New York, United States , Nov. 01, 2023 (GLOBE NEWSWIRE) -- The Global Medical Imaging Services Market Size is To Grow from USD 590 Billion in 2022 to USD 968 Billion by 2032, at a Compound Annual Growth Rate CAGR of 5.0% during the forecast period.
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Medical imaging refers to techniques for producing images of the human body (or particular body regions) for various clinical purposes such as treatments and diagnosis, as well as medical research, which involves the investigation of normal anatomy and function. Biological imaging techniques include radiography, endoscopy, thermography, medical photography, and microscopy. Medical imaging comprises measuring and recording methods such as electroencephalography (EEG) and magnetoencephalography (MEG), which provide data in the form of maps rather than visuals. Furthermore, the rising prevalence of lifestyle-related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased government investment and reimbursement initiatives, and new facility expansions by market players in developing countries are expected to drive market growth.
The growing demand for cutting-edge imaging modalities by teaching hospitals and universities to provide advanced technical training is expected to have a significant impact on market growth in the future. Further use of AI to automate image quantification and identification will fuel market growth. Deep Mind, Google's AI platform, collaborated with Moorfields Eye Hospital, for example, to analyze all optical CT scanner eye images to ensure early detection of age-related macular degeneration. Furthermore, diagnostic imaging technologies are costly and need considerable initial investment. Healthcare institutions, primarily outpatient imaging facilities, that purchase such costly equipment may occasionally rely on third-party payers to recuperate the costs of diagnoses, screening, and treatments performed with these systems.
Covid 19 Impacts
The COVID-19 pandemic had a substantial influence on the medical imaging services business. During the early stages of the pandemic, numerous non-essential imaging tests and screenings were postponed or canceled to prioritize resources for COVID-19 patients and reduce the risk of virus transmission. This resulted in a decrease in the overall volume of medical imaging services. Medical imaging services also faced operational challenges as a result of infection control methods, social distance restrictions, and high demand for personal protective equipment (PPE).
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Medical Imaging Services Market Size, Share, and COVID-19 Impact Analysis, By Modality (X-Ray Imaging, MRI, Ultrasound, Computed Tomography, Nuclear Imaging, Mammography), By Application (Cardiology, Neurology, Orthopedics, Gynecology, Oncology, and Others), By End-use (Hospitals, Diagnostic Centers, Clinics, & Ambulatory Surgical Centers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032."
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The X-Ray imaging segment is dominating the market with the largest market share during the forecast period.
The global medical imaging services market is divided into many segments based on modality, including X-Ray imaging, MRI, ultrasound, computed tomography, nuclear imaging, and mammography. Among these categories, the X-Ray imaging sector has the highest revenue share throughout the forecast period due to reasons such as increased incidence of lung diseases, dental difficulties, and bone fractures, which have accelerated the usage of X-ray imaging therapies.
The neurology segment is influencing the largest market share over the forecast period.
The global medical imaging services market is segmented into applications such as cardiology, neurology, orthopedics, gynecology, oncology, and others. The neurology section leads the market across all of these segments due to rising senior populations, as well as increased rates of brain damage and neurodegenerative disorders such as Alzheimer's disease (AD) and Parkinson's disease (PD), which are predicted to drive worldwide category growth. According to the Alzheimer's Association, an estimated 6.5 million Americans aged 65 and more will have Alzheimer's dementia in 2022, with the amount expected to climb to 12.7 million by 2050.
The hospital segment is influencing the market with the largest market share over the forecast period.
The worldwide medical imaging services market is bifurcated into different segments based on end users, which include hospitals, diagnostic centers, clinics, and ambulatory surgery centers. The hospital sector has the highest revenue share throughout the forecast period, owing to increased demand for improved imaging modalities as well as the integration of surgical suites with imaging technologies, all of which are propelling the market. In several rich countries, demand for these modalities at teaching hospitals has increased far more than in general or specialty hospitals.
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North America is leading the market with the largest market share of 32.9% during the forecast period
North America is expected to lead substantial market expansion throughout the projection period owing to the presence of a large number of industry participants in the region, as well as the high frequency of new product releases, which are factors driving the market's expansion. Moreover, due to favorable reimbursement conditions and market player investment, the area has experienced substantial adoption of contemporary, high-end medical imaging equipment.
Asia Pacific is expected to grow fast throughout the forecast period due to the rising frequency of chronic diseases and the increased demand for better imaging technology. An increasing number of domestic manufacturing units are expected to create low-cost diagnostic devices, aiding in this price-sensitive, underserved market sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Medical Imaging Services Market include GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, Mindray Medical International, Esaote, Hologic, Inc., Samsung Medison Co., Ltd., Koning Corporation, PerkinElmer Inc., FUJIFILM VisualSonics Inc., Cubresa Inc., and Others.
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Recent Development
In July 2022, Canon Medical introduced the Vantage Fortain MRI System at ECR 2022. This MRI system includes novel workflow solutions, image improvements, and expedited scan technologies, all of which contribute to lowering the time necessary for MRI treatments.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Medical Imaging Services Market based on the below-mentioned segments:
Global Medical Imaging Services Market, By Modality
- X-Ray Imaging
- MRI
- Ultrasound
- Computed Tomography
- Nuclear Imaging
- Mammography
Global Medical Imaging Services Market, By Application
- Cardiology
- Neurology
- Orthopedics
- Gynecology
- Oncology
- Others
Global Medical Imaging Services Market, By End User
- Hospitals
- Diagnostic Centers
- Clinics
- Ambulatory Surgical Centers
Medical Imaging Services Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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