Ottawa, July 22, 2022 (GLOBE NEWSWIRE) -- The global medical imaging market size was accounted at USD 45.19 billion in 2022. The increased prevalence of chronic disease among the people has given rise to the need of imaging techniques in order to and decide the prognosis of the disease and thus decided a suitable line of treatment for the patient. The imaging techniques are mainly used in the orthopedic field where a clear picture of the structural changes is required by the doctor in order to decide a line of treatment for the patient.
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The gynecological field also shows a great demand for the imaging techniques in order to make a proper judgment regarding the pathological and structural changes inside the abdomen and pelvic region of the person. More advanced imaging techniques are used when the basic imaging procedures fail to detect a problem with the patient.
Key Takeaways:
- In 2021, the ultrasound product segment has registered highest market share of 29%.
- North America medical imaging market was valued at USD 12.32 billion in 2021.
- Based on product, U.K. medical imaging market was estimated at USD 2.1 bn in 2021.
- The CT product segment is anticipated to grow at a remarkable CAGR from 2022 to 2030.
- In 2021, the hospital segment accounted 48% revenue share.
- In 2021, North America region has garnered 34% market share.
Report highlights
- On the basis of product, the X ray imaging technique has dominated the segment as a result of its easy availability in almost every part of the world. It is a primary imaging procedure which is followed immediately after a major trauma.
- On the basis of end user, the hospital sector has dominated the segment as a result of, it being a primary health care service in case of an emergency. The multiple facilities along with skilled labor force which is provided by a hospital set up proves to be an attractive offer for the people which helps the market to show a considerable growth.
- On the basis of geography, the North American market has dominated the segment as a result of its rapid technological advancements.
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Regional snapshots
The North American market has dominated the segment as a result of the huge geriatric population residing in this region Who are prone to multiple chronic diseases and bone disorders. The increased prevalence of road accidents and chronic diseases among the people has increased the need for advanced technology in the field of medical imaging in order to provide better services to the people.
The Asia Pacific region has proved to be a huge market for the medical imaging as a result of the rapid technological advancements seen in this sector. The European market has also proved to be very beneficial for the growth of the market due to the advanced facilities which are provided by the government. The Middle Eastern countries have also shown a significant growth as a result of the excellent facilities provided with the use of advanced technologies.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 42.2 Billion |
| Revenue Forecast by 2030 | USD 78.1 Billion |
| CAGR | 7.08% from 2022 to 2030 |
| By Product |
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| By Application |
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| By End User |
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| By Region |
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Market Dynamics
Drivers
The rapid advancements which are seen in the imaging technology has helped the market to record a considerable growth during the forecast period. The incremental innovations done by the key market players in order to attract the potential consumers has proved to be a driving force for the market. The increasing disposable income of the people as a result of the high-income capacity has helped the market to record a considerable growth.
The rapid increase in the number of chronic diseases which are seen in the market has helped to boost the market size tremendously. Increasing awareness regarding the health care sector among the people has also boosted the market size considerably as a result of technological advancements. The rapidly increasing geriatric population in the world has propelled the demand for advanced imaging technology in order to provide the best possible services to the people. These multiple reasons prove to be the driving factors for the growth of the medical imaging market during the forecast period.
Restraints
The high cost which is associated with the use of advanced technology has proved to be a restraining factor for the growth of the medical imaging market. Lack of disposable income possessed by the people residing in the developing and underdeveloped countries has proved to be a barrier for the growth of the market during the forecast period. The lack of awareness regarding the health care facilities provided by the private and the governmental organizations has hindered the growth of the market.
There is also a lack of awareness regarding the reimbursement facilities which are provided by the insurance companies and hence people avoid the visits to the health care centers. The difficulties which are faced by the common people in order to obtain reimbursement from the insurance companies has also hindered the growth of the market to a great extent these multiple reasons prove to be the restraining factors for the growth of the market during the forecast period.
Opportunities
With the rapid advancements in technology regarding the imaging methods, people have shown acceptance towards the changing methods which has helped the market to grow. The new government policies which have been laid down in order to provide better health care facilities to the people has supported the growth of the market to a great extent.
A number of government initiatives have come up in order to encourage the people to take advantage of the various health care facilities which include the imaging procedures as well. The introduction of artificial intelligence into the imaging procedures has helped the market to find new opportunities in the healthcare sector. The chances of human error are eliminated with the use of artificial intelligence. These multiple reasons prove to be the opportunities for the growth of the market during the forecast period.
Challenges
The lack of skilled labor force in order to operate the advanced technology and machines has proved to be a great challenge for the medical imaging market. Risk cannot be taken regarding the skilled medical staff as it is directly related to the functioning of these costly machines.
The high cost which is associated with the use of these advanced technologies has proved to be a great challenge for the growth of the market as it cannot be afforded by the developing countries who have a weaker economic background. The lack of awareness regarding the health care facilities provided by the government has also proved to be a great challenge for the growth of the market.
Recent developments
- In April 2021, Ziehm Imaging has collaborated with Carestream to supply a C-Arm machine See on machine, Ziehm Vision RFD which is expected to support its market growth.
Key market players
- Siemens Healthineers
- Canon Medical Systems Corp.
- GE Healthcare
- Koninklijke Philips N.V.
- Mindray Medical International
- Esaote
- Hologic
- Samsung Medison Co.
- FUJIFILM VisualSonics Inc.
- Cubresa Inc.
- Koning Corporation
- PerkinElmer Inc.
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