Selbyville, Delaware, Aug. 13, 2020 (GLOBE NEWSWIRE) --
According to latest report “Medical Imaging Market by Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging , Ultrasound, {2D, 3D }, Computed Tomography, Nuclear Imaging, Mammography), End-use (Hospitals, Diagnostic Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of medical imaging will cross $53 billion by 2026. Strategic initiatives for developing innovative medical imaging products will augment the industry growth.
High expenditure on healthcare sector, especially in developed economies worldwide will offer a lucrative growth potential for the medical imaging market expansion. The healthcare expenditure can be analyzed based on three factors that include the source of financing, the healthcare functions that are financed, and the providers of healthcare. According to a study, the U.S. spends twice as much on healthcare as any other high-income country globally, including Germany, UK, Sweden, and Japan. Robust utilization of medical imaging technology is one of the contributing factors. Thus, high spending on healthcare sector will trigger market growth during the forecast period.
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The computed tomography segment accounted for more than 15% of the medical imaging market share in 2019 as it takes less time for scanning as compared to other devices. Time required for CT scan spans between 30 secs to 5 minutes, while an MRI scan can take 15 mins to 2 hours depending upon body part under examination. Several such advantages of computed tomography over X-ray and MRI including better imaging of soft tissues and bones will favor segment growth. Similarly, portable CT scanners offer short installation time, minimal logistics issue and is a preferable option for patients.
Asia Pacific medical imaging market valuation was around USD 8.5 Bn in 2019 owing to surging demand for advanced diagnostic devices along with rising incidence of chronic diseases. Presence of Japan and South Korea based leading manufacturers such as Fujifilm and Samsung Medison respectively are expected to play a major role in the APAC market size expansion. Furthermore, rising investments in diagnostic imaging and improving healthcare infrastructure are major factors driving the regional growth.
The hospital end-use segment is projected to register a growth of over 5% through 2026 due to increasing adoption of advanced medical imaging equipment such as MRI, CT, and ultrasound in hospitals for easy diagnosis. Recently developed medical imaging devices are extensively preferred in hospitals during the surgeries as they possess accuracy and efficiency. Additionally, for effective patient care majority of diagnostic imaging procedures are performed at hospitals.
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Some of the prominent players operating in medical imaging market include Canon Medical Systems, Carestream Health, Philips, Fujifilm, GE Healthcare, Siemens Healthineers, among others. These industry players are focusing on developing novel products that helps the firm increase its revenue share globally. For instance, in March 2019, Siemens Healthineers received U.S. FDA approval for Mammomat Revelation mammography system. This strategy helped the company expand its existing capabilities in the medical imaging industry.
Some major findings of the medical imaging market report include:
- Surging disease burden coupled with rapidly growing geriatric population base in developed economies will accelerate the market progression.
- Emergence of artificial intelligence (AI) in radiology will drive the market size.
- Increasing government initiatives to raise awareness in developing and underdeveloped economies for early disease diagnosis will offer lucrative growth opportunities.
- The current pandemic of COVID-19 will have a significant impact on the market. With surging number of corona cases, the need for intensive care support is also rising. Hence, medical imaging modalities will provide effective data on COVID-19 disease progression.
Table of Contents (ToC) of the report:
Chapter 3. Medical Imaging Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By end-use
3.5. COVID-19 impact analysis
3.6. Porter’s analysis
3.7. Competitive landscape, 2019
3.8. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.