Report Code : BII 904 Nov-2021 Healthcare Format : PDF Pages : 211
Medical imaging, also known as radiology, is the field of drugs in which medical professionals recreate colorful images of parts of the body for individual or treatment purposes. Medical imaging procedures include non-invasive tests that allow doctors to diagnose injuries and conditions without being protrusive. It can be used to diagnose or treat various medical conditions. Imaging techniques use radiation that is part of the electromagnetic spectrum. It's easy to forget that visible light (that is, the color that we humans can see) becomes just one fraction of the electromagnetic spectrum.
Medical imaging is a central part of the bettered issues of ultramodern drugs. Different types of medical imaging procedures include X-rays, Magnetic resonance imaging (MRI), Ultrasounds, Endoscopy, Tactile imaging, Computerized tomography (CT scan). Other salutary medical imaging procedures include nuclear drug functional imaging ways, similar to positron emigration tomography (PET) reviews. Other uses of medical imaging include reviews to see how well the body is responding to a treatment for a fracture or illness.
According to Business Intelligence Insights The Global Medical Imaging market is expected to grow from USD 18.2 Billion in 2021 to USD 41.3 Billion by 2027, at a CAGR of about +5.3% during the forecast period 2021-2027
The Covid-19 pandemic has
affected every aspect of life and business. It has emerged as a global epidemic
that has affected almost every country in the world and disrupted various
business activities around the world. Sales channels across various industries
are undergoing drastic changes. The Covid-19 crisis has led to a recession in
many industries. The Healthcare sector also experienced a multitude of
challenges across supply chains, business and manufacturing operations. The US,
India, Italy, Spain, UK, Brazil, Russia and Germany are the most severely
affected countries and there has been a rapid increase in Covid-19 cases. However,
the imaging market was growing in the terms of use during the pandemic.
Covid–19 created a particular need to diagnose many pre-affected patients
during the period.
Technological advances in diagnostic imaging devices, the increasing incidence of chronic diseases with a rapidly aging population for instance – As per WHO, one out of every six persons on the planet will be 60 years old or older by 2030. The number of people aged 60 and 60+ is expected to rise from 1 billion in 2020 to 1.4 billion by 2050 and the global population of adults aged 60 and up will have doubled (2.1 billion). Aging comes with various diseases and problems related to bones and others which strictly need to be diagnosed in time so the increasing need to cure the aging population is driving the market growth.
The increasing number of medical imaging procedures and the growing awareness for early diagnosis of clinical disorders are key factors driving the growth of the diagnostic imaging market. The demand for accurate and efficient medical imaging technology is growing in developed countries and emerging economies as less invasive procedures become more popular. These procedures are safe, cost-effective, patient-friendly, highly efficient and involve low risk, making them a preferred option among the majority of people. According to the Centers for Disease Control and Prevention, 85 percent of older persons have at least one chronic health condition, and 60 percent have at least two chronic diseases. Rising demand to cure accidental damages, internal injuries using medical imaging also growing the market rapidly. According to WHO, every year, around 1.3 million people's lives are cut short as a result of a traffic accident. Non-fatal injuries affect between 20 and 50 million more people, with many of them resulting in disability as a result of their injury. These factors are driving the growth of the medical imaging market.
However, market growth may be impeded due to
factors such as high price and complexities in manufacturing, The technical
limitations associated with standalone imaging methods discourage researchers
from purchasing them. For example, MRIs take longer to scan large volume or
high-resolution images, whereas PETs have a lower spatial resolution. The high
cost associated with medical imaging equipment can hinder the growth of the
industry to some extent.
The technological innovation and growing adoption
of imaging technology is expected to provide a profitable growth opportunity
for medical imaging in the coming years. The high incidence of chronic diseases
such as cancer, stroke and neurological and cardiovascular diseases and the
high mortality rate in populated countries indicate the need for early
detection. For example, as per International Agency for Research on Cancer
(IARC), the data estimates that approximately 50% of the world's cancer
population is in developing regions, these developing regions are leading the
innovation and research & development. Developing economies like India and
China are taking over on technology developing rapidly, which will be the major
factor for these markets to grow in coming years.
The global medical imaging market is segmented based on Type, Application, End User and region. Based on Product the market is segmented into X-ray Imaging Systems, By Technology (X-ray Digital Imaging Systems, X-ray Analog Imaging Systems), By Portability (Stationary Systems, Portable Systems), Computed Tomography (CT) Scanners, By Technology (Conventional CT systems, Cone Beam CT Systems (CBCT)), Conventional CT Systems Market, by Technology (High-slice CT Scanners, Mid-slice CT Scanners, Low-slice CT Scanners), Ultrasound Systems, By Technology (2D Ultrasound, 3D and 4D Ultrasound, Doppler Ultrasound), By Portability (Trolley/Cart-based Ultrasound Systems, Compact/Portable Ultrasound Systems), Magnetic Resonance Imaging (MRI) Systems, By Architecture (Closed MRI, Open MRI), By Field Strength (High- and Very-high-field MRI Systems, Low-to-mid-field MRI Systems, Ultra-high-field MRI Systems), Nuclear Imaging Systems, SPECT Systems (Standalone SPECT Systems, Hybrid SPECT Systems), Hybrid PET Systems, Mammography Systems. Based on Application the market is segmented into X-ray Imaging Systems (General Radiography, Dental, Fluoroscopy), MRI Systems (Brain & Neurological MRI, Spine & Musculoskeletal MRI, Vascular MRI, Pelvic & Abdominal MRI, Breast MRI, Cardiac MRI), Ultrasound Systems (Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Urology, Vascular, Other Applications), CT Scanners (Cardiology, Oncology, Neurology, Other Applications), Nuclear Imaging Systems (Cardiology, Oncology, Neurology, Other Applications), Mammography Systems. Based on End User the market is segmented into Hospitals, Diagnostic Imaging Centres, Other End Users.
By Product
Market, By End-use
The key players of the market are GE Healthcare,
Philips Healthcare, Hitachi Medical Corporation, Hologic, Inc., Siemens Healthcare,
Samsung Medison, Shimadzu Corporation, Toshiba Medical Systems Corporation,
Esaote S.P.A, Koninklijke Philips N.V., Agfa-Gevaert N.V., Canon Medical
Systems Corporation, Carestream Health, Inc., Esaote S.p.A, FUJIFILM Holdings
Corporation, Mindray Medical International, Planmed Oy, CurveBeam LLC, Bruker, Mediso
Ltd., MILabs B.V., MR Solutions, TriFoil Imaging.
World map title will be here...
At the regional level, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is dominating the market this is due to the availability of advanced healthcare infrastructure, favorable research funding/grants by the government, high spending on technological innovations, presence of major market players, swift adoption of advanced technologies, and increasing prevalence of cancer and other chronic disorders. for instance – according to National Council on Aging, Inc., chronic diseases are the primary cause of the USD 3.8 trillion in annual healthcare costs in the United States. Chronic pain and diabetes are the most costly chronic diseases, costing USD 635 billion and USD 327 billion annually, respectively. The presence of a large number of industry participants like GE Healthcare, Siemens Healthcare, Philips Healthcare and others in the region, as well as the high frequency of publication of new products, both factors, contribute to the growth of the regional market. Due to factors such as beneficial reimbursement conditions and strong patient awareness, the region has a high use of modern, high-cost medical imaging methods. The U.S. is the major country-level market in the North American medical imaging market. The R&D Administration of the US government has pledged to invest USD 142.2 billion in medical imaging R&D to achieve this critical goal. Artificial Intelligence (AI), Quantum Information Science (QIS), 5G / Advanced Communications, Biotechnology and Advanced Production are the sciences and technologies the administration is focusing on for 2021. Increasing collaboration activities by major players to expand existing medical products and bring value to the current offering are major market growth driving factors.
Europe is the second-largest regional market for
medical imaging. Increasing cancer and chronic disorders prevalence and
swift adoption of newer technologies are major attributing factors for growth
in the Europe region with growth led by countries like UK and Germany. for
instance - Despite accounting for only one-eighth of the worldwide population, Europe
accounts for roughly a quarter of all cancer cases, with 3.7 million new
patients diagnosed each year. The most common cancers include lung, breast,
stomach, liver, colon, and breast cancer. Minimally invasive surgery offers the
advantages of traditional surgeries, as well as a significant reduction in
pain, recovery time, and negligible scarring. Minimally invasive surgeries
ensure high accuracy as they deploy the camera to facilitate better
visualization of the internal organs to the surgeon. Asia Pacific is projected
to grow at the fastest CAGR in the coming years. Growing healthcare spending, increased awareness
among researchers to develop in-house technologies to reduce cost, and economic
development in emerging countries like India and China is expected to drive
growth in this region. In the Union Budget 2021 India announced it will invest USD
30.70 billion in healthcare infrastructure.
16 April 2021, DePuy Synthes launches its Velys
table-mounted knee robot - DePuy Synthes considers Velys the first of its kind,
a table-mounted solution with a functional design capable of integrating the
robotic assistant platform into any operating room. The company says it adapts
to the surgeon's workflow, offers them the controls used and helps with
accurate bone cutting. The Velys system also offers gap balance data for
visualization and joint stability estimates, as well as support Attune's total
knee system with accurate, consistent plan execution.
24 Nov 2020, - Royal Philips (NYSE: PHG, AEX: PHIA), a
world leader in healthcare technology, announced the commercial launch
of the industry's first vendor-neutral, multimodality, radiology operations
command centre to add secure, digital, virtual scanners.
Report Attributes |
Details |
---|---|
Market Size Value in 2021 | USD 18.2 Billion |
Market Size Value in 2027 | USD 41.3 Billion |
Growth Rate | +5.3% |
Base Year | 2020 |
Forecast Period | 2021-2027 |
Historical Data | 2017-2020 |
Forecast Units | (USD Billion) |
Countries Covered | North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE |
Segments Covered | By Product, End use and Region. |
Competitive landscape | Leading companies, Competitive strategies and Consumer engagement scope |
Customization is available | If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions. |