Sunday, 21 February 2021

Medical Imaging Market- Trends, Report, Global Analysis to forecast

Market Highlights

 

Global Medical Imaging Market is estimated to be valued at USD 45,719.65 Million by 2025 and is expected to register a CAGR of 6.52% during the forecast period.

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Imaging systems play a major role in the primary screening of any disease. Medical imaging systems help in the diagnosis,treatment selection, and monitoring of the progress of the treatment. The increasing strategic joint ventures between prominent players, rise in research and development activities focusing on advancements in imaging devices, and increasing awareness about disease diagnostics are driving the global medical imaging market. However, the shortage of trained professionals, the inability of healthcare organizations to purchase expensive imaging systems, and the high cost of high-end imaging devices are expected to hamper the growth of this market.

 

Regional Analysis

Geographically, the global medical imaging market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. As per MRFR analysis, the Americas was the largest market for medical imaging in 2018 and is expected to remain dominant during the review period. The existence of medical imaging system companies and the rising prevalence of chronic diseases, funding by organizations for research, along with increased adoption of diagnostic tests by the patients are boosting the market growth in the American region. The National Cancer Institute (NCI) funded USD 5,636.4 million in 2017 from USD 5,206.2 million in 2016 for various research areas in cancer.

 

Europe would follow the Americas in terms of value during the forecast period owing to the presence of favorable government initiatives and laws, and target population base, rising prevalence of lifestyle-associated conditions, and increasing adoption rate of imaging devices. For instance, in 2018, Europe accounted for 23.4% of the global cancer cases and 20.3% of the cancer deaths, though it holds only 9.0% of the global population.


Asia-Pacific is expected to exhibit the fastest market growth from 2019 to 2025 owing to the increasing per capita health spending, growing older population base, developing the healthcare sector in China, India, and Australia, a defined regulatory framework enabling accelerated product approvals, and diagnostic process at comparatively lower prices.

The Middle East and Africa are expected to represent a modest market growth from 2019 to 2025. The Middle East would hold a substantial market share over the assessment period due to developing healthcare infrastructure, booming medical tourism, the budding medical device industry.

 

Segment Analysis

The Global Medical Imaging Market has been segmented on the basis of modality, application, and end-user. The market, based on modality, has been divided into x-ray systems, magnetic resonance imaging (MRI), ultrasound systems, computed tomography (CT), and nuclear imaging. The global medical imaging market, based on application, has been categorized into cardiology, oncology, neurology, and others. The global medical imaging market, by end-user, has been classified as hospitals and clinics, diagnostic centers, academic institutes, and research organizations.

 

 

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Key Players

Market Research Future (MRFR) recognizes Koninklijke Philips N.V. (Netherlands), Siemens AG (Germany), Analogic Corporation (US), Canon Medical Systems Corporation (Japan), Carestream Health (US), CMR Naviscan (US), General Electric Company (US), Esaote S.p.A (Italy), FUJIFILM Holdings Corporation (Japan), Hitachi Ltd (Japan), Hologic, Inc. (US), Medtronic PLC (Ireland), Samsung (South Korea), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Shimadzu Corporation (Japan), Koninklijke Philips N.V. as the key players in the global medical imaging market.



Key Findings of the Study


The global medical imaging market is projected to reach over USD 45,719.65 million by 2025 at a 6.52% CAGR during the review period of 2019 to 2025.

 

The US held a market share of 86.9% in 2018. Initiatives of major players are likely to drive the growth of this segment at a steady rate. For instance, in July 2019, FUJIFILM Holdings Corporation (Japan) opened a new headquarter office in Lexington, Massachusetts, US.

 

Based on modality, the x-ray systems segment accounted for the largest market share of 31.1% in 2018.

 

Based on the application, the cardiology segment accounted for the largest market share of 35.1% in 2018.

 

On the basis of end-user, the hospitals and clinics segment accounted for the largest market share of 47.9% in 2018.

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