Medical Imaging Market

Market Synopsis:

The Global Medical Imaging Market was valued at USD 28.16 Billion in 2022 and is expected to reach a value of USD 39.43 Billion by 2030. In the projection period, the Global Market is anticipated to grow and exhibit a Compound Annual Growth Rate (CAGR) of 4.30%.

Medical Imaging describes the methods used to create images of the human body (or specific body parts) for therapeutic purposes, such as procedures and diagnoses. Medical science encompasses the study of typical anatomy and function. Radiography, medical photography, endoscopy, thermography, and microscopy, in a broader sense, are all included in this subset of biological imaging. In addition, Medical Imaging includes measurement and recording methods like electroencephalography (EEG) and magnetoencephalography (MEG), which produce data that can be shown as maps rather than images. The development of Medical Imaging reagents and the increasing unmet demand for diagnostic imaging procedures and diseases, including cancer and cardiovascular disease, are driving forces behind the global market for Medical Imaging reagents. For instance, cardiovascular diseases are one of the leading causes of death globally.

Furthermore, the growing geriatric population in the region is anticipated to increase the demand for Medical Imaging reagents as the older people are more likely to suffer chronic diseases. The industry's driving force is combining imaging technologies and surgical suits. The market is growing due to the increasing number of cancer patients who need enhanced diagnostic imaging methods for a more accurate diagnosis, such as photoacoustic imaging and imaging reagents. Government funding, investments, and technological improvements are expected to support market growth. The market's growth, however, is probably going to be constrained by a shortage of skilled medical workers, high equipment costs, a scarcity of suppliers of imaging reagents, and strict governmental regulations.

Market Segmentation:

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The Medical Imaging market is segmented based on Products, End Users, and Region. Based on the Products, the market is further segmented into X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging (MRI), and Nuclear Imaging. Furthermore, based on the End Users, the market is further bifurcated into Hospitals, Diagnostic Imaging Centers, and Other End Users.

Based on Products:

The X-Rays category dominated the market in 2021. This dominance is in the purview as the general public's widespread use has recently increased for a wide range of clinical problems. The X-Ray imaging procedure follows any typical injury to determine the damage's degree and help the medical staff choose the best course of action for the patient. Most of this technology is accessible, even in remote places that haven't been widely used. Furthermore, due to its availability in most of the world's regions, the Ultrasound market is anticipated to grow fastest. Beginning with gynecological cases and moving on to general abdomen-related disorders, Ultrasonography Medical Imaging is used to identify the likely origins of the disease.

Based on End Users:

The Hospitals segment dominated the market in 2021 and is expected to continue its dominance in the forecast period. Due to numerous amenities within the exact boundaries, which enables patients to utilize these facilities without experiencing any pain, this sector has experienced the fastest growth. A hospital setting offers a wide range of amenities and services and a skilled medical team, which serves as the segment's driving force. Anytime patients have any health-related problems, Hospitals prove to be a one-stop solution where they can get various clinical tests done and diagnosed under the same roof.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific growth rate is expected to increase at the highest Compound Annual Growth Rate (CAGR) during the forecast period because chronic diseases are becoming more common and a growing need for cutting-edge diagnostic tools. A significant and deteriorating installed base of imaging equipment in the Asia Pacific also provides market players with profitable potential. The demand for new Medical Imaging equipment is predicted to increase over the forecast period due to this and the fast-growing healthcare and hospital infrastructure in the area, particularly in nations like China and India.

Recent Developments:

• In March 2021, the advanced Vscan AirTM pocket ultrasound from GE Healthcare offered clinicians evident image quality, whole-body scanning capabilities, and user-friendly software.
• In January 2021, the MyLab X8 Ultrasound System will be available in Canada by Esaote North America. MyLab X8 is a fully functional premium imaging system that incorporates the most recent technology and provides improved image quality without sacrificing workflow or efficiency. The FDA in the US had previously approved it.

Competitive Landscape:

The key players in the Global Medical Imaging Market include- GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, Mindray Medical International, Esaote, Hologic, Inc., Samsung Medison Co. Ltd., Koning Corporation, Perkin Elmer Inc., FUJIFILM Visual Sonics Inc., Cubresa Inc. and others.

Segmentation of the Global Medical Imaging Market: