invasive.
The globalmedical imaging market is anticipated to touch USD 34,100 million at a 5.4% CAGR between 2019-2025, according to the Market Research Future report’s latest medical or diagnostic imaging statistics. Medical imaging technology, simply put, is a part of biological imaging that uses different technologies, including CT-scan, MRI, x-ray scan, among others for diagnosing diseases and thereby assisting doctors in deciding the course of treatment.
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On the contrary, unfavorable health reforms, the high price of medical imaging devices, and the high cost of setup are factors that may hamper the medical or diagnostic imaging market growth during the forecast period.
Key Players:
Hologic Inc., Fonar Corporation, Samsung Medison, Fujifilm Holdings Corporation, EsaoteSpA, Carestream Health, Shimadzu Corporation, Hitachi Ltd, Toshiba Corporation, Siemens Healthcare GmbH, Koninklijke Philips NV, and GE Healthcare.
Market Segmentation:
· The Market Research Future report offers a complete segmental analysis of the Medical Imaging Market based on end user, modality, application, and product.
· By product, the medical imaging market is segmented into nuclear imaging systems, ultrasound imaging systems, computed tomography (CT) scanners, x-ray imaging systems, and magnetic resonance imaging (MRI). Of these, the x-ray imaging systems will dominate the medical imaging market during the forecast period.
· By application, the medical imaging market is segmented into spine & musculoskeletal, pelvic & abdominal, neurology, oncology, urology, vascular, cardiology, obstetrics/gynecology (OB/GYN), dental, and general imaging.
· By modality, the medical imaging market is segmented into stationary and portable.
· By end user, the medical imaging market is segmented into diagnostic imaging centers, hospitals and clinics, and others. Of these, hospitals & clinics will lead the market during the forecast period.
Regional Analysis:
By region, the medical imaging market report covers the latest trends and growth opportunities across the Asia Pacific, North America, Europe, and the Middle East & Africa. Of these, the Americas will spearhead the market during the forecast period. Various factors propelling the growth of the medical imaging market in the region include rising geriatric population prone to various chronic diseases, an increasing number of diagnostic centers, technological advancements in the imaging technology, increasing awareness regarding preventive care, and the presence of a well-established healthcare system. The US is the major contributor in this region.
The medical imaging market in Europe will have the second-largest share during the forecast period. Various factors propelling the growth of the medical imaging market in the region include increasing awareness about medical imaging devices, rising adoption of these devices, increasing incidence of chronic diseases, the presence of a flourishing medical device industry, and technological advancements. Germany is the major contributor in this region.
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The medical imaging market in the APAC region will grow at the highest CAGR during the forecast period. Various factors propelling the growth of the medical imaging market in the region include favorable initiatives adopted by the government for the growth of the healthcare industry, presence of a huge patient pool, rising prevalence of cancer, adoption of advanced diagnostic technology, increasing number of hospitals & diagnostic centers in India, Japan, and China, and increasing number of awareness programs.
The medical imaging market in the MEA and Latin America will have a small growth during the forecast period for the limited accessibility of medical facilities, particularly in Africa and lack of technological awareness.
Industry News:
Dec 2019: DiA Imaging Analysis, an AI medical imaging startup, has joined hands with IBM Watson Health to offer its AI-powdered cardiac ultrasound software that is FDA-approved to help clinicians in automatically analyzing cardiac ultrasound images.