New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Medical Imaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Imaging Market Information By Modality, Application, End-User, And Region - Forecast till 2030", the market size was valued USD 39.19 in 2021 and is expected to reach USD 64.99 billion by 2030 at 7.10% CAGR during the forecast period 2022-2030
Market Synopsis
The field of medicine known as medical imaging, or radiology, involves reconstructing multiple images of bodily components for diagnostic or therapeutic purposes. Non-invasive tests are part of the medical imaging process, which enables doctors to make non-intrusive diagnoses of illnesses and injuries. The global medical imaging market has experienced a tremendous expansion in recent years. The monitoring frequency rate of long-term illnesses, particularly COVID-19, is principally responsible for the market's expansion. Additionally, it is projected that the growth of manufacturers and suppliers of medical imaging systems will increase demand. Medical imaging plays a crucial role in improving treatment and diagnosis planning in the healthcare sector.
Medical imaging procedures like ultrasound, MRI, X-ray, and C.T. scan serve to visualize inside body organs so patients can receive better care. Healthcare disciplines frequently employ medical imaging tools to diagnose illness problems and support therapy recommendations. The development of the medical imaging market has been aided by more recent developments and technological improvements in the industry. Furthermore, such advancements improve disease diagnosis and therapy by enabling early and precise disease condition identification. The emphasis on early diagnosis has increased due to the rising prevalence of chronic diseases like cardiovascular, neurologic problems, and other conditions and the realignment of healthcare systems. This affects the number of individuals worldwide who have X-ray, magnetic resonance, and computed tomography scans, together with the increased focus of government agencies on the early identification of diseases to control healthcare expenditures.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 64.99 Billion |
| CAGR | 7.10% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors and Trends |
| Segments Covered | By Modality, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Technological Advancements in medical imaging |
| Increasing Strategic Agreements and Product Launches |
Market Competitive Landscape:
The famous companies in the medical imaging market are:
- Siemens AG (Germany)
- Shimadzu Corporation (Japan)
- Koninklijke Philips N.V.
- Analogic Corporation (U.S.)
- General Electric Company (U.S.)
- Esaote S.p.A (Italy)
- FUJIFILM Holdings Corporation (Japan)
- Hitachi Ltd (Japan)
- Hologic, Inc. (U.S.)
- Medtronic PLC (Ireland)
- Canon Medical Systems Corporation (Japan)
- Carestream Health (U.S.)
- CMR Naviscan (U.S.)
- Samsung (South Korea)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
Market Dynamics:
Market Drivers:
Outstanding & reimbursement programs by the government, the rising need for early diagnosis tools, technical developments to enhance turnaround time, and the building of new facilities by market participants in developing countries are believed to be driving the market's growth. The requirement for medical imaging in hospitals and diagnostic facilities is rising due to the rising frequency of chronic diseases, particularly among seniors. Medical imaging is becoming more reliable thanks to several technical developments, which raises demand for it in the healthcare industry.
During the anticipated years, the need for cutting-edge imaging modalities by teaching universities and hospitals to offer training for cutting-edge technology is anticipated to expand significantly. Additionally, the deployment of A.I. to automate the picture quantification and identification process is anticipated to accelerate market expansion. Medical imaging is increasingly in demand as healthcare costs rise in developed and developing nations. Over the projected period, the medical imaging industry will be driven by all of these drivers taken together. In the upcoming years, the market expansion is anticipated to be fueled by rising R&D activities, expanding healthcare infrastructure, and adopting cutting-edge medical imaging modalities. New methods for portable and wearable scanners and nuclear imaging. Also, contribute to the industry's expansion.
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Market Restraints:
One of the key factors predicted to restrain the growth of the global market for imaging equipment during the forecast period is the frequency of product recalls. This, together with the existence of a sizable and tightly controlled market for used equipment, particularly in developing and lucrative markets like China and India, has restricted the uptake of novel and creative equipment in these nations. Several well-known domestic companies have entered this market, supplying refurbished, low-cost equipment to medical facilities worldwide.
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COVID 19 Analysis
The COVID-19 pandemic had a large effect on the market for medical imaging. Due to the value of medical imaging in treating and diagnosing severe COVID-19 infections, the medical imaging sector experienced tremendous growth during the COVID-19 pandemic. The care of patients following COVID-19 also includes medical imaging techniques. The intensity of COVID-19 infections can be assessed using chest X-rays, ultrasonography, and C.T. scans, which can also be used to look for disease dissemination in the lungs. These elements contribute to an increase in worldwide market demand.
Market Segmentation
The market includes diagnostic centers, hospitals and clinics, academic institutes and research organizations by end-user.
By modality, the market includes X-Ray systems, ultrasound systems, computed tomography (C.T.), magnetic resonance imaging (MRI), and nuclear imaging.
By application, the market includes oncology, cardiology, and neurology.
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Regional Insights
The regional medical imaging market in the Americas is due to expanding developments in sophisticated diagnostic tools and increased patient awareness. During the forecast period, it is anticipated that the clearly defined funding for research projects, targeted oncology research initiatives, and grants from government healthcare agencies in the U.S. medical imaging diagnostic equipment market and Canada will support the dominance of the Americas medical imaging market.
Due to the sharp increase in cancer cases in European countries, which is spurring demand for medical imaging equipment over the projected period, Europe is the next market for medical imaging. This is strengthening the market in the European area. The use of advanced medical imaging systems is predicted to accelerate technological advancements, expand the patient pool, and support the growth of the Asia-Pacific medical imaging market. The medical imaging market in the Middle East and Africa is driven by the region's steadily rising acceptance of treatment modalities and an increasing number of medical scanning vendors.
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