New York, Oct. 16, 2023 (GLOBE NEWSWIRE) -- With a predicted CAGR of 5.4%, the global medical imaging market is expected to experience rapid expansion. This boom, which is anticipated to increase the market from USD 34.5 billion in 2022 to USD 57.6 billion by 2032, denotes major developments in diagnostic and healthcare technology.
Technological developments, rising healthcare costs, and a surge in chronic diseases are driving this expansion. Medical imaging is being advanced by partnerships between top healthcare organizations like the Mayo Clinic and business giants like GE HealthCare.
Diagnostics are being revolutionized by innovations like GE Healthcare's Air Recon Deep Learning Software and Siemens Healthineers' NAEOTOM Alpha CT scanner that improve image quality while lowering radiation exposure. Manufacturers are creating customized imaging hardware and software catered to particular medical conditions in response to the ongoing spike in demand, which is boosting the industry and having an effect on global healthcare.
The prevalence of chronic diseases, such as cardiovascular conditions, cancer, and neurological disorders, is on the rise globally. Medical imaging plays a pivotal role in the early detection, accurate diagnosis, and monitoring of these chronic ailments. This surge in chronic diseases drives the demand for advanced imaging technologies, contributing significantly to market growth.
Manufacturers are tailoring imaging hardware and software to address specific medical conditions and healthcare needs. This customization not only improves the efficiency and effectiveness of diagnostic procedures but also enhances patient care. The ability to offer specialized solutions is a key driver of market growth.
To learn more about profitable market segments, Request a Medical Imaging Market sample report at: https://marketresearch.biz/report/medical-imaging-market/request-sample/
Key Takeaways
- X-ray technology dominates the medical imaging industry due to its reliability, versatility, and non-invasive nature.
- Orthopedics stands out as a dominant application within the medical imaging market.
- Hospitals, as essential healthcare providers, have emerged as the dominant end users segment in the medical imaging market.
- Asia Pacific region has emerged as a significant player in the global medical imaging industry due to several factors, with a notable one being its large and continuously expanding population.
- Technological developments, partnerships, and creative solutions are fueling the growth of the medical imaging industry and advancing healthcare.
- A growing older population, technological advancements, and factors including rising chronic diseases and the need for early detection all contribute to market growth. However, difficulties include exorbitant equipment prices, radiation safety worries, a lack of qualified personnel, and sporadic product recalls.
Driving Factors
Aging Global Population
Because of the global population aging, there are now more old people than ever. Older folks typically have more health issues and may need more medical care. Medical imaging is essential for keeping track of their health and identifying age-related diseases like dementia and osteoporosis. It enables medical professionals to guarantee that older patients receive the proper treatment and retain their standard of life.
More People Seeking Early Detection
It helps in detecting problems early on. It functions as a powerful diagnostic tool that helps doctors to find health issues in the very early stages. The likelihood that a patient will recover increases when diseases are detected early and treated well. This phenomenon helps to fuel the market's rising demand for medical imaging services.
Rising Incidence of Chronic Illnesses
Health disorders including heart disease, cancer, and diabetes are examples of chronic diseases. 71% of deaths worldwide, according to the WHO, are caused by chronic diseases. Diagnoses and ongoing monitoring of these disorders are greatly aided by medical imaging techniques like MRI and CT scans. It enables medical professionals to view fine-grained views of tissues and organs, thereby assisting them in spotting concerns early and developing successful treatment regimens.
Want to identify emerging opportunities and plan for industry shifts? Speak to Our Analyst @ https://marketresearch.biz/report/medical-imaging-market/#inquiry
Restraining Factors
Frequently Recalled Products
Medical imaging equipment occasionally experiences product recalls because of flaws or security issues. These recalls may reduce healthcare professionals' confidence in the dependability of such equipment and make them less willing to spend money on new imaging technology. Additionally, patients and healthcare workers could be reluctant to use equipment that has previously been recalled, which could have a detrimental effect for market expansion. Recalls on a regular basis can harm a company's reputation and prevent the adoption of innovative imaging technology.
Qualms Over Radiation Exposure
Ionizing radiation is utilized in a variety of medical imaging procedures, including X-rays and CT scans. Issues about exposure to radiation persist despite the fact that these procedures are often regarded as safe when carried out by qualified specialists as well as when the benefits exceed the dangers. Some healthcare professionals, including patients, may be reluctant to recommend or undertake certain imaging examinations due to concerns about possible long-term radiation consequences. This worry may cause someone to favour alternate diagnostic techniques or utilize radiation-based imaging less frequently.
Growth Opportunities
Imaging Hybrid Technologies
Hybrid imaging technologies are another market growth element for medical imaging. They combine two or more types of imaging, such PET and CT scans, to give a patient a more complete picture of their interior health. As healthcare professionals and people look for the most accurate and comprehensive information when making healthcare decisions, businesses involved in the growth of such hybrid technologies are seeing their markets grow.
Opportunities for Growth in Emerging Markets
In developing nations, the discipline of medical imaging is increasing quickly. This means that there are excellent opportunities for expansion in the medical imaging industry in regions where technology for healthcare is still in its infancy. These nations will require extra imaging devices and experts as they increase their healthcare spending, opening up chances for enterprises to offer these products and services.
Make informed business decisions with our sample report, revealing key market insights Click Here To Download/Request a Sample
Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 34.5 Billion |
| Market Size (2032) | US$ 57.6 Billion |
| CAGR (from 2023 to 2032) | 5.4% from 2023 to 2032 |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Regional Analysis
Many important reasons contribute to the Asia Pacific region's dominance in the medical imaging market. One of these is a steadily growing population, which leads to an increase in the need for healthcare services, notably in medical imaging. To meet this expanding demand, both public and private industries are making considerable investments in cutting-edge healthcare facilities outfitted with cutting-edge imaging technologies.
Additionally, the rise in chronic illnesses across Asia and the Pacific has highlighted the need of early disease identification, raising the demand for medical imaging solutions. The region's strong manufacturing industry also makes it possible to produce high-quality, economically feasible imaging devices locally, reducing the need for imports. A culture of continual innovation in imaging techniques is fostered by cooperative projects between educational institutions, health care professionals, and technology firms, further solidifying Asia Pacific's relevance in the world of medical imaging.
Stay ahead of the curve with MarketResearch.Biz - Get the insights you need by purchasing this industry report at https://marketresearch.biz/purchase-report/?report_id=25834
Segment Analysis
By Type, X-ray technology is the rapidly growing segment. Its historical dependability and adaptability are credited with its dominance. X-rays are essential for identifying a variety of medical disorders because they provide important information about the inner workings of the body. Both healthcare professionals and patients highly like them due to their non-invasiveness and comparatively inexpensive cost.
When it comes to by application type, Orthopaedics is quickly becoming a market leader in the medical imaging sector, especially when it comes to treating musculoskeletal illnesses and injuries. Given the increased incidences of conditions like osteoarthritis and broken bones, especially in the aging global population, this specialism is essential in healthcare. In orthopaedics, precise evaluations and plans for therapy are crucially dependent upon the use of advanced imaging tools.
Due to their crucial position in the provision of healthcare, hospitals have served as the core of the medical imaging market by the end users. Hospitals, which serve as centres for many different medical specialties, rely on imaging techniques including X-rays, CT scans, MRIs, and ultrasound examinations for diagnosis and monitoring. They are able to absorb and utilize the most recent developments in medical imaging technology thanks to their enormous infrastructure, finances, and high number of patients, ensuring their continuous dominance in the market.
Segments Covered in the Report
By Type
- Magnetic Resonance Imaging
- Computed Tomography
- X-ray
- Ultrasound
- Molecular Imaging
By Application
- Cardiology
- Neurology
- Orthopaedics
- Gynaecology
- Oncology
- Others
By End User
- Hospitals
- Specialty Clinics
- Diagnostic Imaging Centres
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Get a PDF For Customizable Frameworks, Models, And Methodologies @ https://marketresearch.biz/report/medical-imaging-market/request-sample/
Competitive Landscape Analysis
With a broad product portfolio that includes MRI, CT, and ultrasound systems and is renowned for its innovation and quality, Siemens Healthineers dominates the global market for medical imaging equipment.
General Electric (GE) Healthcare supplies medical facilities all over the world with cutting-edge diagnostic imaging technology, including X-ray, MRI, and PET-CT scanners. Modern radiology and cardiology systems are Philips Healthcare's area of expertise, with a focus on bettering patient care and clinical results.
High-end diagnostic imaging equipment is a specialty of Canon Medical Systems (previously Toshiba Medical Systems), which emphasizes technology for better patient care. The introduction of cutting-edge products by other major vendors including Hitachi, Hologic, Butterfly, and Analogic has heightened market competitiveness.
Key Market Players
- Shimadzu Corporation
- Fujifilm Holdings Corporation
- Philips Healthcare
- GE Healthcare
- Fonar Corporation
- Samsung Medison
- HOYA Group Pentax
- Hitachi Medical Corporation
- Toshiba Corporation
- Hologic Inc
- Medtronic
- Carestream Health
- Siemens Healthcare
- Cubresa Inc
Recent Developments
- Mayo Clinic and GE Healthcare announced a medical imaging and theranostics strategic agreement in September 2023, combining Mayo Clinic's clinical and scientific experience with GE Healthcare's strengths in research, engineering, and development of products to revolutionize medical imaging and patient care.
- In 2023, GE Healthcare's Edison platform debuted the Air Recon Deep Learning Software (ARDLS), which improved image quality and specificity while cutting MRI scan times by nearly half, particularly in 3.0T MRI machines, which have greater resolution compared to 1.5T MRIs when combined with ARDLS.
- The Revolution Apex CT scanner from GE Healthcare, which incorporates the AIDR 3D AI-powered platform and can reduce exposure to radiation by up to 75% without sacrificing image quality, was unveiled in 2023.
Browse More Related Reports
Mass Spectrometry Imaging Market was valued at UЅD $708.1 Мn in 2020, and is projected to achieve a valuation of UЅD $1,298.0 Мn by 2030, at a САGR of 7.4%.
Breast Imaging Market size is expected to be worth around USD 11,285 Mn by 2032 from USD 5,094 Mn in 2022, growing at a CAGR of 8.5% during the forecast period from 2023 to 2032.
Veterinary Imaging Market size is expected to be worth around USD 4.1 Bn by 2032 from USD 2.3 Bn in 2022, growing at a CAGR of 6.1% during the forecast period from 2023 to 2032.
Artificial Intelligence (AI) In Radiology Market size is expected to be worth around USD 14.6 Bn by 2032 from USD 1.1 Bn in 2022, growing at a CAGR of 30.4% during the forecast period from 2023 to 2032.
Diagnostic Tests Market size is expected to be worth around USD 410.5 Bn by 2032 from USD 182.0 Bn in 2022, growing at a CAGR of 8.7% during the forecast period from 2023 to 2032.
About Us:
MarketResearch.Biz (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. MarketResearch.Biz provides customization to suit any specific or unique requirement and tailor-made reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn: https://www.linkedin.com/company/marketresearch-biz/
Follow Us on Facebook: https://www.facebook.com/marketresearch.biz
Follow Us on Twitter: https://twitter.com/PrudourResearch
