Insights on the Medical Imaging Market 2020-2024

December 8, 2020 — The medical imaging market size has the potential to grow by $17.64 billion during 2020-2024, and the market’s growth momentum will decelerate during the forecast period.

This report provides a detailed analysis of the market by product (X-ray imaging, ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging) and geography (North America, Europe, Asia, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Canon Inc., Carestream Health Inc., FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shimadzu Corp., and Siemens Healthineers AG.

Market Competitive Analysis

The market is concentrated. The key vendors in the market are focusing on R&D activities to expand their geographical base and increase their market share. Canon Inc., Carestream Health Inc., and FUJIFILM Holdings Corp. are some of the major market participants. Although the increasing prevalence of chronic conditions will offer immense growth opportunities, the high costs associated with medical imaging will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Medical Imaging Market: Segmentation by Geography

North America was the largest medical imaging market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising prevalence of chronic diseases, technological advances, product launches, the growing number of awareness programs regarding the early diagnosis of diseases, and the high healthcare spending by people will significantly drive medical imaging market growth in this region over the forecast period.

Forty-two percent of the market’s growth will originate from North America during the forecast period. The U.S. is the key market for medical imaging solutions in North America. 

Medical Imaging Market: Segmentation by Product

The demand for X-ray systems is likely to grow at a moderate rate during the forecast period, owing to technological advances and increased adoption of portable and mobile X-ray systems. The new generation of mobile X-ray units offers more advantages in terms of efficiency and cost savings than standalone X-ray systems. Wireless mobile X-ray systems offer flexibility to healthcare facilities, enabling them to share medical images between mobile systems or between fixed-room and mobile systems.

Market growth in the X-ray imaging segment will be slower than the growth of the market in the other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the medical imaging market size.

Medical Imaging Market: Key Drivers and Trends

To meet the rising diagnostic requirements and improve sales volume, vendors are focusing on developing technologically advanced medical digital imaging systems. The advanced products have features such as 5D ultrasound and digital X-rays with wireless DR detectors, which facilitate improved image quality and accurate diagnosis. The development of superconducting magnets and software integration into imaging modalities and the development of hybrid imaging modalities are other technological advancements in medical imaging. Such developments, coupled with the focus of vendors on upgrading their imaging modalities with enhanced software solutions, will positively influence the growth of the market over the forecast period.

With the advent of advanced technologies such as artificial intelligence and machine learning, vendors have been integrating AI into medical imaging devices. This is one of the key medical imaging market trends that will gain traction over the forecast period. AI-enabled medical imaging allows users to automate and standardize complex diagnostic procedures, improve patient experience outcomes, and reduce the costs. Vendors are also developing AI platforms for end-users such as hospitals to manage medical imaging data, which help clinicians in making quick diagnosis decisions. The factors will increase the adoption of AI-enabled medical imaging among hospitals and clinics, subsequently driving market growth at a CAGR of over 8% during 2020-2024.

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