Diagnostic/Medical Imaging Market

Global Diagnostic/Medical Imaging Market Size (2022 to 2027)

As per our report, the global medical imaging market size is estimated to be USD 35.95 billion in 2022. Furthermore, it is estimated to be growing at a CAGR of 6.67% and will be worth USD 49.65 billion by 2027.

Some of the key insights from the report: 

• Based on type, the Ultrasound segment led the market by capturing 29.3% of the global diagnostic/medical Imaging market share in 2021.
• Based on type, the city scan segment is projected to have the highest CAGR during the forecast period.
• The North American  medical imaging market is expected to be worth USD 16.44 billion by 2027
• Asia Pacific Diagnostic imaging market showcased the highest CAGR of 8.61% during the forecast period.

Diagnostic imaging is also called medical imaging. Medical imaging depicts information and picturization of internal organs and abnormalities. It establishes a database for anatomy and physiology to make it easy identification of abnormalities. Medical imaging draws images or visual representations of various parts of the human body with digital health to diagnose and treat underlying diseases. 

The demand for medical imaging services is always at the top end and will continue to grow throughout the forecast period. Then, any other market considering the healthcare sector's medical imaging market holds the most considerable revenue and shares alone. This market will continue to grow and dominate due to its technological advancements, rising incidences of chronic diseases, awareness in the population of a healthy lifestyle, and early detection of diseases. Research and developments are key factors for market growth. Government funding to healthcare sectors and, most importantly, the medical imaging market is crucial for this market's growth. In developing regions such as Asia-pacific, and LAMEA, the market is expected to grow immensely. Highly populated countries where the geriatric population's ratio is high also hold the most significant shares globally. 

MARKET DRIVERS:

An increase in early detection of diseases and awareness of early diagnosis and treatment, and a rise in the geriatric and pediatrics populations are expected to promote the growth rate of the global medical imaging market.

Government initiatives to create awareness of early stages of diagnosis and treatment and investments from government and private organizations to worldwide healthcare fuel up the medical imaging market. Technological advances and developmental activities in this market lead to new inventions, such as devices for various disease diagnoses. It is an essential factor for the rising demand for this market. The rising demand for providing knowledge to students in hospitals and universities by providing training for advanced medical imaging technology influences market growth. With an increase in population and chronic diseases such as diabetes, cancers, cardiovascular issues, and organ failures, the spread of diseases and infections is expected to increase market size. 

Various health monitoring systems introduced by the government, easy usage of mobile health systems, subscription plans in healthcare apps, and a rise in vulnerable diseases augment market growth factors. In addition, the rise in demand for various medical diagnostic tests such as MRI, Nuclear imaging and PET scan, Ultrasound, Computed tomography (CT) scan, and x Rays are the primary growth contributing factors for the medical imaging market across the globe. 

Furthermore, support from the government, Technological advancements in the field, increasing the use of digital imaging in healthcare centers, and growing support from IT sectors also excelled in market growth.

MARKET RESTRAINTS:

High costs involved with the treatment procedures and the rise in complications due to exposure to high radiation are slowly expected to restrain the global diagnostic imaging market growth.

The preliminary reimbursement plans, high costs associated with diagnosis plans and procedures, and helium shortage are expected to hamper the market growth. Skilled workers are needed daily. Since this market lacks skilled workers and staff, operating all the procedures will cause low market value. In addition, the risk of radiation exposure is high for patients, workers, and staff; this may create significant health issues with daily exposure. Recently, a severe helium shortage has been recorded in many countries, and stringent approval regulations restricted this market. In addition, repeated quality checks and control of medical devices are hard to process. 

COVID-19 Impact on the global medical imaging market:

During this COVID-19 pandemic, diagnostic imaging has been used to monitor the patients affected by Coronavirus. For example, ultrasound is used to track pneumonia symptoms in COVID-19 patients, whereas MRI monitors brain abnormalities in COVID-19 patients. Therefore, the factor mentioned above is expected to drive the market exponentially.

COVID-19 has taught us social distancing is the only key to minimizing the infection ratio and preventing the spread of infection. The stringHowever, the regulations, such as travel ban issues and the lockdown, have restricted the market from growing. Manufacturers and distributors of medical imaging systems worldwide are crucial and pivotal for market growth, so they were impacted negatively during COVID issues. Governments' focus shift is observed on COVID-19-related issues, and the funding from the government end to the medical imaging market has been in halt. On the other hand, to detect infection, medical diagnoses such as Ct scan to detect infection rates in the lungs and other blood tests have seen tremendous growth and demand from 2020. 

REPORT COVERAGE:

This market research report on Global Medical Imaging Market has been segmented and sub-segmented based on the type, application, and region.

Medical Imaging Market - By Type:

• X-Rays
  • Portable
  • Handheld
• Nuclear Medicine
  • Scintigraphy
  • PET Imaging
  • SPECT Imaging
• Ultrasound
  • 2D
  • 3D
  • 4D
  • Doppler Imaging
• MRI
• Tomography
• Photoacoustic Imaging
• Thermography
• Tactile Imaging
• Elastography
• Functional Near-Infrared Spectroscopy
• Echocardiography

Based on type, the ultrasound system has the largest market share in this segment. In addition, an increasing number of cancer patients worldwide are enhancing the market's demand. As a result, 3D imaging is anticipated to grow in all markets during the forecast period.

The CT scan has the second largest market share in the product segment. The use of AI in the CT scan has improved image quality. The CT scan has contributed notably to oncology, neurology, and cardiology. The CT scan segment is widely used as it increases cancer discovery chances and decreases the patient's cases for further tests.

Medical Imaging Market - By Application:

• Cardiology          
• Oncology
• Neurology
• Orthopedics
• Gastroenterology
• Gynecology
• Others

Medical Imaging Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America accounted for the largest share of the global Medical Imaging Market, with nearly 20% of the GDP spent on healthcare by the USA. An increasing number of patients with chronic diseases fuel this region's growth rate. In addition, technological advancement is driving the market in this region. North American countries such as the US and Canada are dominating regions and are also expected to grow owing to their research and developments. Improvising the existing and new devices and plans is part of R&D. The presence of more key players and contributors is augmenting factor for market growth.

The European nation expects market growth in the forecast period due to its rising geriatric and pediatric population ratio.

However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to a rapidly aging populace and a surge in the chronic disease population. Japan is the biggest diagnostic market in the Asia Pacific region. In addition, the emergence of advanced technology and the launch of innovative products bolstered the market's demand. Therefore, the Asia Pacific is expected to showcase the highest rise throughout the forecast period. Due to the highest population and disease ratio in countries like India, China, and Japan, the market expects the highest growth. South Korea's market has massive manufacturing and production system.  

KEY MARKET PARTICIPANTS:

Some of the notable companies dominating the global medical imaging market profiled in this report are GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., and Fujifilm Shimadzu Corporation.

Companies are keen to enhance image quality by developing new technologies and creating new devices or novel techniques to achieve higher spatial-resolution images. As a result, imaging will continue progressing and provide an essential set of clinical study tools, drug development, and disease diagnosis.

RECENT MARKET DEVELOPMENTS:

• In May 2020, RADLogics announced that it is adding software to the nuance AL Marketplace. Artificial intelligence-powered medical imaging applications are used for the detection of COVID-19.
• In May 2020, Life Image Launched the Patient Connect Portal to control longitudinal imaging records and medical data to share with care teams.
• In Feb 2019, Koninklijke Philips N.V., Netherlands, launched the EPIQ Elite ultrasound system for general imaging and obstetrics and gynecology applications.
• In Jan 2019, Core Medical Imaging Inc. was acquired by Shimadzu Medical Systems USA, a Shimadzu Corporation subsidiary, to strengthen its healthcare business in North America.
• In Nov 2018, GE Healthcare recently partnered with the Puget Sound Health Care System of Veterans Affairs (VA) to expand 3D imaging in healthcare. The VA used 3D technology before this partnership was not built for medical use. With this collaboration, however, the VA got access to the advanced 3D Printing Software integrated with AW Volume Share workstations of GE Healthcare.
• In Feb 2018, CurveBeam LLC launched an enhanced version of the Planmed Verity CBCT scanner with a 3D orthopedic and head and neck imaging solution.
• In Dec 2017, Shimadzu Corporation (Japan) introduced the virtual handheld X-ray system integrated with a Flat Panel Detector (FPD) version of MobileDaRt Evolution MX8.
• Hitachi Ltd. (Japan) unveiled a 1.5 T superconductive MRI system, ECHELON Smart, in 2017.
• Siemens Healthineers and a German-based launched a biograph vision PET/CT Scan system.