According to Market Research Future (MRFR), the medical imaging market was valued at USD 39.19 billion in 2021 and is predicted to grow at a CAGR of 7.10% between 2022 and 2030. Technological improvements in healthcare applications, as well as strategic agreements between leading technology firms and medical service providers, are projected to boost the growth of the medical imaging market in the coming years. Improvements in point-of-care ultrasound systems, the portability of magnetoencephalography (MEG) brain scanners, and other game-changing technologies in the diagnostic sector are expected to contribute to the medical imaging market's growing momentum. Medical imaging solution suppliers are investing in developments that aim to give accurate imaging solutions at a reasonable price. This is projected to provide attractive opportunities for new participants in the medical imaging market. However, due to economic dislocation, the cost of diagnostic image solutions has increased, and healthcare institutions have been unable to afford expensive imaging systems.
The Medical Imaging Market is experiencing significant growth, fueled by advancements in diagnostic imaging technologies. Diagnostic imaging plays a crucial role in healthcare by enabling accurate disease diagnosis and treatment planning. With innovations like MRI, CT scans, and ultrasound, the market continues to expand, offering improved patient care and outcomes worldwide.
The segment study of the global medical imaging market are modality, end-user, and application. The modality-based segments of the medical imaging market are magnetic resonance imaging (MRI), x-ray systems, ultrasound systems, and nuclear imaging, and computed tomography (CT). The application-based segments of the global medical imaging market are cardiology, neurology, and oncology among others. The end-user-based segments of the medical imaging market are hospitals and clinics, academic institutes, diagnostic centers, and research organizations.
Imaging systems play pivotal role in diagnosis, and subsequent designing of correct and effective prognosis regimen. The increasing need for medical imaging systems in diagnosis, choice of treatment, and monitoring progress, is resulting in strategic joint ventures between reputed players to generate decent revenue. In addition, hike in research and development undertakings for advancements in imaging devices and growing awareness about new diagnostics solutions to detect fatal disease at early stage are creating scopes for emerging players to capitalize, for generating decent resources. Lack of trained professionals and financial strap on healthcare organizations are some issues hindering sales of medical imaging systems.
The Americas, Europe, Middle East and Africa, and Asia-Pacific are regions that are assessed under the geographic analysis of the medical imaging market. As per MRFR study, the Americas medical imaging market can dominant the global market in review tenure. The presence of numerous medical imaging system suppliers and growing prevalence of chronic diseases can prompt the regional market in the review period. The surge in funding by medical and technical organizations for research can benefit the market in the coming period. The rise in number of diagnostic tests and increase in research undertaking on cancer can bolster the regional medical imaging market growth.
In Europe, the medical imaging market is expected to earn decent value through the forecast term due to the presence of different favorable government laws and initiatives. The existence of a large population base suffering from lifestyle-associated conditions, and high rate of adoption imaging devices are other causes that can influence Europe medical imaging market in the approaching years.
In Asia Pacific, the medical imaging market can expand at high CAGR across the study tenure 2019 to 2025. Increase in capita health spending, developing healthcare sector across India, and Australia, growing older population base, and the presence a robust regulatory framework that aid in accelerated diagnostic process and product approvals at comparatively lower prices are some of the crucial factors that are identified to support APAC medical imaging market by 2025.
In the Middle East and Africa, the medical imaging market can rise at a modest pace from 2019 to 2025. The medical imaging market in Middle East can hold considerable market share through the assessment period. The developing medical infrastructure and surge in cases of medical tourism are causes that can earn profit for the medical device industry.
Market Research Future (MRFR) recognizes some of the top-notch players in the medical imaging market. They are; Esaote S.p.A (Italy), Koninklijke Philips N.V. (Netherlands), Hitachi Ltd (Japan), FUJIFILM Holdings Corporation (Japan), Medtronic PLC (Ireland), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Analogic Corporation (US), Koninklijke Philips N.V., Siemens AG (Germany), Hologic, Inc. (US), Samsung (South Korea), Shimadzu Corporation (Japan), Carestream Health (US), CMR Naviscan (US), Canon Medical Systems Corporation (Japan), and General Electric Company (US),
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