Rapid innovations and advances in technology across the globe are anticipated to give global medical imaging market size a considerable boost in the forthcoming years. Likewise, strategic initiatives taken by the governments to accelerate the development of innovative medical imaging equipment will further augment overall industry expansion. According to Global Market Insights, Inc. estimates, the global medical imaging market size is expected to exceed $53 billion by 2026.
With the number of elderly populations on the rise, the disease burden has been surging worldwide. Emergence of AI in radiology, coupled with initiatives in developing & underdeveloped economies to raise awareness about early disease diagnosis, may offer lucrative opportunities for medical imaging market growth over the forecast spell.
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The ongoing COVID-19 pandemic has severely impacted businesses across the world. However, with the rising need for intensive care of these COVID-19 infected patients, the global market is likely to witness a major upsurge in the coming years, as medical imaging modalities can offer effective data on disease progression.
For example, Lucy point-of-care MRI launched by Hyperfine has the capability to scan the neck, head, and even the extremities in the clinical setting. This product can be of high importance in ICUs (intensive care units), emergency rooms, and facilities that have no access to the conventional clinical MRI.
Developed countries have been making high expenditure on the healthcare sector. Studies suggest that the U.S. spent twice the amount of expenses on healthcare as compared to other high-income countries such as Japan, Sweden, UK, and Germany, which can be attributed to the region’s rapid adoption of medical imaging technology. These are the major factors contributing heavily to the rising popularity of medical imaging techniques.
In terms of segmentation by product, the global medical imaging market from the computed tomography segment held a market share of nearly 15% in 2019.
The segmental growth can be attributed to the product efficiency as it consumes less time in scanning compared to other products. CT scan can take around 30 seconds to 5 minutes, while an MRI scan takes 15 minutes to 2 hours, depending on the body parts. Several other advantages include effective imagining of bones and soft tissues, short installation time for portable CT scanners, as well as minimal logistic issues.
With regards to the end-use spectrum, the hospital segment recorded a CAGR of over 5% through 2026, as a result of increasing adoption of accurate and efficient medical imaging devices in hospitals.
Furthermore, in order to deliver effective treatment or patient care, diagnostic imaging is significantly performed at the hospital setting, thereby expediting overall medical imaging market share.
On the regional front, the Asia Pacific medical imaging industry registered remuneration worth $8.5 billion in 2019, owing to the rapidly increasing advanced diagnostic device demand, along with a high prevalence of chronic diseases.
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Leading manufacturers in the region are accelerating their investments in diagnostic imaging, which, in addition to the healthcare infrastructural improvement, are projected to foster regional market outlook.
The competitive landscape of the medical imaging market comprises of companies such as Siemens Healthineers, GE Healthcare, Fujifilm, Philips, Carestream Health, and Canon Medical Systems, among others. These firms are focusing on enhancing their market position by means of strategies including product launches and M&A.
For instance, Carestream Health has recently announced the launch of a new medical imaging device, CARESTREAM DRX-L Detector. The product will significantly drive productivity in hospitals as well as imaging centers. It can also decrease the radiation dose and discomfort of the patients.
Likewise, Siemens Healthineers also gained FDA approval in March 2019, for its Mammomat Revelation mammography system, which has enabled the company to expand the existing capabilities in the industry.
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