A recent report published by
Infinium Global Research on the medical imaging market provides in-depth analysis
of segments and sub-segments in the global as well as regional medical imaging
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional medical imaging market over the short
term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of the global medical imaging market. According
to the report, the global medical imaging market is projected to grow at a CAGR
of nearly 6% over the forecast period of 2022-2028.
The Global Medical Imaging Market
was valued at over USD 35 Billion in 2022 and is expected to reach about USD 50
Billion in 2028, with a CAGR of nearly 6% during the forecast period. Medical
imaging forms a vital component of the healthcare industry for better diagnosis
and treatment planning. Medical imaging techniques like ultrasound, X-ray, MRI,
and CT scans help to visualize body organs internally allowing better take care
for the patients. The increasing prevalence of lifestyle-related diseases,
rising demand for early detection tools, technological advancements to boost
work time, increased investment & reimbursement initiatives undertaken by
the Govt, and expansions of the latest facilities by market players in
developing nations, are said to enhance the market growth. Moreover, a
supportive initiative by governments will further drive the expansion of the
market. For example, in June 2021 the Govt of India launched X-Ray Setu, a free
AI (AI)-based platform to assist doctors with the early COVID-19 interventions.
Major components driving growth
within the medical imaging market include rising age demographics, growth
in the incidence of assorted diseases, and increasing awareness of
early-stage chronic disease detection and diagnosis. Also, factors like
increasing investments and grants by government bodies for modernization of
imaging facilities and technological advancements in diagnostics imaging
modalities are too responsible to enhance the expansion of the medical imaging
market. Rising healthcare expenditure in developed, yet developing countries,
surges the demand for medical imaging. These factors together will drive the
medical imaging industry over the forecast period. Furthermore, increasing
R&D activities as well as rising healthcare infrastructure and adaptation
of innovative medical imaging modalities are expected to drive market growth
over the forecast period. However, factors like the high cost of the diagnostic
imaging system and technological limitations related to stationary/standalone
imaging systems hinder the expansion of the medical imaging markets. File
Sharing ecosystem and growing adoption of mobile and portable medical imaging
devices are the key factors that may further create huge growth opportunities
for the medical imaging market.
Although the outbreak of the
COVID-19 pandemic had negative effects on the industries it positively
influenced the medical imaging market during the forecast period. The COVID-19
pandemic had a considerable impact on the medical imaging market. The medical
imaging industry witnessed significant growth during the COVID-19 pandemic
because of the usefulness of medical imaging in the diagnosis and treatment
guidance of severe COVID-19 infections. Medical imaging procedures are utilized
in the management of patients post-COVID-19. Chest X-rays, ultrasound, and CT
are commonly accustomed to gauge the severity of COVID-19 infections and detect
the spread of the disease within the lungs. These factors help to surge the
worldwide market demand.
The global medical imaging market
is segmented into the Asia Pacific, North America, Europe, the Middle East
& Africa, and South America. Among the regions, North America has the
dominant market share over other regions. The U.S accounted for the highest
market share owing to the presence of major leading medical imaging diagnostic
companies and the introduction of new products in this region. Asia Pacific is
expected to grow at the fastest rate over the forecast period owing to the
development of healthcare facilities, increasing government initiatives, and
growing medical tourism in APAC countries. Japan has the highest market share
in the medical imaging market owing to the presence of companies catering to
medical imaging devices and technological advancements made by these companies.
The report on the global medical
imaging market covers segments such as product, and end-user. On the basis of
product, the sub-markets include radiography( x-ray), ultrasound, computed
tomography scans, magnetic resonance imaging scans, and nuclear medicine scans.
On the basis of end-user, the sub-markets include hospital, and imaging
centers.
The report provides profiles of
the companies in the market such as GE Healthcare, Siemens Healthcare, Shimadzu
Corporation, Koninklijke Philips N.V, Carestream, Toshiba Medical System Inc.,
Ziehm Imaging Inc., Aribex Inc., Varian Medical Systems, and Mindray
Medical International.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the medical imaging market. Moreover, the study highlights current
market trends and provides forecasts from 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.