Medical Imaging Market: Overview
The market size for medical imaging was USD 37.1 billion in 2021, and it is projected to grow at a CAGR of 5.5 percent during the forecast period. There are a number of factors contributing to the growth of the market, including a growing prevalence of lifestyle-related diseases, growing demand for early detection tools, technological advancements to improve turnaround times, government initiatives to increase investment and reimbursement, as well as expansion of new facilities by market players in emerging nations. In addition to the readjusting healthcare systems, chronic conditions such as cardiovascular disease, neurology disorder, and several others are growing, according to our expert analysts.
As teaching hospitals and universities offer advanced technology training, they will be more likely to demand state-of-the-art imaging modalities, which will significantly impact the market during the forecast period. Additionally, AI will be used to automate image quantification and identification, boosting the market growth. For instance, as part of its AI platform, Google's Deepmind, Moorfields Eye Hospital partnered with Google's Deepmind to read all optical CT scans to detect age-related macular degeneration early. A further benefit of 3D MRI and CT scans is that radiologists can analyze scans more quickly, thus reducing analysis time and improving efficiency. In addition, among the most promising areas of health and medical innovation is the application of artificial intelligence (AI) to medical imaging. Certainly, artificial intelligence finds a wide range of applications in medical imaging, such as image acquisition and processing, to aid reporting, follow-up planning, data storage, and data mining. AI has improved tissue-based detection and characterization, demonstrating remarkable precision and sensitivity in classifying imaging abnormalities in recent years.
In June 2021, with its application available on the Nuance AI marketplace, Avicenna. AI has received FDA approval for its CINA-LVO, CINA-ICH, and neurovascular emergency applications. With an extensive array of AI diagnostic models integrated within the radiology reporting platform, this is the largest and first portal in the U.S. It is likely that major players in the diagnostic imaging market will see high growth in developing economies such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa. Even though these developing countries are concerned about cost, their huge population base—especially in India and China—will provide a sustainable market for diagnostic imaging devices. There is a greater need for early detection of chronic diseases—such as cancer, stroke, neurological diseases, and cardiovascular diseases—in these countries due to their higher mortality rates. For instance, approximately half of the global cancer population belongs to developing regions, according to the GLOBOCAN 2020 data.
Medical Imaging Market: COVID-19 Impact
There have been positive and negative impacts on the market due to the COVID-19 pandemic. Hospital purchasing capacity is severely reduced, especially for small-scale hospitals and imaging centers. The pandemic has also affected manufacturing companies operating with fewer workers. Aside from this, the turnaround time for delivery of diagnostic imaging systems is affected by packaging protocols and lockdown measures imposed by countries. All these factors have a negative impact on manufacturing and supply chains. A decrease in routine and elective procedures was caused by hospitals freeing up capacity and resources to deal with COVID-19 emergencies. As a result, the market for diagnostic imaging was negatively affected. Due to this decline, diagnostic imaging device demand will not change at all in the long term, but it will have a short-term negative effect on the market.
Medical Imaging Market: Drivers
An Aging Population and Associated Diseases are on Rise; this will lead to Drive Market Growth
CDC statistics indicate that nearly every older adult in the US suffers from at least one chronic condition. Disease risks increase proportionately with age. A large number of individuals 65 and older will suffer from more than one chronic condition, according to the American Medical Association (AMA). This growing population will increase the demand for healthcare facilities, advanced treatment options, and medications. Moreover, the introduction of technologically advanced devices and investment in the healthcare infrastructure, particularly in emerging nations such as India and China, are a few important factors expected to contribute significantly to the growth of the medical imaging market. Various medical conditions are diagnosed and treated by the medical imaging industry. Among medical imaging, uses are diagnosing and treating cancer, heart disease, stroke, and injuries. Due to the rapid increase in chronic diseases found in the market, the market size has soared tremendously. As a result of technological advancements, the market size has also increased significantly due to increasing awareness of the health care sector among people. Globally, the population of geriatrics is rapidly increasing, resulting in a demand for advanced imaging technology in order to provide better services to the elderly. During the forecast period, these multiple factors will drive the growth of the medical imaging market.
Medical Imaging Innovations and Technological Advancements are Driving Market Growth
The medical imaging market has grown significantly due to newer innovations and technological advancements in the field of medical imaging. Medical imaging techniques are used extensively by healthcare specialties to diagnose disease conditions and guide treatment. Furthermore, such innovations facilitate early and accurate detection of disease conditions, which makes diagnosis and treatment more favorable. Artificial Intelligence (AI) & Augmented Intelligence (AI & AI), Virtual Reality (VR), and 3-D Imaging are among the breakthrough innovations enabling market share growth. For example, EchoPixel's virtual reality system provides surgeons with patient-specific surgical views to perform procedures such as congenital heart defects. With True 3D software, surgeons can give precise care to patients by reducing the occurrence of unexpected situations during surgeries. As a result of the availability of such advanced medical imaging modalities, the outlook for the overall industry will increase. Among the most promising health and medical innovation is the application of artificial intelligence (AI) in medical imaging. Image acquisition, processing, aided reporting, follow-up planning, data storage, data mining, etc., are just a few AI applications in medical imaging. In recent years, artificial intelligence has demonstrated remarkable precision and sensitivity regarding the classification and characterization of imaging abnormalities. The concept of machine learning (ML) is one part of artificial intelligence (AI) that incorporates computational models and algorithms based on neural network architecture. The brain's neural network architecture comprises a number of layers made up of interconnected nodes. Input data are weighted and transferred to an activation function at each network node. Diagnostic methods have changed by including artificial intelligence in healthcare and medical imaging, contributing to the growth of the global market for AI in medical imaging.
Medical Imaging Market: Restraints
High Cost and Lack of Awareness to Hamper Market Growth
A major obstacle to the growth of the medical imaging market has been the high cost associated with using advanced technology. During the forecast period, the lack of disposable income possessed by the people residing in developing and underdeveloped nations has proved to be a barrier to market growth. Private and governmental organizations have not been able to grow the market due to the lack of awareness about their healthcare facilities. Also, people are unaware of insurance companies' reimbursement programs, so they avoid going to health care centers. As a result, the market's growth has also been hindered by the difficulties encountered by the average person trying to obtain reimbursement from insurance companies. These multiple factors are significant restraining factors for the market's growth during the forecast period.
Medical Imaging Market: Segment Overview
Ultrasound Segment to Dominate Market due to Rising Number of Ultrasound Applications
The segment is expected to maintain its lead throughout the forecast period. As the number of ultrasound applications increases, the segment is expected to grow. A recent development in ultrasound transducers has opened up new applications for ultrasound devices in biomedicine and cardiovascular imaging. This modality can also be used in ambulatory and emergency care due to a high concentration on developing portable ultrasound devices. Artificial Intelligence (AI) integration into ultrasound systems is also expected to influence market growth through automating image quantification and selection. Doppler imaging, high-intensity focused ultrasound, and extracorporeal shock wave lithotripsy is among the ultrasound imaging systems that can be classified as 2D, 3D and 4D.
Due to Advanced Imaging, Hospitals Category to Dominate Market
As advanced imaging modalities become more prevalent and, surgical suits are integrated with imaging technologies, the segment is expected to grow significantly. Compared to general or special hospitals, teaching hospitals in developed regions have seen a sharp increase in demand for these modalities; however, developing countries in the Asia Pacific have seen an increase in hospital construction. As a result of multinational healthcare service providers entering these countries, healthcare service is dominated by private players. Growing demand for world-class healthcare services and a rise in competition are expected to propel the segment's growth in the coming years. New hospitals generally have dedicated imaging rooms. Increasing adoption of advanced technology, improved infrastructure, and high funding for this segment is expected to contribute to the highest growth rate in the diagnostic imaging segment.
Medical Imaging Market: Regional Landscape
North America to Dominate Market due to Presence of a Large Number of Industrial Players
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. Regional market growth can be attributed to the presence of many industry players and frequent regional product launches. As a result of favorable reimbursement scenarios and funding from market players, advanced, high-end medical imaging equipment is widely adopted in this region. Spending on healthcare in North America is the highest, and this region's diagnostic imaging market is booming due to the increasing number of patients who undergo diagnostic imaging procedures. Furthermore, increased healthcare expenditures and R&D investments will facilitate regional market expansion. A study published by OECD shows that the United States spends more per capita on healthcare than any high-income country worldwide, including Japan, Sweden, Britain, and Germany.
The Asia Pacific market is anticipated to experience the fastest growth throughout the forecast period due to the advanced facilities that the government provides, and the European market has also shown to be very beneficial for the growth of the market. In addition to the Middle Eastern countries, using advanced technologies has provided excellent facilities that have helped them achieve significant growth. There is expected to be an increase in local manufacturing companies offering moderately-priced diagnostics, which will help to penetrate this underpenetrated, price-sensitive market.
Global Medical Imaging Market: Competitive Landscape
In June 2021, the FDA approved Avicenna.AI's application for CINA-LVO, CINA-ICH, and neurovascular emergencies in the Nuance AI marketplace. Providing one-stop access to an extensive array of AI diagnostic models within the radiology reporting platform is the country's first and largest portal of its kind. Moreover, in June 2021, as part of their strategic partnership with Samsung Electronics, VUNO Inc., a South Korean AI organization, will integrate VUNO Med-Chest X-ray with artificial intelligence into Samsung's GM85, a mobile digital X-ray system. The access to the global market will allow VUNO to expand market-ready AI applications.
Few of the players in the medical imaging market include "General Electric Company (Massachusetts, U.S.), Hitachi, Ltd. (Tokyo, Japan), Shimadzu Corporation (Kyoto, Japan), Siemens Healthcare GmbH (Erlangen, Germany), Koninklijke Philips N.V. (Amsterdam, Netherlands), Hologic, Inc. (Massachusetts, U.S.), Samsung (Seoul, South Korea), Fujifilm Holdings Corporation (Tokyo, Japan).
Global Medical Imaging Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Medical Imaging Market
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