Growth opportunities in the medical imaging market look promising over the next six years. This is mainly due to the increase in the prevalence of chronic disease, the rising geriatric population, and the escalation in the utilization of imaging devices in therapy.
Medical Imaging Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging incidences of chronic diseases across the nation is the major driver stimulating the growth of the medical imaging market. For example, the World Health Organization asserted that by the end of 2021, the extensiveness of these diseases is expected to boost by 60%. Moreover, the expanding aging population will further strengthen the medical imaging market size. In accordance with the WHO, the 60 years old population is likely to reach 2 billion because of the substantial rise in average life expectancy. The evolving technological innovations have positively impacted the healthcare sector, which is further contributing to market growth. For instance, technologies such as three-dimensional printing and Artificial Intelligence have boosted the present and future scope of market growth. Artificial intelligence produces the best image quality using ai alterations for CT scans and MRIs, which has enhanced radiology. Moreover, the expansion in the employment of these imaging devices in therapy coupled with an essential switch towards precision medicine has promoted the medical imaging industry.
Moreover, leading players like GE Healthcare, Shimadzu Corporation, Siemens Healthineers are engaged in the assistance of image therapy solutions, which will drive the market growth. For instance, Siemens Healthineers, in 2019, proffered a range of diagnostic solutions in the field of radiography and magnetic. Also, the company propagates more than 60% of its revenue from the imaging segment. For example, the company generated total revenue of 17,706 million, out of which 11,130 million was led by this segment, which exhibits the market’s huge potential.
However, as per the medical imaging analysis, product retraction by prominent market players is predicted to obstruct the market growth. GE healthcare, in 2018, recalled Millennium MC, Millennium MG, and Millennium Myosight nuclear medicine systems, where they did not possess mechanical stopper and proper functioning of motion stopper.
End-Users Segment Drivers
Based on the end-users, hospitals are projected to expand at a CAGR over the forecast period. This is majorly attributed to the deliberate strategies by the government and regulatory development for the expansion and enlargement of the healthcare infrastructures. German Health Minister, in 2020 had stated US$ 3.53 billion for hospitals, which will bolster the market growth.
Medical Imaging Market’s leading Manufacturers:
- PerkinElmer Inc.
- Carestream
- Varian Medical Systems
- Toshiba Medical Systems Inc.
- GE Healthcare
- Siemens Healthineers
- Aribex Corporation
- Ziehm Imaging Inc.
- Shimadzu Corporation
- Koninklijke Philips N.V.
Medical Imaging Market Segmentation:
Segmentation by Modality:
- Stationary
- Portable
Segmentation by Procedure:
- CT Scanners
- MRI Scanners
- Nuclear Medicine Imaging
- Ultrasound
- X-Rays
- Others
Segmentation by Technology:
- Direct Digital Radiology
- Computed Radiology
Segmentation by Patient Age:
- Adults
- Paediatrics
Segmentation by Application:
- Cardiology
- Pelvic and Abdominal
- Oncology
- Mammography
- Gynaecology
- Neurology
- Urology
- Musculoskeletal
- Dental
- Others
Segmentation by End-Users:
- Hospitals
- Diagnostic and Imaging Centers
- Specialty Clinics
- Ambulatory Surgical Centers
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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