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The medical imaging market is estimated to grow at a CAGR of 5.7% between 2022 and 2027. The size of the market is forecast to increase by USD 12.87 billion. The growth of the market depends on several factors, including the increasing prevalence of chronic conditions, the technological advancements and upgrades in medical imaging modalities, and the growing number of M&A activities.
This report extensively covers market segmentation by product (x-ray imaging, ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging), end-user (hospitals, diagnostic imaging centres, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global medical imaging market as a part of the global healthcare equipment market. The parent global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing prevalence of chronic conditions is notably driving the medical imaging market growth, although factors such as high costs associated with medical imaging may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Medical Imaging Market Driver
The increasing prevalence of chronic conditions is notably driving the medical imaging market growth. Medical imaging equipment is used for diagnosing severe and chronic conditions. In line with this, the increasing prevalence of chronic conditions, such as cancer, cardiovascular diseases, and neurological diseases, is expected to trigger the demand for diagnostic products, including medical imaging systems, and subsequently drive market growth during the forecast period. The incidence of cancer and cardiovascular diseases is growing across the world.
According to the International Agency for Research on Cancer, in 2020, the age-adjusted rate of new cancer cases was 19.3 million. In addition, globally, the incidence of several respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer, is increasing. The high incidence of cancer is increasing the demand for cancer screening and diagnoses, which is expected to drive the growth of the market. Similarly, the increasing prevalence of other chronic conditions, such as cardiovascular diseases and neurological disorders, will augment the demand for medical imaging systems during the forecast period.
Key Medical Imaging Market Trend
Integration of AI with medical imaging is the primary trend driving the medical imaging market growth. The integration of AI with medical imaging modalities and systems enables end-users to automate and standardize complex diagnostic procedures, improve patient experience and outcomes, and reduce the cost of care. It also enhances the features of medical imaging equipment, which drives the growth of the market.
Medical imaging generates a large volume of data from the results of X-rays, CT scans, MRIs, and other testing modalities. The analysis and interpretation of such data can be challenging, even for experienced clinical professionals. The integration of AI enables radiologists and technicians to increase productivity, improve accuracy, and reduce errors in diagnosis. Rising investments by key vendors in integrating AI with different medical imaging modalities, the emergence of AI medical imaging startups, and growing funding are likely to increase the adoption of AI in medical imaging. The integration of AI will improve the quality of medical imaging devices, which will drive the growth of the market.
Key Medical Imaging Market Challenge
High costs associated with medical imaging are the major challenge impeding the medical imaging market growth. The high cost associated with medical imaging equipment and related procedures is the major factor hindering the growth of the market. The high cost of medical imaging equipment and procedures can increase the cost burden on end-users and patients, respectively.
The average cost of an MRI, CT scan, and X-ray procedure is USD 200 - USD 2,200; USD 50 - USD 1,500; and USD 50 - USD 450, respectively. The cost of these procedures includes hospital stays, facilities, and the fees of physicians and supporting staff. The cost of the procedure depends on the type of hospital setting (private/public hospitals, diagnostic clinics, and ASCs) as well. Moreover, the cost of diagnosis can vary depending on the healthcare infrastructure. The high costs associated with medical imaging procedures can reduce their adoption, especially in developing countries. This is expected to limit the growth of the market during the forecast period.
Key Medical Imaging Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates?in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Imaging Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
Panasonic Holdings Corp. - The company's key offerings include medical imaging, such as GP-KH232CB and GP-KH232HU. It operates under multiple segments including appliances, automotive, connected solutions, etc. with a high focus on the appliances segment. Through this segment, the company offers heating and cooling solutions, home appliances, and smart living networks.
We also have detailed analyses of the market’s competitive landscape and offer information on 15 market vendors, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the x-ray imaging segment will be significant during the forecast period. The increasing burden of chronic diseases and other medical conditions, such as injuries and accidents, will increase the use of X-ray systems. The X-ray systems segment of the medical imaging market has higher growth potential in applications such as interventional X-ray, mammography, and general radiography. For instance, interventional X-rays have been witnessing high demand in the US, driven by the increased need for non-surgical procedures. Thus, the advancements in the healthcare industry are expected to boost the growth of this market segment.
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The x-ray imaging segment showed a gradual increase in market share with USD 12.33 billion in 2017 and continued to grow by 2021. Advances in healthcare facilities and increased awareness about digital X-ray imaging owing to various programs and symposiums are expected to have a positive impact on the growth of the X-ray segment of the global medical imaging market. The demand for X-ray systems will likely grow at a moderate rate during the forecast period, owing to technological advances and the increased adoption of portable and mobile X-ray systems. The new generation of mobile X-ray units offers more advantages in terms of efficiency and cost savings than standalone X-ray systems. Wireless mobile X-ray systems offer flexibility to healthcare facilities, enabling them to share medical images between mobile systems or between fixed-room and mobile systems. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of medical imaging devices by end-users in the healthcare industry, which is driven by an increase in the global demand for the medical imaging industry.
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North America is projected to contribute 36% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The medical imaging market in North America is expected to grow at a moderate rate during the forecast period. Factors such as the rising prevalence of chronic diseases, technological advances, new product launches, the growing number of awareness programs regarding the early diagnosis of diseases, and high healthcare spending by people are the major factors that drive the growth of the market in North America. The increasing prevalence of chronic diseases and the growing adoption of medical imaging procedures are influencing vendors to employ various market strategies, such as new product launches and partnerships with distributors, to strengthen their market presence. The growing number of regulatory approvals, coupled with technological advances in medical imaging modalities, is likely to drive the growth of the market in North America during the forecast period.
The outbreak of COVID-19 had a negative impact on the demand for medical imaging devices in North America as the supply chain network for medical imaging equipment came to a halt in the first half of 2020, which decreased regional sales in early 2020. However, in January 2021, lockdown restrictions in various countries were somewhat relaxed, which helped in the resumption of business activities. With the lifting of lockdown restrictions across the region, the vendors could cater to the demand for medical imaging devices. Hence, the resumption of various preclinical studies and pharmaceutical operations is expected to boost the growth of the market in North America during the forecast period.
APAC Medical Imaging market - The market share will grow steadily at a CAGR of close to 10% by 2021.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2028. The market has been segmented by product, end-user, and region.
Medical Imaging Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2022 |
Historical year |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
Market growth 2023-2027 |
USD 12.87 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.24 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Germany, France, UK, and Japan |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Agfa Gevaert NV, Agilent Technologies Inc., Boston Scientific Corp., Canfield Scientific Inc., Canon Inc., Carestream Dental LLC, Danaher Corp., FUJIFILM Holdings Corp, General Electric Co., Hologic Inc., Konica Minolta Inc., Koninklijke Philips NV, Medical Imaging Systems, Medtronic Plc, Panasonic Holdings Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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