The size of the Global Diagnostic/Medical Imaging Market at a global level is estimated to be USD 33.7 billion in 2020. It is estimated to be growing at a CAGR of 6.67% to reach USD 46.5 billion by 2025.
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 out 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 population for the 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, LAMEA, the market is expected to gain immense growth. Highly populated countries in which the geriatric population's ratio is high are also holding the largest shares across the globe.
MARKET DRIVERS
There are a lot of contributing factors to market growth in the medical imaging market. An increase in early detection of diseases and awareness of early diagnosis and treatment is expected to increase the market growth. The rise in the geriatric population and also the pediatrics population boosts up market growth.
Government initiatives to create awareness on early stages of diagnosis and treatment, investments from government and private organizations to healthcare worldwide are fuelling 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. Rising demand for the provision of knowledge to students' in hospitals, universities by providing training for advanced technologies in the medical imaging system influences the market growth. An increase in population and chronic diseases such as diabetes, cancers, cardiovascular issues, and organ failures, the spread of diseases and infections are 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 are augmenting market growth factors. Rise in demand for various medical diagnostic tests such as MRI, Nuclear imagining 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 are also excelling in the market growth.
MARKET RESTRAINTS
However, the high cost for treatment procedure is slowly restraining the demand of the market. Rise in the complications due to exposure to high radiations is another factor hindering the market's growth rate.
The preliminary reimbursement plans, high costs associated with diagnosis plans and procedures, and helium shortage are expected to hamper the market growth. For operating all the procedures, a lot of skilled workers are needed daily. Hence, the lack of skilled workers and staff in this market will cause low market value. The risk of radiation exposure is high to patients and workers and staff; this may create significant health issues on daily exposure to radiation. The severe shortage of helium is recorded in many countries in recent times, and the stringent regulations for approval made this market restricted. The repeated quality check and control of medical devices is hard to process.
During this COVID-19 pandemic, the diagnostic imaging has been used to monitor the patients affected with Coronavirus. Ultrasound is used for tracking the symptom of pneumonia in COVID 19 patients, whereas MRI is for the monitoring of brain abnormalities in COVID 19 patients. The factor mentioned above is expected to drive the market exponentially.
COVID 19 has taught us social distancing is the only key to minimize the infection ratio and to prevent the spread of infection. The stringent regulations, such as travel ban issues and the lockdown has restricted the market from growing. As manufacturers and distributors of medical imaging systems worldwide are crucial and pivotal for market growth, they were impacted negatively during COVID issues. Governments' focus shift is observed on to COVID related issues, and the funding from government end to the medical imaging market has been in halt. On the other hand, to detect the infection, medical diagnoses such as Ct scan to detect infection rates in the lungs and other reports such as Blood tests have seen tremendous growth and demand from 2020.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Type, Application and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
This market research report on Global Diagnostic/Medical Imaging Market has been segmented and sub-segmented based on the type, application, and region.
Diagnostic/Medical Imaging Market - By Type
Based on type, the ultrasound system has the largest market share in this segment. An increasing number of cancer patients across the world are enhancing the demand of the market. 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 the image quality. The CT scan has contributed notably to the field of oncology, neurology, and cardiology. The CT scan segment is a widely used method as it increases cancer discovery chances and decreases the cases of the patient being called for further tests.
Diagnostic/Medical Imaging Market - By Application
Diagnostic/Medical Imaging Market - By Region
North America accounted for the largest share in the global Diagnostic/Medical Imaging Market, with nearly 20% of the GDP spent on healthcare by the USA. An increasing number of patients with chronic diseases are fueling the market's growth rate in this region. 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 its research and developments. Improvising the existed devices and as well as new devices and plans are part of R&D. The presence of more key players and contributors are augmenting factors 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 reasons such as a rapidly aging populace and surge in the chronic disease population. Japan is the biggest diagnostic market in the Asia Pacific region. The emergence of advanced technology and the launch of innovative products are bolstering the demand of the market. 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 market has massive manufacturing and production system.
The major companies dominating the global Diagnostic/Medical Imaging Market are GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., Fujifilm Corporation, and Shimadzu Corporation.
Companies are showing a keen interest in enhancing image quality by developing new technologies and creating new devices or novel techniques to achieve higher spatial resolution images. Imaging will continue to progress and provide an essential set of clinical study tools, drug development, and disease diagnosis.
RECENT MARKET DEVELOPMENTS
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 X-Rays
5.1.1.1 Portable X-Rays
5.1.1.2 Handheld X-Rays
5.1.2 Nuclear Medicine
5.1.2.1 Scintigraphy
5.1.2.2 PET Imaging
5.1.2.3 SPECT Imaging
5.1.3 Ultrasound
5.1.3.1 2D
5.1.3.2 3D
5.1.3.3 4D
5.1.3.4 Doppler Imaging
5.1.4 MRI
5.1.5 Tomography
5.1.6 Photoacoustic Imaging
5.1.7 Thermography
5.1.8 Tactile Imaging
5.1.9 Elastography
5.1.10 Functional near infrared spectroscopy
5.1.11 Echocardiography
5.2 By Application
5.2.1 Cardiology
5.2.2 Oncology
5.2.3 Neurology
5.2.4 Orthopedics
5.2.5 Gastroenterology
5.2.6 Gynecology
5.2.7 Others
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 GE Healthcare
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Siemens Healthcare
8.3 Toshiba Medical Systems Corporation
8.4 Hitachi Medical Corporation
8.5 Hologic Inc.
8.6 Fujifilm Corporation
8.7 Shimadzu Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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