As per our research report, the Global Medical Imaging market size is estimated to be growing at a CAGR of 6.5% from 2023 to 2030.
A medical imaging device or equipment is used to visually interpret and diagnose anomalies of the interior body and further monitor the disease in the patient’s body for further treatment. Moreover, the market for medical imaging has gained momentum due to the rising number of chronic diseases and the increase in demand for quicker and more accurate diagnosing technologies in the market.
The pandemic had a significant impact on the medical imaging market. Due to the closure of major industries such as semiconductor and electronics, chemical industries, and others, there was a decline in the production of medical imaging systems in the market. Further, components required to make imaging systems witnessed a shortage due to supply chain disruptions and cross-border travel restrictions in the market.
However, medical imaging has witnessed an increase in demand from the healthcare sector in the form of remote imaging. This imaging technique was used by doctors and healthcare professionals to monitor and analyze the growth or mutation of the virus inside the patient’s body via a connected device. This device was connected via a smartphone application that allowed healthcare professionals to constantly monitor the health status of individuals. Further, smart medical imaging devices allowed integration with a laptop or tablet that allowed medical professionals to extract automatic data and gain valuable insights regarding the disease.
Furthermore, trends in AI and machine learning increased the usage of smart medical imaging software for task automation such as medical image labeling. Moreover, increased trends in digitization led to an increase in demand for telemedicine and teleconsultation services by individuals. This further allowed individuals to communicate with the doctors easily, thus reducing treatment delays during the pandemic.
Post-pandemic, there is an increase in demand for portable and smart medical imaging systems that enable medical professionals to capture images automatically by using AI algorithms software. Moreover, trends in mobile-first technology induced manufacturers to produce mobile-friendly medical imaging systems. Further, the increasing demand for energy efficiency led to the development of chargeable imaging systems with AI integrations.
The restraints to this market include the expensive cost of maintenance and equipment.
Based on market segmentation by product, x-ray imaging holds the highest share in the market at about 30.6% in the market. X-ray imaging is the most common type of imaging technique used to capture images and diagnose diseases inside the body, such as diagnosing fractures, diseases, and others. The technique has gained popularity in the market due to its accuracy in detecting defects and generating insights efficiently. Furthermore, trends in AI-enabled X-ray imaging systems have enabled healthcare practitioners to conduct automated image analysis of various diseases. Furthermore, the MRI systems segment is the fastest-growing segment during the forecast period. MRI (Magnetic Resonance Imaging) is a technique for generating images based on the magnetic field and radio waves. The technique is widely used for capturing images and diagnosing neurological diseases. Furthermore, the growing demand for efficient and compact imaging systems has increased the production of small and portable MRI systems with smart technology. For example, Hyperfine’s portable MRI imaging system.
Based on market segmentation by end-user, hospitals hold the highest share of about 28% in the market. Hospitals are the prime users of medical imaging systems as they require them to diagnose complex diseases. Moreover, they use specialized imaging systems that are meant for capturing images of a specific disease. Furthermore, diagnostic imaging centers are the fastest-growing segment during the forecast period. Diagnostic centers offer specialized imaging services to patients and recommend immediate treatment procedures as per the diseases. Further, MRI systems, CT scanners, mammography, X-ray systems, and ultrasound imaging systems are the most common types of imaging systems used by diagnostic imaging centers.
Based on market segmentation by region, North America holds the highest share of the market at about 26.5% in the market. Due to the presence of chronic diseases such as breast cancer, brain tumor, and others; well-established medical and healthcare infrastructure, has contributed to the demand for medical imaging in the region. Furthermore, Asia-Pacific is the fastest-growing region during the forecast period. A high number of the elderly population and increased support from the government in the form of healthcare expenditure, investment, programs, schemes, and others have contributed to the growth of medical imaging in the region.
Companies playing a leading role in the Global Medical Imaging market profiled in this report are – General Electric Company, Siemens Healthcare GmbH, Hologic Inc, Fujifilm Holdings, Philips Healthcare, Canon Medical Systems, Agfa Corporate, CureMetrix, Advocate Health, and SonoCine Inc
X-Ray Imaging Systems
MRI Systems
CT scanners
Ultrasound Imaging Systems
Nuclear Imaging Systems
Mammography Systems
Fluoroscopy Systems
Others
Hospitals
Diagnostic Imaging Centers
Ambulatory Surgical Centers
Others
North America
Europe
Asia Pacific
Middle East & Africa
South America
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