New York, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Increasing demand for early disease diagnosis, adoption of analytics and artificial intelligence in diagnostic imaging, widening scope of clinical applications, rapidly growing geriatric population base, rising prevalence of associated diseases, technological advancements in the diagnostic imaging industry, and increasing investments, funds, and grants by public and private organizations are key factors contributing to high CAGR during the forecast period.
According to the current analysis of Reports and Data, the global Medical imaging systems market was valued at USD 24.11 Billion in 2018 and is expected to reach USD 36.97 Billion by the year 2026, at a CAGR of 5.5%. The study covers systems of ‘Medical imaging’ - Medical imaging is the technical process of creating visual representations of the interior of a body for medical intervention and clinical analysis, as well as a visual representation of the function of some organs or tissues.
The recent emergence of Medical imaging systems as a diagnostic tool is a major disruptive finding in the healthcare sector. In line with this, major technological advancements are leading to novel ways of diagnostics — for instance, CurveBeam LLC. An US-based advanced and compact 3D imaging Device Company launched an improved and updated version of Planmed Verity CBCT scanner. The device comes with a 3D imaging solution for orthopedic, and also provides head and neck imaging.
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Rising adoption of analytics and artificial intelligence in diagnostic imaging, unmet needs of diagnostics pushing the tech development, significant focus of healthcare players on development of novel mechanisms, upcoming patent expiry, widening scope of clinical applications, favorable regulatory scenario, and availability of public as well as private funds for research are some of the prominent factors propelling industrial growth in the industry. However, High cost of diagnosis of these procedures, and technological limitations associated are the major hindrance for the industrial growth during 2019-2026.
Further key findings from the report suggest
- Medical imaging systems market is growing at a CAGR of 5% in Asia Pacific followed by North America and Europe, with 5.3% and 5.2% CAGR, respectively. Growing Geriatric Population across the globe is the prominent factor to accelerate the market growth during forecast period across all regions
- As of 2018, Computed Tomography (CT) Scanners is the leading product segment of the medical imaging systems industry. This segment is also expected to register highest CAGR among Medical imaging systems
- The X-ray segment was valued at USD 5.4 Billion in 2018 and is expected to grow at the rate of 5.2%. Increasing Demand for Early Diagnosis is the prominent factor contributing to the market growth of this product segment
- In nuclear imaging, biologically important chemicals are labeled with radioactive materials, where the specific labeled compound is chosen depending on the disease or physiological process of interest. Through nuclear decays, high energy γ-rays are emitted and detected. Depending on the photon energy, a great many of the photons are absorbed or scattered in the tissue, a process called attenuation. Because of this attenuation, and because of the high (relative to X-ray) energies, a relatively smaller number of photons are available for detection at the same patient dose. Consequently, the counting statistics are poor, resulting in noisy images with unspectacular resolution.
- The market Obstetrics/Gynecology Health Application type segment is expected to reach USD 13.4 billion by year 2026, growing at a CAGR of 5.3% during the forecast period
- The Cardiology segment is expected to register a CAGR of 5.2% during 2019-2026.
- Asia Pacific is expected to account for the 20.1% of this industry. Developing nations such China, and India are likely to witness significant growth
- High cost of diagnosis of these procedures and dearth of trained professionals is likely to hinder the market growth during the forecast period
- Key participants include GE Healthcare, Esaote S.p.A, Siemens Healthineers, CurveBeam LLC, Koninklijke Philips N.V., Agfa-Gevaert N.V., Samsung Electronics, Canon Medical Systems Corporation, Hitachi Ltd., Carestream Health, Inc., Hologic, Inc., Mindray Medical International, Planmed Oy, Shimadzu Corporation among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Medical imaging systems market on the basis of type, disease type, treatment type, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Computed Tomography (CT) Scanners
- Ultrasound Imaging Systems, Nuclear Imaging Systems
- X-ray Imaging Systems
- MRI Systems
- Others
Application Type (Revenue, USD Million; 2016–2026)
- Obstetrics/Gynecology Health
- Cardiology
- Orthopedics and Musculoskeletal
- Neurology
- Others
End Use (Revenue, USD Million; 2016–2026)
- Hospital
- Imaging Centers
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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