Medical Imaging Market Size Will Exceed USD 78.1 Billion By

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Ottawa, July 22. 2022 (GLOBE NEWSWIRE) — The world medical imaging market size was accounted for at 45.19 billion USD in 2022. The increased prevalence of chronic diseases among the population has given rise to the need for imaging techniques in order to decide the prognosis of the disease and hence to decide on an appropriate line of treatment for the patient. Imaging techniques are mainly used in the orthopedic field where a clear picture of structural changes is required by the physician in order to decide on a line of treatment for the patient.

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The gynecological field also shows a great demand for imaging techniques in order to make a proper judgment on the pathological and structural changes inside the abdomen and the pelvic region of the person. More advanced imaging techniques are used when basic imaging procedures fail to detect a problem with the patient.

Key points to remember:

  • In 2021, the ultrasound products segment recorded the highest market share of 29%.
  • The North American medical imaging market was valued at USD 12.32 billion in 2021.
  • Based on products, the UK medical imaging market was estimated at USD 2.1 billion in 2021.
  • The CT product segment is expected to grow at a remarkable CAGR from 2022 to 2030.
  • In 2021, the hospital segment accounted for 48% of the revenue share.
  • In 2021, the North America region gained 34% market share.

Report Highlights

  • Based on the product, X-ray imaging technique dominated the segment due to its easy availability in almost all parts of the world. This is a primary imaging procedure that is followed immediately after major trauma.
  • Based on end user, the hospital sector led the segment as it is an emergency primary healthcare service. The multiple facilities as well as the skilled manpower provided by an established hospital proves to be an attractive offer for the people, which helps the market to show tremendous growth.
  • Based on geographythe North American market dominated the segment due to its rapid technological advancements.

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Regional overviews

The North American market led the segment owing to the huge geriatric population residing in this region which is prone to multiple chronic diseases and bone disorders. The increased prevalence of road accidents and chronic diseases among the population has increased the need for advanced technologies in the field of medical imaging in order to provide better services to the population.

The Asia-Pacific region has proven to be a huge market for medical imaging owing to the rapid technological advancements seen in this sector. The European market has also proven to be very beneficial for the growth of the market owing to the advanced facilities provided by the government. The Middle Eastern countries have also witnessed significant growth due to the excellent facilities provided with the use of advanced technologies.

Report scope

Report attributes Details
Market size in 2021 $42.2 billion
Revenue forecasts by 2030 $78.1 billion
CAGR 7.08% from 2022 to 2030
By product
  • X-ray machines
    • Digital
      • Direct radiography systems
      • Computed X-Ray Systems
    • Analog
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
    • 2D ultrasound
    • 3D ultrasound
    • Others
  • CT scan
  • Nuclear imaging
  • Mammography
By request
  • Obstetrics and Gynecology Health
  • Orthopedics and musculoskeletal
  • Neuro and spine
  • Cardiovascular and thoracic
  • General imaging
  • Oncology
  • Urology
  • breast health
  • Others
Per end user
  • Diagnostic Imaging Centers
  • Hospitals
  • Others
By region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • AEM

Market Ddynamic

Drivers

The rapid advancements witnessed in imaging technology have helped the market to register considerable growth over the forecast period. Incremental innovations made by leading market players to attract potential consumers have proven to be a driving force for the market. Increase in disposable income of people due to high earning capability has helped the market to record considerable growth.

The rapid increase in the number of chronic diseases seen in the market has helped to significantly increase the market size. Rising public awareness of the healthcare sector has also significantly increased the market size due to technological advancements. The rapid increase in the geriatric population in the world has propelled the demand for advanced imaging technologies in order to provide the best possible services to the population. These multiple reasons prove to be the drivers for the growth of the medical imaging market over the forecast period.

Constraints

The high cost associated with the use of advanced technologies has proven to be a limiting factor for the growth of the medical imaging market. Lack of disposable income of people residing in developing and underdeveloped countries has proven to be a hindrance to the growth of the market over the forecast period. Lack of awareness regarding healthcare facilities provided by private and government organizations has hampered the growth of the market.

There is also a lack of awareness regarding reimbursement facilities that are provided by insurance companies and as a result people avoid visits to health care centers. Difficulties faced by the common people in getting reimbursement from insurance companies has also hampered the growth of the market to a large extent, these multiple reasons are proving to be the limiting factors for the growth of the market during the period of forecast.

Opportunities

With the rapid advancement in technology regarding imaging methods, people have accepted the changing methods, which has helped the market grow. New government policies that have been set in order to provide better healthcare facilities to the people have largely supported the growth of the market.

A number of government initiatives have been launched to encourage people to take advantage of various health care facilities which also include imaging procedures. The introduction of artificial intelligence in imaging procedures has helped the market find new opportunities in the healthcare sector. Risks of human error are eliminated through the use of artificial intelligence. These multiple reasons prove to be the market growth opportunities over the forecast period.

Challenges

Lack of skilled manpower to operate advanced technology and machinery has proven to be a big challenge for the medical imaging market. No risk can be taken regarding qualified medical personnel as it is directly related to the operation of these expensive machines.

The high cost associated with the use of these advanced technologies has proven to be a great challenge for the growth of the market as it cannot be borne by developing countries which have a weaker economic background. Lack of awareness regarding government provided healthcare facilities has also proven to be a big challenge for the growth of the market.

RECENT DEVELOPMENTS

  • In April 2021, Ziehm Imaging collaborated with Carestream to provide a C-Arm See on machine, Ziehm Vision RFD which is expected to support its market growth.

Main market players

  • Siemens Healthineers
  • Canon Medical Systems Corp.
  • GE Healthcare
  • Koninklijke Philips NV
  • Mindray Medical International
  • Esaote
  • Hological
  • Samsung Medison Co.
  • FUJIFILM VisualSonics Inc.
  • Cubresa inc.
  • Koning Company
  • Perkin Elmer Inc.

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