As per our report, the global medical imaging market size is estimated to be USD 35.95 billion in 2021. Furthermore, it is estimated to be growing at a CAGR of 6.67% and worth USD 49.65 billion by 2026. Companies such as GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., Fujifilm Corporation, and Shimadzu Corporation are expected to account for significant medical imaging market share 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 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 the population for 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, LAMEA, the market is expected to gain immense growth. Highly populated countries where the geriatric population's ratio is high also hold the largest shares across the globe.
An increase in early detection of diseases and awareness of early diagnosis and treatment, rise in the geriatric population and the pediatrics population 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, investments from government and private organizations to healthcare worldwide 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 technologies in the medical imaging system 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. The 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 also excelled in market growth.
High costs involved with the treatment procedures and the rise in complications due to exposure to high radiations 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. 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.
COVID-19 Impact on the global medical imaging market:
During this COVID-19 pandemic, diagnostic imaging has been used to monitor the patients affected with Coronavirus. For example, ultrasound is used to track the pneumonia symptoms in COVID 19 patients, whereas MRI is for monitoring 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 minimize 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. 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 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 the 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.
Market Size Available
2020 to 2026
2021 to 2026
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
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
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:
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 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 patient's cases for further tests.
Medical Imaging Market - By Application:
Medical Imaging Market - By Region:
North America accounted for the largest share in 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 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 their research and developments. Improvising the existing devices and new devices and plans are part of R&D. The presence of more key players and contributors is 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 a rapidly aging populace and a 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'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., Fujifilm Shimadzu Corporation.
Companies show 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:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 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
3.1 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
220.127.116.11 Portable X-Rays
18.104.22.168 Handheld X-Rays
5.1.2 Nuclear Medicine
22.214.171.124 PET Imaging
126.96.36.199 SPECT Imaging
188.8.131.52 Doppler Imaging
5.1.6 Photoacoustic Imaging
5.1.8 Tactile Imaging
5.1.10 Functional near infrared spectroscopy
5.2 By Application
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.5 Rest of Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
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
8.1.2 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
a) List of Tables
b) List of Figures