Medical Imaging Market Size By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Medical Imaging Market Size

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.

Market Size

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

Covid -19 Impact Analysis

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.

 

Market Dynamics

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. 

Segmentation Insights

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.

Medical Imaging Market Segmentation Analysis

By Product

• X-ray Devices
• Digital
• Direct Radiography Systems
• Computed Radiography Systems
• Analog
• Magnetic Resonance Imaging (MRI)
• Ultrasound
• 2D Ultrasound
• 3D Ultrasound
• Others
• Computed Tomography
• Nuclear Imaging
• Mammography

Market, By End-use

• Hospitals
• Diagnostic centers
• Diagnostic Labs & Ambulatory Surgical Centers
• Others

 By Region

• North America

• U.S.
• Canada
• Rest of North America

• Europe

• UK
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

• Asia Pacific

• China
• Japan
• India
• Australia
• Southeast Asia
• Rest of Asia Pacific

• Latin America

• Brazil
• Mexico
• Rest of Latin America

• Middle East and Africa

• Saudi Arabia
• South Africa
• UAE
• Rest of Middle East and Africa

Key Players

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. 

Regional Insights

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.

Strategic Developments

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.

Table

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.

 

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