Medical Imaging Market to Reflect Impressive Growth Rate During 2018 - 2026
Medical imaging refers to different imaging modalities that are used to visualize parts of the body organs or tissues to aid in disease monitoring, clinical diagnosis, and disease treatment. Each type of imaging technique provides different information regarding the part of the body being examined or treated, disease, injury, or effectiveness of a medical treatment. Recent imaging techniques provide an effective and least invasive means of about the metabolic, physiological, and molecular activities in the body. These techniques can help identify several diseases and their stage of progression to help physicians with the correct course of action.
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Medical imaging is a vital part of the health care industry and nearly all diagnosis and treatments are based on it; therefore, it is projected to contribute to the expansion of medical imaging market. The rapidly growing geriatric population in countries such as Japan and the U.S. is a major driver of the medical imaging market as this segment of the population is more prone to multiple diseases and disorders. Early diagnosis has become imperative to prevent high treatment costs at later stage of diseases which are already burgeoning health care expenditures.
Advances in radiology that have happened in the past few decades have allowed expansion of medical imaging market. Imaging devices such as magnetic resonance imaging (MRI), computed tomography (CT or CAT), and ultrasound have allowed further options for treatment guidance essentially with low morbidity. This has helped physicians to assess patients without surgical intervention and thereby improve the patient outcomes and quality of life.
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The global medical imaging market can be segmented based on product, technology, application, end-user, and region. In terms of product, the market can be categorized into X-ray Imaging Systems, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), nuclear imaging, and others. Digital X-ray systems have revolutionized X-ray imaging, and thus helped the upsurge of the existing sluggish mature X-ray imaging equipment segment. The X-ray devices segment accounted for the largest share of the medical imaging equipment market. Major X-ray devices include stationary/fixed and portable X-ray systems, where the latter includes mobile and handheld X-ray systems. Portable X-ray devices have high adoption rates, especially in emergency departments and ICUs. Transferring a patient from the designated unit to the radiology unit involves high risk to the patient’s health and also entails logistic expenses. In an attempt to curb this problem, medical practitioners are rapidly shifting preference toward portable X-ray equipment. Recent advancements in the ultrasound technology and equipment are proving immensely beneficial for diagnosis of cancer and other complex diseases. In addition, this technology is proving to be efficient in imaging during several types of surgeries. The introduction of advanced technologies such as 4D imaging would further enhance growth in the ultrasound imaging devices market.
In terms of end users, the medical imaging market has been divided into hospitals, diagnostic imaging centers, academic & research institutes, and others. Hospitals and diagnostic imaging centers are expected to account for considerable share of the market. In terms of technology, the medical imaging market has been divided based on products such as ultrasound systems is further sub segmented into 2D, 3 -D & 4-D, Doppler, High Intensity Frequency Ultrasound (HIFU) and Lithotripsy. Advancements in 3D imaging technology has enabled development in computer aided detection (CAD) and increased applications for imaging diagnostic applications. This has led to growth of the developed markets such as the U.S. and Europe where the market for 2D modalities has matured.
Based on region, the global medical imaging market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical imaging market due to the early adoption of highly developed technologies in general healthcare in the region. Asia Pacific is anticipated to be a highly attractive market during the forecast period due to the existence of large patient pool and initiatives by governments to undertake various control programs.
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Key players contributing to the expansion of this market include Siemens Healthineers, Canon Medical Systems Corporation, GE Healthcare, Mindray Medical International Limited, Philips Healthcare, Hitachi Medical Corporation, Samsung Medison Co., Ltd., Fujifilm Corporation, and Shimadzu Corporation. The medical imaging equipment market is highly capital intensive and requires huge research and development expenditures, hence these companies, with large and deep pockets, will continue to dominate the market during the forecast period. Major players are actively focusing on various expansion strategies in order to gain competitive advantage in the emerging market. Collaborations, new product launches, partnerships and agreements are some important strategies that are adopted by key market players
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