In Medical Imaging Market report, a systematic investment analysis has been performed which forecasts impending opportunities for the market players. The statistical and numerical data that has been included in this market report is represented with the tables, graphs and charts which eases the understanding of facts and figures. A proficient data and excellent forecasting techniques used in this report are synonymous with accurateness and correctness. Medical Imaging Market report is a painstaking analysis of existing scenario of the market which covers several market dynamics. The market study of this global Medical Imaging Market business report takes into consideration market attractiveness analysis where each segment is benchmarked based on its market size, growth rate & general attractiveness.
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Market Analysis and Insights: Global Medical Imaging Market
Medical imaging market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 10.4% in the forecast period of 2020 to 2027and expected to reach USD 265,334.23 million by 2027 from USD 120,237.71 million in 2019. Rising minimally invasive diagnostic and therapeutic interventional procedures and increasing prevalence of chronic diseases are the factors for the market growth.
The major players covered in the Medical Imaging Market report are Spectrum Health, RamSoft, Inc., InHealth Group, Radiology Reports online, Siemens Healthineers AG, Sonic Healthcare, RadNet, Inc., GE Healthcare (A subsidiary of GENERAL ELECTRIC), Alliance HealthCare Services, Koninklijke Philips N.V., Hologic Inc., Shimadzu Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., CANON MEDICAL SYSTEMS CORPORATION, Carl Zeiss Ag, FUJIFILM Corporation, Hitachi, Ltd., MEDNAX Services, Inc., Carestream Health (A subsidiary of Onex Corporation), Teleradiology Solutions, UNILABS, ONRAD, Inc. among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Medical imaging can be thought of as a technique to create various internal images of the body for diagnosis and treatment of the disease. This technique is mainly useful in improving the health of people around the world, as it can help in the early diagnosis of some internal diseases and providing the right treatment for a particular disease. May also examine what has already been diagnosed with treatment.
The technology of medical imaging is used at the numerous levels of patient management process, such as screening, diagnosis, therapy delivery, staging, and medical follow-up.. For instance, According to the National Health Council, in America, approximately 133 million people were affected by the chronic diseases in 2019 and it is estimated that in 2020, this number will grow up to 157 million with 81 million people having multiple conditions. Increasing technology advancements will also drive the market.
This medical imaging market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Global Medical Imaging Market Scope and Market Size :
Global medical imaging market is segmented of the basis of type, modality, procedure, technology, patient age, application, end users. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, global medical imaging market is segmented into services and product. The services sector dominates the medical imaging market due to the high volume of diagnostics procedures such as MRI and CT scan procedure and X-ray. As per one NCBI article, in the world, 70 million or more radiology tests are done annually. In addition, improving diagnosis rates and increasing prevalence will also increase the demand for medical imaging services during the forecast period with increasing numbers of chronic diseases and increased geriatrics.
- On the basis of modality, global medical imaging market is segmented into stationary and portable. The stationery segment receives the largest share in the modality segment, due to the high adoption and the installation of fixed medical imaging equipment in the hospitals and imaging centers.
- On the basis of procedure, global medical imaging market is segmented into computed tomography (CT) scan, X-ray imaging, magnetic resonance imaging (MRI), ultrasound, nuclear imaging (SPECT/PET) and others. The CT scan dominates in the procedure section because the CT scan procedure is relatively safer as compared to other procedures because patients in the CT scan procedure are not exposed to radiation, although this is a relatively low dose. CT scan produces high-quality, detailed images of the body. It is a more powerful and sophisticated X-ray that captures 360-degree images of vertebrae, spine, and internal organs. CT scan dominates the medical imaging market due to the above mentioned reasons.
- On the basis of technology, global medical imaging market is segmented into direct digital radiology and computed radiology. The direct digital radiology segment acquires largest share in the technology segment, which instantaneously improves workflow by creating high-quality images while offering two to three times more efficiency than computed radiology. Direct digital radiology offer improved throughput than computed radiology as this system set in the imaging processing cycle in the acquisition task, and offers images within five seconds.
- On the basis of patient age, global medical imaging market is segmented into adults and pediatric. The adults segment continues to dominate the market as large patient pool suffering from chronic diseases are adults. In addition, the increasing prevalence of cardiovascular disease in the adult population compared to pediatrics and the growing medical imaging process are also accelerating medical imaging demand over the forecast period
- On the basis of application, global medical imaging market is segmented into cardiology, pelvic and abdominal, oncology, mammography, gynaecology, neurology, urology, musculoskeletal, dental and others. The cardiology segment is dominating the market as the prevalence rate of heart disease is very high in developed countries and cardiovascular disease is one of the leading causes of death. According to WHO, heart disease (CVD) is a major cause of death globally, with an estimated 17.9 million deaths each year. For this reason, the cardiology segment dominates the medical imaging market.
- On the basis of end users, global medical imaging market is segmented into hospitals, diagnostic centers, imaging centers, specialty clinics, ambulatory surgical centers, academic & research institutes and others. The hospitals segment leads the market with a major share of the market as hospitals are offering radiology services to in-house patient for different diseases. Hospitals are the first point of contact for any type of diagnosis and treatment and most of the facilities and healthcare professionals are available in the hospitals. Due to this reason, hospitals segment will grow with the highest CAGR in the forecast period.
Medical Imaging Market Country Level Analysis :
Global medical imaging market is analysed and market size information is provided by country, type, modality, procedure, technology, patient age, application, end users as referenced above.
The countries covered in the medical imaging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, South Africa, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.
North America dominates the medical imaging market as the U.S. is leader in medical imaging. Due to better advancement in products and services in North America, the region dominates medical imaging. North America spends high amount on health care; particularly U.S. Asia-Pacific is growing with the highest CAGR due to the increasing medical tourism and increasing population. The number of companies in emerging countries is increasing due to increasing demand for diagnostics in clinics, hospitals and other sectors. Additionally, the increasing number of healthcare expenditure and increasing number of hospitals and clinical diagnostic laboratories in China and India upsurge demand of medical imaging. The Asia-Pacific region is expected to grow with the highest growth rate in the forecast period of 2020 to 2027 because of increasing infectious diseases. Germany dominates the European market due to the technological advanced health system in the country. In the Asia-Pacific region, Japan dominates due to the technological advancements healthcare industry and increasing purchasing power in this country.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Cases of Chronic Diseases and New Technology Penetration :
Global medical imaging market also provides you with detailed market analysis for every country growth in medical device industry with medical imaging sales, impact of technological development in contrast agents and changes in regulatory scenarios with their support for the medical imaging market.
Competitive Landscape and Medical Imaging Market Share Analysis :
Global medical imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to global medical imaging market.
Many joint ventures and developments are also initiated by the companies worldwide which are also accelerating the growth of global medical imaging market.
- In December 2019, GE Healthcare (General Electric Company) and Affidea (a pan-European leader in advanced clinical imaging) has signed an agreement to develop digital technologies and imaging in the Affidea network. The agreement contains 40 CT scanners, 60 new MRIs, 30 X-ray machines and 50 ultrasound equipment over the next 3 years. This agreement helped the company to increase its credibility in the market.
- In May 2019, Carstream Health has launched new software, ImageView software. This software helps in the digital revolution in its mobile X-ray system with advanced features of Microsoft Window 10 which eases the collection of detector performance data. This new software helps the company to offer accurate information to the patient.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for medical imaging through technological advancements.
Customization Available: Global Medical Imaging Market
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