30 November 2022
Visiongain has published a new report entitled Medical Imaging Market Report 2022-2032: Forecasts by Product (X-Ray Devices (Analog, Digital), Magnetic Resonance Imaging (MRI), Ultrasound (2D, 3D, Others), Computed Tomography, Nuclear Imaging, Mammography), by End-user (Hospitals, Diagnostic Centers, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The medical imaging market was valued at US$38.6 billion in 2021 and is projected to grow at a CAGR of 5.46% during the forecast period 2022-2032.
Growing Applications of AI in Radiology
Artificial intelligence technology for medical imaging is already delivering value across many healthcare settings. AI-powered imaging devices and software improve the efficiency and accuracy of radiographic interpretation and are capable of providing additional information that may not be evident to human radiologists. Such AI-enabled MRI tools can be used for image reconstruction, image interpretation, and to support clinical decisions. Such wide applications of AI systems and usefulness in medical radiology will aid in the progression of medical imaging market. AI has a wider role to play in radiology beyond assistance in diagnosis and clinical decision making. Greater adoption of artificial intelligence in medical imaging can help to improve the overall patient’s experience in radiology departments, starting from scheduling of the imaging appointment to the end diagnosis and follow-up.
How has COVID-19 had a Significant Positive Impact on the Medical Imaging Market?
Medical Imaging Market witnessed a positive impact of COVID-19 pandemic owing to the widespread use of diagnostic tools for early disease detection. The demand for medical imaging modalities has gained popularity since the outbreak of the second wave and is anticipated to upsurge in the near future. Medical imaging technologies were among front-runners to fight against the global COVID-19 crisis. Advanced medical imaging modalities such as chest CT and X-rays provide effective data on the spread of COVID-19 infection. Increased demand for POC CT devices and the development of a high-precision artificial intelligence-enabled CT scanner with enhanced visualization systems accelerated medical imaging market growth.
How will this Report Benefit you?
Visiongain’s 208-page report provides 89 tables and 135 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Medical Imaging Market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Medical Imaging. Get financial analysis of the overall market and different segments including product, end-user, region and capture higher market share. We believe that there are strong opportunities in this fast-growing Medical Imaging Market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Level of Support from the Government and Non-Government Bodies
Governments and allied government organizations play an important role in providing access to medical devices across the world. Governments across the globe are undertaking several initiatives to develop better healthcare infrastructure that provides easy access to safe and cost-effective medical devices. Government initiatives to reduce costs of medical imaging devices and favourable reimbursement scenarios will help propel market growth. Furthermore, funding’s provided by non-government organizations help in installation of new medical imaging facilities. Implementation of favourable export and import regulations will further create more revenue generating opportunities in the medical imaging industry. Such numerous efforts undertaken by regulatory agencies will prove beneficial for market growth.
Effective Means to Curb Rising Healthcare Expenditure
Medical imaging procedures form an integral part of medical diagnosis and treatment plans, thus adding to the overall healthcare expenditure. Some of the developed countries such as U.S. have increased their healthcare expenditure to provide the best treatment and care to its citizens. As per Global Report, 2021 published by the WHO, global healthcare expenditure has exponentially increased over the last two decades; it reached US$8.5 trillion in 2019 from US$4.2 trillion spent two decades ago. Furthermore, progressing scenarios in developing countries will positively impact industry growth. For instance, Ayushman Bharat Health Infrastructure Mission launched by government of India aims to spend over US$8,000 million to improve healthcare capacities and effectively cater to new and emerging diseases. Since medical imaging is vital for effective diagnosis and treatment, the constantly rising healthcare investments worldwide will positively influence the medical imaging business growth.
Where are the Market Opportunities?
Growing Geriatric Population and Rising Disease Burden
Growing geriatric population is one of the prime reasons for increasing economic burden on several countries. Increasing healthcare expenditure would limit the access of diagnostic tools to the growing population. For geriatric pool, access to medical imaging diagnostics has served lifesaving. Early diagnosis and detection of critical ailments in elderly age group could have great long-term benefits along with significant cost savings to the patients. As per latest UN estimates, 1 in every 6 people will be 65 and above in age by 2050 which may need effective tool for better diagnosis and detection. Increasing geriatric population along with increase in the incidence of age-related chronic diseases is anticipated to upsurge demand for medical imaging technologies.
Increasing Number of Diagnostic Centres with Advanced Imaging Modalities
Diagnostic centers are anticipated to witness higher demand for imaging modalities such as MRI systems and CT scanners for accurate diagnosis of chronic diseases. Some of the factors that have contributed to this increase include wider availability of technology, increased demand by patients and physicians, and improvements in the technology resulting in growing number of imaging tests being performed per person per condition.
Some of the major players operating in the Medical Imaging Market includes Siemens Healthineers, Carestream Health Inc, Canon Medical System Corporation (Canon Inc.), ESAOTE SPA, FUJIFILM Holdings Corporation, GE Healthcare, Hologic Inc, Konica Minolta Inc. among others.
These major players operating in this industry have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In July 2022, Fujifilm Europe launched its product, FDR CROSS system features unique hybrid C-arm and is a portable x-ray device. FDR CROSS is a portable x-ray machine that offers high quality x-ray images during surgery and other procedures. This product launch enabled the company appeal to a larger customer segment.
• In June 2022, Siemens Healthineers and Ohio State Wexner Medical Center announced partnership to get Siemens Healthineers advanced imaging and treatment technologies to Ohio State patient care. This helped the company increase its sales in the medical imaging segment.
Notes for Editors
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