There has been a surge in medical imaging procedures due to the growing number of chronic diseases. Moreover, the healthcare industry is developing advanced and early diagnosis procedures that provide maximum growth potential for imaging procedures. Therefore, owing to these factors, the global medical imaging market is estimated to increase rapidly in the near future.
Data Bridge Market Research analyses that the Medical Imaging Market is expected to grow at a CAGR of 10.4% in the forecast period of 2021 to 2028 and is expected to reach USD 265,334.23 million by 2028. Molecular imaging and nuclear medicine playing an important role in patient care, the application of nuclear medicine and molecular imaging are continually increasing, for this reason wide application of nuclear medicine and molecular imaging act as an opportunity global medical imaging market.
Key Findings of the Study
The Development of Innovative Medical Imaging Contrast Agents is expected to drive the Market's Growth Rate
The developments in innovative medical imaging contrast agents further improve the diagnostics procedure and also help to ensure people receive the right treatment. Development in contrast agent for launching novel agents enhances the medical imaging which propelled the growth of the market. The new level of detail contrast agents improves the diagnostics imaging procedure and propel the demand of medical imaging technique, for this reason development of innovative medical imaging contrast agents acting as driver for the global medical imaging market
Report Scope and Market Segmentation
Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2018 - 2013)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Services, Product), Modality (Stationary, Portable), Procedure (Computed Tomography (CT) Scan, X-Ray Imaging, Magnetic Resonance Imaging (MRI), Ultrasound, Nuclear Imaging (SPECT/PET), Others), Technology (Direct Digital Radiology, Computed Radiology), Patient Age (Adults, Pediatric), Application (Cardiology, Pelvic And Abdominal, Oncology, Mammography, Gynecology, Neurology, Urology, Musculoskeletal, Dental, Others), End Users (Hospitals, Diagnostic Centers, Imaging Centers, Specialty Clinics, Ambulatory Surgical Centers, Academic and Research Institutes, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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General Electric (U.S.), Siemens (Germany), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert N.V. (Belgium), Canon Medical Systems Corporation (Japan), 3M (U.S.), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Johnson & Johnson Private Limited (U.S.), Samsung (South Korea), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Planmed Oy (Finland), CurveBeam (U.S.), Shimadzu Corporation (Japan)
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Data Points Covered in Report
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The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The medical imaging market is segmented on the basis of type, modality, procedure, technology, patient age, application and end users.
In 2020, computed tomography (CT) scan segment dominates in the market with 36.57% market share
In 2020, computed tomography (CT) scan segment dominates in global medical imaging market with 36.57% market share as the CT scan procedure is relatively safer as compared to other procedures because patients in the CT scan procedure are not exposed to radiation although this is a relatively low dose. Moreover, the CT scan produces high-quality, detailed images of the body. It is a more powerful and sophisticated X-ray that captures 360-degree images of vertebrae, spine, and internal organs. CT scan dominates the medical imaging market due to the above-mentioned reasons.
In 2020, cardiology segment dominates in the market with 21.60% market share
In 2020, the cardiology segment dominates in global medical imaging market with 21.60% market share as the prevalence rate of heart disease is very high in developed countries and cardiovascular disease is one of the leading causes of death. According to WHO, heart disease (CVD) is a major cause of death globally, with an estimated 17.9 million deaths each year. Thus, these factors aid cardiology segment to dominate the medical imaging market.
Major Players
Data Bridge Market Research recognizes the following companies as the major medical imaging market players in medical imaging market are Siemens (Germany), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert N.V. (Belgium), Canon Medical Systems Corporation (Japan), 3M (U.S.), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Samsung (South Korea), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Planmed Oy (Finland), CurveBeam (U.S.) and Shimadzu Corporation (Japan).
Market Development
Regional Analysis
Geographically, the countries covered in the medical imaging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in medical imaging market during the forecast period 2021 - 2028
North America dominated the medical imaging market owing to the due to better advancement in products and services and availability of better advancement in products and services, which are expected further to enhance the market's growth rate in this region.
Asia-Pacific is estimated to be the fastest growing region in medical imaging market the forecast period 2021 - 2028
Asia-Pacific is expected to grow during the forecast period due to the increasing medical tourism, increasing population and increasing infectious diseases which are expected propel the market's growth rate in this region. Moreover, Japan dominates due to the technological advancements healthcare industry and increasing purchasing power in this country.
COVID-19 Impact Analysis
COVID-19 appears to have a significant impact on the market. Since its introduction, the disease outbreak basically had a considerable positive impact on the diagnostic imaging market. Many of these equipment, such as the CT scanner, are used to monitor COVID-19 patients. According to a Fleischner Society paper (Rubin et al. 2020), a diagnosis method for COVID-19 that ensures the best sensitivity includes both chest CT and PCR tests. As a result, this is likely to boost market growth. Since the emergence of the second wave, demand for medical imaging has surged and is expected to continue to rise in the future years. Advanced medical imaging devices, such as chest X-rays and chest computed tomography, provide useful information about COVID-19, increasing demand.
Therefore, with the emergence of COVID-19 worldwide, there has been a surge in medical imaging utilization across healthcare facilities or the COVID patients, resulting in increased demand for the market. Thus, the medical imaging market will largely grow at an accelerated pace post during the COVID-19.
For More Detailed Information About the Medical Imaging Market Report, Click Here – https://www.databridgemarketresearch.com/reports/global-medical-imaging-market
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