Medical Imaging Market Valuation to Reach USD 45,719.65 Million by 2025 at 6.52% CAGR, Estimates Market Research Future (MRFR)
Pune, India, Feb. 04, 2021 (GLOBE NEWSWIRE) — Medical Imaging Market Overview:
Medical Imaging Market Size to cross USD 45,719.65 Million by 2025, at a growth rate of 6.52% over the review period (2016 to 2025), evaluates Market Research Future (MRFR).
Medical imaging is a modern technique of developing a visual representation of the body’s interior for clinical assessment as well as medical intervention. It also involves visually understanding the functions of a few tissues or organs. Medical imaging helps reveal the entire internal structure that is generally under the bones and the skin, which in turn helps detect and treat the particular disease. This technique also helps design a database of the anatomy to boost the possibility of identifying abnormalities, if any.
Over the years, the Medical Imaging Market has gained significant traction worldwide, stimulated by the frequent advancements in digital as well as communication technologies. The latest imaging techniques that help detect tiny anatomical details are easily available in a majority of hospitals and diagnostic labs. The primary aim is to bolster precision and access, reduce cost, and bring down the harmful effects of the radiation.
Latest Trends Post COVID-19 Outbreak:
The COVID-19 pandemic has been spreading worldwide at a dramatic pace, in turn, boosting the need for effective medical imaging equipment. Medical imaging to detect novel coronavirus has resulted in a shortage of a number of devices. Apart from the supply-based challenges, the market is facing issues in the form of limited penetration rate of healthcare across numerous regions, especially in underdeveloped countries.
However, with the escalating number of SARS-CoV-2 cases, governments are doing everything in their capacity to ramp up medical imaging and other healthcare procedures. They are focusing on making available a wider range of equipment for faster detection of COVID-19. The World Health Organization has come up with several strategic measures as part of the response and preparedness plan, which could be favorable for the global medical imaging industry in the years to follow.
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Key Players Locking Horns:
Some of the top companies profiled in the MRFR report include:
- Canon Medical Systems Corporation (Japan)
- Siemens AG (Germany)
- Hologic, Inc. (US)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
- Koninklijke Philips N.V. (Netherlands)
- CMR Naviscan (US)
- General Electric Company (US)
- FUJIFILM Holdings Corporation (Japan)
- Carestream Health (US)
- Samsung (South Korea)
- Medtronic PLC (Ireland)
- Esaote S.p.A (Italy)
- Analogic Corporation (US)
- Hitachi Ltd (Japan)
- Shimadzu Corporation (Japan)
- Koninklijke Philips N.V.
The medical imaging industry is rife with a huge number of business giants that are involved in competitive strategies like new launches, collaborations, acquisitions and mergers as well as agreements, with the aim to seize a higher position. This has resulted in an intensely competitive ambience in the global molecular diagnostics industry.
To cite a reference, in January 2021, NANO-X IMAGING LTD, a well-known medical imaging technology firm, extended its collaborative deal with USARAD Holdings Inc., a US-based telemedicine and teleradiology company, to design a radiology diagnostics service. This service combines more than 300 highly skilled radiologists with AI-backed algorithms as well as solutions.
Another factor fostering the intensity of the rivalry in the market is the rising number of FDA approvals, which encourage the firms to focus more on new launches. For instance, in January 2021, Boston Scientific Corporation was granted the approval from USFDA for its latest Vercise Genus Deep Brain Stimulation System to be used in a magnetic resonance imaging environment. The new system has Bluetooth-supported, implantable, rechargeable as well as non-rechargeable pulse generators.
Browse In-depth Market Research Report (199 pages) on Medical Imaging Market: https://www.marketresearchfuture.com/reports/medical-imaging-market-1995
Future Market Growth Factors:
The medical imaging market has maintained a significant traction over the years and can continue to do in the years ahead, thanks to the soaring demand for faster, early-stage detection of chronic ailments, especially among the burgeoning geriatric pool. Besides, the surging frequency of technical advances, rise in investments by the government, particularly in China and India and continuous launch of new equipment and services by leading contenders also add value to the regional market. To illustrate, in January 2021, Fujifilm confirmed its plan to launch an advanced medical imaging service in India in February. This service will focus on detecting the signs of various lifestyle diseases and cancer, with the use of the company’s state of the art medical tools as well as artificial intelligence-based diagnostic technology.
Other growth rendering factors include the surge in supportive FDI policies, conducive business scenario, and the soaring awareness level about the latest imaging technologies. Moreover, the emergence of teleradiology services has facilitated improvement in worldwide networking of medical expertise, compensating for the lack of skilled radiologists in a few countries across the globe.
Segmentation:
Modality, Application and End-user are the top market segments mentioned in the MRFR report.
Modality-wise, the key segments are Nuclear Imaging, Magnetic Resonance Imaging (MRI), X-Ray Systems, Computed Tomography (C.T.), Ultrasound Systems and more. The top segment is expected to be X-ray systems, with firms fostering their R&D activities to drive the availability of CT scanners that are more affordable and sustainable. Many of the companies are seeking opportunities to design improved x-ray systems that facilitate highly detailed images but at a reduced cost.
Applications profiled in market study are neurology, oncology, cardiology, and others. The cardiology segment will be the highest contributor to the market growth during the course of the review period. Oncology involves the detection as well as treatment of cancers and tumors, which are responsible for the high morbidity and mortality rates worldwide. Among both women and men, breast, colorectal and lung cancers are quite prevalent. Therefore, the application of medical imaging in oncology segment is quite extensive.
Top end-users in the global industry are diagnostic centers, hospitals and clinics, research organizations and academic institutes. Out of these, the clinics and hospitals segment has procured the top spot in the market, on account of the escalating demand for the latest imaging modalities along with the rising use of medical imaging technologies in surgical suits.
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Regional Status and Challenges:
Geographically, the medical imaging market has been split into Europe, the Americas, the Middle East & Africa or MEA and Asia Pacific or APAC.
America is the highest revenue generating market; the reason being the stunning progress made in the healthcare industry, especially the technical advances in diagnostic devices and the mounting awareness among the medical professionals. The large-scale funding allocated for research and development activities, particularly in oncology along with the grants given by the government to the healthcare agencies. The US and Canadian medical imaging market are expected to gain the leading positions in the region, in view of the favorable insurance/reimbursement scenario.
Europe remains the second market leader owing to the dramatic surge in the number of cancer cases in recent years, a factor that fosters the need for advanced medical imaging equipment. Another growth booster in the regional market can be the presence of modern medical facilities, burgeoning aging patient base, and the rising prevalence of a number of chronic ailments.
The APAC market will be the fastest emerging market in the following years, thanks to accelerated incidence of several chronic diseases along with the rampant need for innovative medical imaging devices. Japan has taken the lead in the Asia Pacific market, while South Korea has also emerged as a lucrative market in the region, given the soaring number of large-scale manufacturing units that facilitate lower priced diagnostic units.
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