New York, Dec. 16, 2021 (GLOBE NEWSWIRE) -- According to the new market research report "Medical Imaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (CT Systems, X-ray Systems, PET Systems, MRI systems, Ultrasound Systems, Others); End User (Urgent Care Centers, OP Centers, Clinicians Offices, Emergency Care Centers), and Geography", published by The Insight Partners, the global medical imaging market was valued at US$ 23,901.88 million in 2020 and it is projected to reach US$ 33,002.52 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028.
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Medical Imaging Market: Competition Landscape and Key Developments
General Electric Company, Siemens AG, Koninklijke Philips N.V., SHIMADZU CORPORATION, Hitachi, Ltd., Canon Inc., Hologic, Inc., Carestream Health Inc., ESAOTE SP and Samsung Group are among the key companies operating in the cartilage degenration market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
- In March 2021, Vscan AirTM is a cutting-edge, wireless pocket-sized ultrasound launched by GE Healthcare that offers crystal clear image quality, whole-body scanning capabilities, and intuitive software in the palm of clinicians' hands.
- In Jan 2021, Esaote North America has launched MyLab X8 Ultrasound System in Canada. Previously approved by FDA in the USA, MyLab X8 expands the reach of the MyLab Ultrasound Product Line with a fully featured premium imaging solution, integrating the latest technologies, and delivering superior image quality without compromising workflow or efficiency.
- In December 2020, Samsung has introduced latest radiology innovations with its premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography at the Radiological Society of North America (RSNA) 2020 Annual Meeting from November 29 to December 5.
North America was the largest Medical Imaging Market in 2020, and the region will offer several growth opportunities to market vendors during the forecast period. The rising prevalence of chronic diseases, technological advances, product launches, the growing number of awareness programs regarding the early diagnosis of diseases, and the high healthcare spending by people will significantly drive medical imaging market growth in this region over the forecast period.
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Additionally, implementation of safety guidelines and policies, and extensive investments by market players for product development and distribution in the US and Canada are encouraging the market growth. The U.S has many advanced surgical treatment clinics and an increasing number of orthopedic surgical procedures. The rising geriatric population is one of the factors for the growth of the market. The increase in the aging population reflects more population undergoing medical treatments. Growing prevalence of cancer is expected to raise the demand for medical imaging devices in the US. For instance, as per the National Cancer Institute, ~1,735,350 new cases of cancer were detected in 2018, and breast cancer, prostate cancer, and melanoma cancer are among the common types of cancer in the country.
Ultrasound is used to diagnose and treat the kidney stones. Kidney stones affect nearly 1 in 10 people in the United States. As per the American Urological Association the kidney stone prevalence is attributed near around 13% in the individual across all age groups. The kidney stone affects approximately 12% of the population in their lifespan. The incidence of the urinary stone is observed more in the South Eastern and Central Southern United States. The area is known as the Stone Belt, the term stone belt reflects the hot weather and dehydration in these areas. In addition, the mortality rate for the untreated kidney stone was 27% before the development of modern urologic techniques for treatment.
Furthermore, developments by the market player in the US is further expected to enhance market growth. For instance, in December 2019, PENTAX Medical launches a new FDA-cleared HD Endobronchial Ultrasound Scope in the US. Moreover, in February 2020 the US FDA approved ‘world’s first’ portable, low-cost MRI following positive clinical research.
Therefore, owing to the above-mentioned factors, the market for medical imaging is expected to grow in the forecast period in the US significantly.
Asia Pacific medical imaging market is anticipated to grow at the fastest rate over the forecast period owing to the rising incidences of chronic diseases and the high demand for advanced imaging devices. Japan is the biggest market for medical imaging in the Asia Pacific. The presence of Japan and South Korea-based market giants are anticipated to play an important role in the regional market growth. An increasing number of local manufacturing units is expected to provide moderately priced diagnostic units, thus helping in price-sensitive, underpenetrated market space in the region.
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Increasing demand for Early Diagnosis in Medical Imaging Market:
Cancer is now responsible for almost one in six deaths globally. More than 14 million people develop cancer every year, and this figure is projected to reach over 21 million by 2030. In the Americas, almost 3 million people develop cancer each year, and this figure is expected to rise to 4.5 million by 2030. Progress on strengthening early cancer diagnosis and providing basic treatment for all can help countries meet national targets tied to the Sustainable Development Goals (SDGs). New guidance from the World Health Organization (WHO) seeks to facilitate early diagnosis to improve patient survival. New guidance from the World Health Organization (WHO), launched ahead of World Cancer Day (4 February), aims to improve the chances of survival for people living with cancer by ensuring that health services can focus on early diagnosis and treatment. New WHO figures released in 2020 indicate that each year 8.8 million people die from cancer, mostly in low- and middle-income countries. In the Americas region, an estimated 1.3 million people die each year from cancer, which is the second-leading cause of death in most countries of the region. The major problem is that even in countries with optimal health systems and services, many cancer cases are diagnosed at an advanced stage, when they are harder to treat successfully.
Diagnostic testing is an integral part of the healthcare system, providing essential information to enable providers and patients to make the right clinical decisions. Indeed, around 75% of clinical decisions are based on a diagnostic test. Demand for access to quicker and accurate diagnosis is rising at a rate of 10% per year, increasing the cost and putting pressure on the capacity and capability of diagnostic providers. From the patient point of view, early detection and diagnosis can prevent unnecessary pain and suffering. It can also reduce the scale and cost of treatment. A large body of research links early diagnosis to measurable health gains, such as improved survival rates and lower treatment costs. Further, government awareness will further propel the market growth. For instance, Be Clear on Cancer campaigns aim to improve early diagnosis of cancer by raising public awareness of signs and symptoms of cancer and encourage people to see their GP without delay. The programme is led by Public Health England, working in partnership with the Department of Health and NHS England.
Medical Imaging Market: Segmental Overview
Based on product the medical imaging market is segmented into CT systems, X-ray systems, PET systems, MRI systems, ultrasound systems, and others. The X-ray segment accounted for more than 28.48% of the market share in 2020. In terms of end users, the medical imaging market is segmented into hospitals, OP centers, clinicians’ offices, and emergency care centers.The hospitals held the largest share of the market in 2020.
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The COVID-19 outbreak has disturbed various trades and businesses across the world. The global impacts of COVID-19 are being felt across several markets. Due to coronavirus spreading, many cities are shutting down causing treatments and doctor’s appointment cancellation. Patients with serious health conditions, such as Cardiovascular, General Imaging, Musculoskeletal, OB and GYN, Vascular needs physical distancing with others, however, delays in such chronic disease treatments are distressing. However, In the situation of COVID-19 many companies such as Siemens Healthineers, General Electric Company are taking initiative in the United States, used imaging techniques such as CT and ultrasounds to scan the lungs of patients as a part of the treatment of COVID-19. For instance, Siemens Healthineers, is providing lung ultrasound which is strongly recommended for acute respiratory failure and can be a useful alternative during the COVID-19 outbreak if CT is not readily available. Therefore, although there has been a disruption in manufacturing and supply chain models of the manufacturing companies, the heightened demand for computed tomography scans and imaging units led to spur in the market growth.
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