This report presents an in-depth analysis of the Global Medical Imaging Market, including drivers, opportunities, trends, and forecasts for the period 2018-2024. Medical imaging refers to the visualization of human body parts, organs, or tissues, which plays a crucial role in clinical diagnosis and treatment monitoring for various medical conditions.
Different imaging technologies provide diverse information about the area being examined. Imaging techniques aid radiologists and physicians in delivering accurate diagnoses and appropriate treatments, encompassing radiology, optical imaging, nuclear medicine, and interventions. Moreover, modern medical imaging is essential in nuclear medicine, visualizing biological processes within organisms’ cells, often utilizing radioactive markers for molecular imaging, known as radiopharmaceuticals.
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X-ray-based methods constitute the primary forms of medical imaging, including conventional X-ray, computed tomography (CT), and mammography. Contrast agents enhance X-ray images, commonly used in angiography examinations. Present-day imaging systems boast diverse applications, prominently in medical settings like X-ray medical diagnostics, such as computer tomography or digital radiography. The design and features of current imaging systems optimally leverage the information carried by X-ray quanta that have passed through patients.
Market Scenario
The medical imaging market has witnessed significant growth in recent years due to the adoption of hybrid technology, multi-modality systems, the increasing use of lower ionizing radiation doses, rising healthcare service demand, government support, and the prevalence of chronic diseases. Diagnostic imaging is a major industry within healthcare, continuously adapting to changes and consistently growing. Imaging systems today have extensive applications across various fields, particularly in medical settings, where they contribute significantly to X-ray medical diagnostics. The advanced medical imaging systems facilitate effective and efficient diagnoses, particularly when precise diagnostic images are required at a lower cost.
Prominent medical imaging companies focus on developing high-quality imaging data that provides real-time assessments of tissue pathophysiology based on different tissue spectral characteristics.
Various factors such as aging populations, progressive health conditions, hypertension, alcohol consumption, secondary medical conditions (e.g., diabetes, depression, cardiovascular issues), and other serious medical conditions are driving the sales of medical imaging systems. The advancement and technological adoption of multi-modality imaging systems in hospitals contribute to the anticipated growth of this market.
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Key Players
The global medical imaging market is dominated by key players such as Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp.
Market Analysis
The Global Medical Imaging Market is estimated to witness a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period from 2018 to 2024. The market is analyzed based on five segments: product types, portability, type, end-users, and regions.
Regional Analysis
The regions covered in this report include North America, Europe, Asia Pacific, and the Rest of the World (ROW). In North America, the US and Canada are expected to lead due to the highest number of diagnostic cases in 2017. North America dominates the overall presence of medical imaging and offers a diverse range of X-ray systems on the market. The region also has a high percentage of elderly populations, many of whom suffer from chronic diseases like cardiovascular conditions, diabetes, obesity, high blood pressure, and other urology-related factors, driving demand.
Europe is the second-largest region in this market, holding over 25% of the market share in 2017. The market in Europe is driven by advancements in medical imaging technologies, increased disease prevalence, continuous adoption of advanced technologies, and a growing aging population, with countries like Germany, France, the UK, and Italy being major contributors.
The Asia Pacific (APAC) region represents the fastest-growing segment in the global medical imaging market in 2017.
Competitive Analysis
The global medical imaging market offers significant growth opportunities in both developed and developing regions. Developed countries are witnessing increased adoption of medical imaging systems for high-quality imaging, screening, and diagnostics, driven by improved access and encouragement from governments and healthcare institutions, especially in the US, Canada, France, Germany, and the UK.
Advancements in technology and product upgrades will intensify competition among vendors. The market is highly dynamic, with a few major players accounting for more than 65% of the overall market. Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp dominated the global market in 2017. Other companies such as Canon Medical Systems Corporation, Carestream Health, Shimadzu Medical, Hologic, and Esoate SpA, though having negligible market share, compete vigorously with the leading vendors. The demand for medical imaging in the market has risen due to benefits such as safety, high-quality images, easy monitoring and analysis of 3D images, the ability to obtain high-resolution images for detecting small breast cancers, and integration with multi-imaging systems.
Key Competitive Facts
- The medical imaging market is highly competitive, with all players striving to gain market share.
- Intense competition, rapid technological advancements, frequent changes in government policies, and pricing factors are key challenges confronting the market.
- The high initial investment, implementation, and maintenance costs in the market are limiting factors for new players entering the industry.
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Benefits
This report provides comprehensive details about the usage and adoption rates of medical imaging in various regions, enabling key stakeholders to gain insights into major trends, drivers, investments, initiatives by vertical industry players and governments. The report also highlights significant challenges that may impact market growth and identifies key business opportunities for stakeholders seeking to expand their presence and revenue in specific verticals. It serves as a valuable resource for informed decision-making before investing in or expanding business operations within this market.
Key Stakeholders
- Healthcare providers
- Pharmaceutical companies
- Regulatory authorities
- Research institutions
- Distributors and suppliers
- Patients and caregivers
- Investors and venture capitalists
Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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