Medical Imaging Market to Touch USD 45,719.65 Mn at 6.52% CAGR by 2025, COVID-19 AI Initiative to Positively Impact Market Growth
Global Medical Imaging Market: Information by Modality (X-Ray Systems, Magnetic Resonance Imaging (MRI), Ultrasound Systems, Computed Tomography (CT) and Nuclear Imaging), Application (Cardiology, Oncology, Neurology ) – Forecast till 2025
Pune, India – June 3, 2020 /MarketersMedia/ —
Medical Imaging Market Analysis
The medical imaging market is likely to touch USD 45,719.65 million at a 6.52% CAGR between 2019- 2025, according to the recent Market Research Future (MRFR) report. Medical imaging, simply put, is a system that helps technical and medical professionals to detect as well as diagnose different diseases such as stroke, cancer, heart disease, appendicitis, and more. Medical imaging systems comprise computed tomography (CT), magnetic resonance imaging (MRI), nuclear imaging, ultrasound systems, and x-ray systems. They are widely used in oncology, cardiology, neurology, and others.
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Various factors are adding to the global medical imaging market growth. These factors, according the new MRFR report, include demand for wearable imaging scanners like portable MEG, preference of point-of-care ultrasound systems by medical professionals, technological advancements, and innovations by key players. Additional factors fuelling market growth include an increase in distributors and manufacturers of medical imaging systems worldwide, and rising prevalence of chronic diseases.
On the contrary, the high cost of medical imaging systems may limit the medical imaging market growth over the forecast period.
The coronavirus pandemic has taken a massive toll on the medical imaging facilities, and this situation will not be normal till health experts have adequate resources for combating the novel coronavirus. There is evidence of the shortage of devices. As most countries rely on imports for imaging devices, it can result in major disruption in its supply chain.
Impact of Covid-19 Outbreak on Medical Imaging Market
Medical imaging systems aid medical and technical professionals to detect and diagnose a wide range of diseases, from cancer and appendicitis to stroke and heart disease. Medical imaging systems include x-rays, computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems, and ultrasound devices, among others. These systems are used in various applications, such as cardiology, oncology, and many others.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Medical Imaging Market and demographic challenges, showed how it could move forward in the coming years.
Medical Imaging Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global medical imaging market report based on end user, modality, and application.
By modality, the global medical imaging market has been segmented into computed tomography (CT), magnetic resonance imaging (MRI), nuclear imaging, ultrasound systems, and x-ray systems. Of these, the MRI segment will lead the market over the forecast period.
By application, the global medical imaging market is segmented into oncology, cardiology, neurology, and others.
By end user, global medical imaging market is segmented into academic institutes, hospitals and clinics, research organizations, and diagnostic centers. Of these, hospitals & clinics will have a major share in the market over the forecast period.
Medical Imaging Market Regional Analysis
Based on the region, the global medical imaging market report covers the recent trends & growth opportunities across Europe, the Americas, the Asia Pacific (APAC), Latin America, & the Middle East & Africa (MEA). Of these, the Americas will lead the market over the forecast period. Factors fuelling the medical imaging market growth in the region include increasing awareness amongst healthcare professionals about medical imaging, rising developments in advanced diagnostic devices, grants from government healthcare agencies in Canada and the US, focused research activities in oncology, and high funding for R&D projects. Medical imaging is likely to be in pandemic paralysis as per the MRFR report as more than 90% imaging centres in the United States had a sharp decline in the volume of procedures not associated with COVID-19.
The global medical imaging market in Europe is likely to hold the second-largest share during the forecast period for the rising prevalence of cancer. A multicentre European project, Imaging COVID-19 AI initiative, will help to improve CT (computed tomography) to diagnose COVID-19 through artificial intelligence. This project will help in creating a deep learning model both for classification as well as automated detection of COVID-19 on CT scans as well as assess the severity of the disease through quantification of lung involvement. A good number of institutions and hospitals across the region will join hands for rapidly developing an AI solution that will be available for free for every participant for clinical validation.
The global medical imaging market in the APAC region is predicted to grow at a quick pace during the forecast period. Increasing use of advanced medical imaging systems, increasing technological advancements, and growing patient pool are adding market growth.
The global medical imaging market in the MEA is predicted to have healthy growth over the forecast period for the rising number of medical imaging distributors in the region and increasing use of treatment modalities in the GCC region.
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Medical Imaging Market Key Players
Eminent players profiled in the global medical imaging market report include Analogic Corporation (US), General Electric Company (US), Koninklijke Philips N.V., Hitachi Ltd (Japan), FUJIFILM Holdings Corporation (Japan), Shimadzu Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), CMR Naviscan (US), Hologic, Inc. (US), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Samsung (South Korea), Medtronic PLC (Ireland), Esaote S.p.A (Italy), Carestream Health (US), and others.
Medical Imaging Industry News
May 2020: Kubtec Medical Imaging has partnered with breast cancer surgeons for a public service campaign for ensuring patients suffering from breast cancer are kept informed at the time of the COVID-19 pandemic.
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