North America Medical Imaging Market By 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 & Research Institutes, Others), Country (U.S., Canada, Mexico), Market Trends and Forecast to 2027.
Market Analysis and Insights: North America Medical Imaging Market
Medical imaging market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 10.6% in the forecast period of 2020 to 2027and expected to reach USD 114,783.21 million by 2027. Rising minimally invasive diagnostic and therapeutic interventional procedures and increasing prevalence of chronic diseases are the factors for the market growth.
Medical imaging can be thought of as a technique to create various internal images of the body for diagnosis and treatment of the disease. This technique is mainly useful in improving the health of people around the world, as it can help in the early diagnosis of some internal diseases, it can help in providing the right treatment for a particular disease and of diseases. May also examine what has already been diagnosed with treatment.
Diagnostic centres are significant part of medical care. The increasing number of diagnostic centers will impact to increase the usage of medical imaging. For instance, in 2020, According to the IBISWorld, there are total 10,682 diagnostic imaging centers in the U.S.
This Medical Imaging Market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America Medical Imaging Market Scope and Market Size
North America medical imaging market is segmented of the basis of type, modality, procedure, technology, patient age, application, end users. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, North America medical imaging market is segmented into services and product. The service sector segment receives the largest share in medical imaging market due to the high volume of diagnostics procedure such as MRI and CT scan procedure and X-ray all over the world. Additionally, the rise of minimally invasive procedures has exhilarated an inclination for accurate surgical procedures. Medical imaging guided therapy is an evolving arena which is used in interventional radiology, minimally invasive surgery and computer-assisted visualization. These factors increase demand for medical imaging services during the forecast period.
- On the basis of modality, North America medical imaging market is segmented into stationary and portable. The stationery segment is dominating in the modality segment, because of the high acceptance and the installation of fixed medical imaging equipment in the facilities of imaging centers and hospital. However, most CT scan and MRI devices are installed in stationary modality MRI owing to their cost effectiveness.
- On the basis of procedure, North America 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 CT scan acquires largest share in the procedure segment because the CT scan procedure is comparatively safe as compared to other medical imaging procedures as patients are not exposed to radiation in the CT scan procedure, though the radiation is comparatively low dose. CT scan creates better-quality images of the body. It is a more powerful and sophisticated X-ray which captures 360-degree images of spine, vertebrae, and internal organs. CT scan dominates the medical imaging market for all these reasons.
- On the basis of technology, North America medical imaging market is segmented into direct digital radiology and computed radiology. The direct digital radiology dominates the technology segment, improving workflow immediately by creating high-quality images while offering two to three times more efficiency than computed radiology. Direct digital radiology calculations offer better throughput than radiology because it is set in the imaging processing cycle in the acquisition task and offers images within five seconds.
- On the basis of patient age, North America medical imaging market is segmented into adults and paediatric. The adult segment acquires largest share in the market as chronic disease is one of the prevalent disease, where most patients are adults. According to the National Health Council, in America, approximately 133 million people are suffering from chronic illnesses in 2019, and it is expected that the number of chronic disease will rise to 157 million in 2020, with 81 million people in multiple conditions.. Additionally, the growing occurrence of cardiovascular disease in the adult population as compared to pediatrics and the increasing medical imaging services are also hastening medical imaging demand over the forecast period.
- On the basis of application, North America medical imaging market is segmented into cardiology, pelvic and abdominal, oncology, mammography, gynaecology, neurology, urology, musculoskeletal, dental and others. The cardiology segment is dominating the market as the prevalence rate of heart disease is very high in developed countries and heart disease is one of the leading causes of death. According to American Heart Association, in U.S., heart disease (CVD) is responsible for 859,125 deaths in 2017. For this reason, the cardiology segment dominates the medical imaging market.
- On the basis of end users, North America medical imaging market is segmented into hospitals, diagnostic centers, imaging centers, specialty clinics, ambulatory surgical centers, academic & research institutes and others. The hospitals segment acquires largest share as hospitals are offering radiology services to in-house patient for different diseases. Hospitals are the first point of contact for any type of diagnosis and treatment and most facilities and healthcare professionals are available in the hospital. Due to this reason, hospitals segment will grow with the highest CAGR in the forecast period.
Medical Imaging Market Country Level Analysis
The North America medical imaging market is analysed and market size information is provided by country by type, modality, procedure, technology, patient age, application, end users as referenced above.
The countries covered in the medical imaging market report are U.S., Canada and Mexico in North America.
North America is growing due to the increasing number of geriatrics and increased health care spending. The high health care expenditure and number chronic diseases in the U.S. increased a demand for medical imaging. According to a research, U.S. imaging is the second highest number to perform the medical imaging procedures, and had the second highest CT and MRI technology utilization rate.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Cases of Chronic Diseases and New Technology Penetration
North America medical imaging market also provides you with detailed market analysis for every country growth in medical device industry with medical imaging sales, impact of technological development in contrast agents and changes in regulatory scenarios with their support for the medical imaging market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Medical Imaging Market Share Analysis
North America medical imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to North America medical imaging market.
The major players covered in the report are Spectrum Health, RamSoft, Inc., InHealth Group, Radiology Reports online, Siemens Healthineers AG, Sonic Healthcare, RadNet, Inc., GE Healthcare (A subsidiary of GENERAL ELECTRIC), Alliance HealthCare Services, Koninklijke Philips N.V., Hologic Inc., Shimadzu Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., CANON MEDICAL SYSTEMS CORPORATION, Carl Zeiss Ag, FUJIFILM Corporation, Hitachi, Ltd., MEDNAX Services, Inc., Carestream Health (A subsidiary of Onex Corporation), Teleradiology Solutions, UNILABS, ONRAD, Inc. among other domestic and global players. Market share data is available for North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many joint ventures and developments are also initiated by the companies worldwide which are also accelerating the North America medical imaging market.
- In March 2019, Siemens Healthiners AG had received Food and Drug Administration (FDA) approval for Mobilate Elara Max Mobile X-ray System. This new system offers complete information technology (IT) security and protects the system. This FDA approval will help the company in marketing of their product in U.S. market.
- In November 2018, Koninklijke Philips N.V launched IntelliSpace Discovery 3.0. AI for Radiology. The main objective of this launch is to support radiologists by providing high quality data in clinical and translational research. It includes many features such as front end applications, machine learning, clinical research and others. The company generates more revenue by launching new products.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for medical imaging through technological advancements.
Customization Available : North America Medical Imaging Market
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