Medical Imaging Market Analysis
According to Market Research Future (MRFR), the global medical imaging market is estimated to reach USD 45,719.65 Million, with a CAGR of 6.52% from 2025. The report examines the COVID-19 analysis of the crucial aspects that influence the growth of the market. The study addresses current competitors and global market trends, offering a detailed summary of both growth factors and constraints, which may have a positive or negative impact on the industry’s outlook during the forecast period.
Medical/Diagnostic Imaging refers to various imaging modalities to gain visual representations of the body’s interior for diagnostic and therapeutic purposes. Medical imaging involves multiple types of modalities used to image the human body for the diagnosis and treatment of several illnesses, and thus plays a crucial role in improving health. The medical imaging industry has been transformed from bedside monitoring to high-end digital scanning.
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Medical Imaging Market Dynamics
Despite a growing prevalence of chronic diseases, the market for precise diagnostic procedures is growing. In addition, there is a rise in the number of manufacturers and distributors of medical imaging systems worldwide, generating tremendous business opportunities for growth. Such key players are actively involved in integrating innovation into their devices in order to achieve a competitive advantage over their counterparts. With growing technical advancements, point-of-care ultrasound systems are trending and favored by medical professionals as well as patients across the globe.
Moreover, the outbreak of the COVID-19 crisis has contributed to an increase in demand for medical imaging technologies such as computed tomography. Many radiologists have claimed that these techniques have been used as crucial screening devices for COVID-19. This factor can also generate lucrative opportunities for medical imaging outsourcing companies to track patients with COVID-19, which can affect the market’s growth in the near future. Nevertheless, the scarcity of trained radiologists may hinder the growth of the market over the forecast period.
Impact of Covid-19 Outbreak on Medical Imaging Market
Medical imaging systems aid medical and technical professionals to detect and diagnose a wide range of diseases, from cancer and appendicitis to stroke and heart disease. Medical imaging systems include x-rays, computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems, and ultrasound devices, among others. These systems are used in various applications, such as cardiology, oncology, and many others.
Several companies are strategically locating their research and development centers throughout the world to capture maximum share in this market. The increasing research and development centers aid the regional and country-level reach of the company. Thus, this facilitates the growth of the overall medical imaging market on a global basis. For instance, in November 2018, Koninklijke Philips N.V. announced its plan to start a new research and development center for its computed tomography and advanced molecular imaging (CT/AMI) business in Cleveland, Ohio (US). Similarly, in June 2018, Koninklijke Philips N.V. and the Singapore Institute of Advanced Medicine Holdings (SAM) opened the Advanced Medicine Imaging (AMI) center at Biopolis, an international biomedical research hub in Singapore.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Medical Imaging Market and demographic challenges, showed how it could move forward in the coming years.
Additionally, prominent players are focused on incorporating innovation in their devices to create a competitive edge over their competitors. For instance, in December 2019, FUJIFILM Medical Corporation presented research and development advancements in artificial intelligence for digital radiography at McCormick Place in Chicago. Also, in March 2018, Canon Medical Systems Corporation initiated collaborative research on the application of Deep Learning Reconstruction (DLR), an Artificial Intelligence (AI)-based technology in magnetic resonance (MR) imaging, together with Kumamoto University (Japan) and the University of Bordeaux (France). Such strategic initiatives for medical imaging research and development are driving the growth of this market
Medical imaging may be in a state of pandemic paralysis, according to recent studies and MRFR analysis, more than 90% of imaging centers in the US experienced a major decline in the volume of procedures not related to COVID-19.
Medical Imaging Market Segmentation
The global market for medical imaging market has been segmented based on modality, application, and end-user.
Based on modality, the global market for medical imaging market has been segmented into x-ray systems, ultrasound systems, computed tomography (CT), magnetic resonance imaging (MRI), and nuclear imaging.
Based on the application, the global market for medical imaging market has been classified into cardiology, oncology, neurology, and others.
Based on the end-user, the global market for medical imaging market has been categorized as hospitals and clinics, academic institutes, diagnostic centers, and research organizations.
Medical Imaging Market Regional Analysis
Regionally, the global market for medical imaging market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas held for the largest market share for medical imaging in 2018. This was due to the growing development of advanced diagnostic devices and the rising awareness of medical imaging in the region among healthcare professionals. High funding for research and development programs and focused research initiatives in oncology, along with grants from government health departments in the US and Canada, are likely to sustain America’s dominance over the forecast era. For example, in 2018, US federal funding for cancer research resulted in a record 15.5 million cancer survivors in the US.
Europe is the second-largest market for medical imaging. The rising incidence of cancer across European countries is expected to push the growth for medical imaging equipment during the forecast period; therefore, fueling market growth in the European region. For example, breast cancer is the most prevalent among women, accounting for 28% in the European Region.
The Asia Pacific is expected to display the highest market growth over the forecast period due to the rising patient pool and increasing technological advancements combined with the adoption of advanced medical imaging systems. In April 2018, Canon Medical Systems Corporation announced the start of Japan sales of its next-generation intervention system family, Alphenix, after receiving approval from Japan’s Ministry of Health, Labor and Welfare. These policies result in Asia Pacific being the fastest-growing area on the market for medical imaging. South Korea had a market share of 8.2% in 2018.
In the Middle East and Africa, the market for medical imaging is powered by the steady increase in treatment modalities in the Gulf Cooperation Council (GCC) region and by a growing number of medical imaging distributors.
Medical Imaging Market Key Players
The prominent players identified by MRFR in the global medical imaging Market are Analogic Corporation (US), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Carestream Health (US), CMR Naviscan (US), Esaote S.p.A (Italy), Samsung (South Korea), FUJIFILM Holdings Corporation (Japan), Hitachi Ltd (Japan), General Electric Company (US), Hologic, Inc. (US), Medtronic PLC (Ireland), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Shimadzu Corporation (Japan), Koninklijke Philips N.V., and others.
Market players functioning in the global medical imaging industry are focused on product releases, approvals, and alliances to achieve market share and keep their product up-to-date and on-demand. In December 2019, for example, Koninklijke Philips N.V. and The Regional Medical Center (RMC) entered into a strategic five-year agreement worth USD 16 million to offer groundbreaking diagnostic imaging solutions to citizens of South Carolina, USA. Likewise, in October 2019, Siemens and Dallah Health Company entered into a ten-year strategic collaboration in which the organization will be responsible for technology management in the radiology department.
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