Rising Number of Chronic Diseases Drive the Demand for Medical Imaging Market

 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 medical imaging market is anticipated to reach a value of USD 265,334.23 million by 2028, with a CAGR of around 10.4% during the forecast period from 2021 to 2028.
• North America dominated the medical imaging market in 2021 due to better advancement in products and services.
• The adults segment dominates the global medical imaging market with 78.91% market share as large numbers of patients suffering from chronic diseases are adults. The medical imaging market was positively affected by COVID-19 outbreak as there has been high demand for advanced medical imaging devices, such as chest X-rays and chest computed tomography that provide useful information about COVID-19.
• Asia-Pacific is expected to register lucrative growth over the forecast period due to increasing medical tourism and increasing population. Moreover, the surging number of companies across emerging countries owing to the growing demand for diagnostics in clinics, hospitals and other sectors.

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

Segment Analysis:

The medical imaging market is segmented on the basis of type, modality, procedure, technology, patient age, application and end users.

• On the basis of type, global medical imaging market is segmented into services and product. In 2020, the services segment dominates the global medical imaging market with 68.20% market share due to the high volume of imaging procedures such as MRI and CT scan procedures and X-ray. As per one NCBI article, in the world, 70 million or more radiology tests are done annually. In addition, improving diagnosis rates and increasing prevalence will also increase the demand for medical imaging services during the forecast period with increasing numbers of chronic diseases and increased geriatrics.
• On the basis of modality, global medical imaging market is segmented into stationary and portable. In 2020, stationary segment dominates in global medical imaging market with 74.92% market share due to the high adoption and the installation of fixed medical imaging equipment in the hospitals and imaging centers.
• On the basis of procedure, global medical imaging market is segmented into computed tomography (CT) scan, X-ray imaging, magnetic resonance imaging (MRI), ultrasound, nuclear imaging (SPECT/PET) and others. The computed tomography (CT) scan segment dominates in global medical imaging market.

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.

• On the basis of technology, global medical imaging market is segmented into direct digital radiology and computed radiology. In 2020, the direct digital radiology segment dominates the global medical imaging market with 78.41% market share, which instantaneously improves workflow by creating high-quality images while offering two to three times more efficiency than computed radiology. Direct digital radiology offer improved throughput than computed radiology as this system set in the imaging processing cycle in the acquisition task, and offers images within five seconds.
• On the basis of patient age, global medical imaging market is segmented into adults and pediatric. In 2020, adults segment dominates in global medical imaging market with 78.91% market share as large patient pool suffering from chronic diseases are adults. In addition, the increasing prevalence of cardiovascular disease in the adult population compared to pediatrics and the growing medical imaging process are also accelerating medical imaging demand over the forecast period.
• On the basis of application, global medical imaging market is segmented into cardiology, pelvic and abdominal, oncology, mammography, gynecology, neurology, urology, musculoskeletal, dental and others. The cardiology segment dominates in global medical imaging market.

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.

• On the basis of end users, global medical imaging market is segmented into hospitals, diagnostic centers, imaging centers, specialty clinics, ambulatory surgical centers, academic and research institutes and others. In 2020, hospitals segment dominates in global medical imaging market with 32.77% market share as hospitals are offering radiology services to in-house patient for different diseases. Moreover, the hospitals are the first point of contact for any type of diagnosis and treatment and most of the facilities and healthcare professionals are available in the hospitals. Therefore, hospitals segment will grow with the highest CAGR in the forecast period.

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

• Canon Medical has today announced the commercial launch of the Aplio i-series / Prism Edition, a complete redesign of its highly successful premium ultrasound series.  In addition, Canon Medical's popular routine-to-advanced imaging range, the Aplio a-series, has been updated. The Aplio i-series / Prism Edition is a huge step forward for Canon Medical's market-leading ultrasound technology with a fully new UI and ergonomics to allow speedy and healthy scanning. On iBeam+, the system now has up to four times the processing power for deeper and more detailed B-mode imaging at a higher frame rate and a slew of new and improved imaging applications, such as next-generation Superb Micro-vascular Imaging (SMI) and Ultra-Wide View.
• In April 2021, Carestream Health announced a collaboration with Ziehm Imaging to add a mobile C-arm to its product line. In the United States and Canada, the Ziehm Vision RFD C-arm surgical imaging system will be accessible.
• In May 2021, the Spectral Computed Tomography (CT) 7500 system for precision diagnosis was launched by Koninklijke Philips N.V. (Netherlands), a global pioneer in health technology. This new intelligent technology consistently produces high-quality spectral images for every patient on every scan, helping to enhance disease characterization and reduce rescans and follow-ups while using the same dosage levels as traditional scans.
• In March 2021, the Venue Fit, a simplified and compact POCUS device, and an industry-first AI service for cardiology were introduced by GE Healthcare (US). The Venue Fit and its AI are being released when physicians rely on point-of-care ultrasonography to combat the over 127 million COVID-19 cases reported worldwide. POCUS has become a vital tool for doctors to quickly triage and monitor patients in and outside of COVID wards, thanks to its portability, real-time imaging, cleanability, and workflow efficiency.

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.

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