WASHINGTON, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The market is expected to grow as a result of factors such as the rising incidence of lifestyle-related diseases, the rising demand for early detection tools, technological advancements to speed up turnaround times, increased government investment & reimbursement initiatives, and the expansion of new facilities by market players in developing countries.
Additionally, the emphasis on early diagnosis has increased due to the rising prevalence of chronic diseases like cardiovascular, neurologic problems, and other conditions, as well as the realignment of healthcare systems. For example, the Centers for Disease Control and Prevention (CDC) estimate that 18.2 million adults in the United States alone suffer from coronary artery disease (CAD) each year. Diagnostic imaging is the process of obtaining visual representations of a body's interior for both diagnostic and therapeutic reasons using various imaging techniques. This covers a variety of modalities that are used to take pictures of the human body for the purpose of diagnosing and treating disorders and, as a result, is essential to improving general health. The Global Market revenue was valued at USD 27.5 Billion in 2021.
The Global Medical Imaging Market size is forecast to reach USD 35.8 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period; states Vantage Market Research, in a report, titled “Medical Imaging Market Size, Share & Trends Analysis Report by Products (X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging (MRI), Nuclear Imaging), by End Users (Hospitals, Diagnostic Imaging Centers, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Medical Imaging Market was valued USD 27.5 Billion in 2021 and is all set to surpass USD 35.8 Billion by 2028, exhibiting a CAGR of 4.5% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Medical Imaging industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Drivers:
Introduction of Technologically Advanced Systems
The demand for medical imaging equipment is expected to surge by factors like the growing need for early and affordable diagnoses of chronic diseases and the aging global population. Two of the key reasons influencing the market growth are the introduction of technologically sophisticated gadgets and the expansion of the healthcare industry in Asian nations. For instance, Fujifilm Corporation introduced new Artificial Intelligence (AI) based lung nodule detection technology in May 2020. To help in the diagnosis of lung cancer, this technology is utilized to detect pulmonary nodules in chest CT scans.
Additionally, in order to capture whole-heart spectral pictures in one beat, Canon Medical Systems Corporation introduced One-Beat Spectral Cardiac CT in November 2020. This technology features quick kVp switching and deep learning spectral reconstruction. The introduction of various new goods is anticipated to increase demand, fueling the market's expansion.
Artificial Intelligence Enabled Medical Imaging Equipment
One of the key factors driving the market's growth is the introduction of cutting-edge imaging equipment. One of the key aspects projected to significantly contribute to the increasing product demand throughout the forecast period is the increasing adoption of powerful AI-enabled diagnostic equipment for speedy diagnosis and predictive analysis in developed countries. Only a small number of market firms are now offering AI-enabled imaging technology to the healthcare sector. As an illustration, in October 2019, Siemens Healthineers unveiled the Acuson Redwood ultrasound system, which provides an imaging solution for clinical divisions like radiology, cardiology, and obstetrics/gynecology. With numerous artificial intelligence (AI)-based capabilities for smart workflows and cardiology features, the system is portable and lightweight.
Additionally, Hologic, Inc. declared in December 2020 that Genius AI Identification technology had received U.S. Food and Drug Administration approval for the early detection of breast cancer. It is projected that the availability of AI-enabled technology will increase demand and fuel the expansion of the medical imaging industry.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Medical Imaging Market is not an exception. Administrative bodies worldwide implemented curb measures, for instance, lockdown, to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale industries which are technology partners to the Medical Imaging Market companies suffered impact due to the pandemic. In addition, the Medical Imaging Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the COVID-19 spread.
Since the beginning of 2022, the supplies and workforce are expected to resume normal which will further bolster Medical Imaging Market industry coming back on track. Vantage Market Research, while performing the research on the topic for the Global Medical Imaging Market has considered the end-to-end impact of COVID-19 on the Global Medical Imaging Market. In addition, the study also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Medical Imaging Market industry. Furthermore, the study also does an exhaustive analysis while estimating the present and the future market size for the Global Medical Imaging Market industry primarily based on the aforementioned data points:
1. Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
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The report on Medical Imaging Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America is expected to dominate the growth of Medical Imaging Market in 2021. Due to China's expanding demand for high-quality materials, the region of North America is expected to dominate the Medical Imaging Market. Additionally, expanding consumer spending habits and changing client preferences will increase demand for the goods. In addition, it is anticipated that the growth of several production industries and improvements will support the rubber compound industry's expansion.
List of Prominent Players in Medical Imaging Market:
- GE Healthcare
- Koninklijke Philips N.V.
- Siemens Healthineers
- Canon Medical Systems Corporation
- Mindray Medical International
- Esaote
- Hologic Inc.
- Samsung Medison Co. Ltd.
- Koning Corporation
- Perkin Elmer Inc.
- FUJIFILM Visual Sonics Inc.
- Cubresa Inc.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Medical Imaging Market Size, Share & Trends Analysis Report by Products (X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging (MRI), Nuclear Imaging), by End Users (Hospitals, Diagnostic Imaging Centers, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
In May 2021, Siemens Healthcare GmbH launched SomatomX.ceed, a new and efficient version of the SomatomX.cite system that the company launched in 2019.
May 2021, Koninklijke Philips N.V. launched Spectral CT 7500, a new flagship CT scanner intended to perform spectral imaging for routine daily use.
March 2021, Hitachi, Ltd. launched two new permanent MRI systems APERTO Lucent Plus, a 0.4T permanent open MRI, and the AIRIS Vento Plus, a 0.3T at the European Congress of Radiology.
July 2020, FUJIFILM Sonosite, Inc. launched the Sonosite PX ultrasound system. Sonosite PX is the next generation in Sonosite POCUS, with the most advanced image clarity.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Medical Imaging Market for the base year and forecast period?
This market titled “Medical Imaging Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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