The Global Medical Imaging Market is Expected to Grow at a CAGR of 6.8% During the Forecast Period 2018 – 2024
BANGALORE, India – September 28, 2018: Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Medical Imaging Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (September 2018).
According to Infoholic Research, the market is expected to see a moderate growth rate during the forecast period. It has significant potential opportunity to grow in both developed and developing countries due to technological advancements of medical imaging leading to huge attraction from healthcare facilities such as hospitals, diagnostic centers, and PHCs. The development and advancement in technology has enabled higher safety and accuracy of high-end machines which emit harmful radiation exposure such as gamma rays. Further, awareness and effective programs towards chronic medical conditions will drive the market. However, stringent government regulations, risk associated with the procedure, and lack of reimbursement are some of the factors hampering the market growth. Factors such as aging population, advancement in technology, progressive health condition, hypertension, alcohol consumption, chronic medical conditions such as cardiovascular, neurology, orthopedic disorders, and other serious medical conditions which is driving the market.
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The sales of medical imaging systems have increased due to advancement and technological adoption of various hybrid and multi-modality imaging systems in hospitals. The healthcare facilities are currently targeting in providing maximum focus towards diagnostic procedures and offer treatment to patients suffering from various chronic diseases. Further, the hospitals, diagnostic centers, and other healthcare facilities target to improve their operational efficiency and focus on creating a smooth environment for both patient and radiologists.
Majority of the vendors have established their R&D and manufacturing facilities in developing countries to target the upcoming market growth. Emerging countries such as India and China have huge potential opportunity for medical imaging industry due to presence of large pool of patients and increasing disposable income. The companies are focusing on developing innovative products, and most of them are trying to implement technology with high investment in R&D. They focus to improve patient care and provide programs for collaborating their product with doctors and patients for mutual benefit. The market has various competitors that play purely on single product line with advanced technology, these players called pure play vendors and they have a huge potential in the market. However, leading companies target to acquire or collaborate with them for future benefits.
The global medical imaging market is analyzed on five segments, namely product types, portability, imaging type, end-users, and regions. The market by product is segmented into General X-ray, MRI, CT, Ultrasound, and Nuclear imaging. The X-ray equipment segment has the major market share due to increased number of hospitalizations for wide range of chronic diseases and emergency cases such as accidents, injuries, trauma etc. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are the leading countries. Europe is the second leading region with a market share of more than 25%, in 2017. The market in Europe was largely driven due to advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries are Germany, France, UK, and Italy to the market.
The APAC region is expected to grow faster due to increase in sales of new medical imaging devices in coming years. This is due to the high demand for imaging equipment due to rapid increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China. The major factors driving the growth of the market are the aging population, rise in the number of chronic diseases, large patient pool presence, and advances in medical imaging systems.
“Medical imaging systems are vital in healthcare facilities providing the basic need for all diagnostic procedures. The availability of advanced imaging systems has increased the quality and analysis with 3D and 4D images. This has resulted in forecasting an accurate analysis while identifying the right cause of the condition. The need of medical imaging systems for specific radiological procedures has increased the demand for portable medical imaging systems, which are user friendly, adjustable, and have got easy access according to embodiment of the medical applications.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research.
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Further, the report aims to cover the below points –
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides complete details about the various types of medical imaging systems
- Provides complete details of trending medical imaging systems
- Provides complete details about the analysis of top players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies
Ms. Sunanda Ganguli
Infoholic Research LLP