Asia-Pacific Medical Imaging Market - 2024-2031

Asia-Pacific Medical Imaging Market - 2024-2031

Asia Pacific medical imaging market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

Medical imaging is a critical component of the diagnostic process. Radiologists use medical imaging to detect and treat illnesses, including ultrasounds, MRIs, and CT scans. In addition, physicians employ medical imaging technology to assess if a certain therapy is helpful in a patient's treatment strategy.

The capabilities of medical imaging have grown exponentially during the last several decades. Medical imaging technology has advanced significantly due to important research and technical growth. This advancement is critical in giving accurate diagnoses and improving medical treatment. These developments and the power of information technology and digital technology support increased procedural efficiency in the supply and execution of patient care.

Market Dynamics: Drivers & Restraints

Rapid technological advancements

The Asia Pacific region is witnessing swift technological advancements in medical imaging, including integrating artificial intelligence (AI), machine learning, and 3D/4D imaging technologies. These innovations enhance diagnostic accuracy, efficiency, and accessibility to healthcare services, driving the adoption of state-of-the-art imaging systems across the region.

For instance, in July 2022, Canon Medical has unveiled the Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.

Additionally, in February 2022, Carestream Health India launched the DRX Compass, an accurate, convenient & configurable digital radiology solution designed to provide radiologists with a whole new level of efficiency. Thus, an increase in the launch of advanced medical imaging devices is expected to drive the market growth.

High cost of the equipment

The initial cost of purchasing sophisticated medical imaging devices, such as PET scanners or MRI machines, is expensive. Patients could have less access to this technology in smaller hospitals and clinics because of this. Thus, the high cost of the equipment could hamper the market growth.

Segment Analysis

The Asia Pacific medical imaging market is segmented based on product, application, and end user.

X-ray segment is expected to dominate the market growth

The X-ray segment is indeed expected to hold a major portion of the medical imaging market. A variety of diagnostic applications employ X-rays, an extremely adaptable imaging modality. X-rays are far less expensive to obtain and process than more sophisticated imaging methods such as CT or MRI scans. These X-rays are appropriate for point-of-care and emergency scenarios since they are quicker and easier to perform.

Additionally, medical institutes, diagnostic centers and healthcare professionals prefer highly advanced X-ray systems to achieve efficiency. Companies are launching highly advanced systems in order to meet customer demands.

For instance, in March 2022, Konica Minolta, Inc. launched AeroDR TX m01, a mobile X-ray system featuring a wireless dynamic digital radiography function in Japan.

Additionally, Shimadzu launched the state-of-the-art mobile X-ray system “MobileArt Evolution MX8 Version” in Japan and the Asia-Pacific market, excluding the United States and China. Thus, the above factors are expected to hold the segment in the dominant position in the market share.

COVID-19 Impact Analysis

Surgery and non-emergency medical treatments decreased significantly as a result of lockdowns, social distancing measures, and worries about viral transmission. X-rays, CT scans, and MRIs, which are frequently carried out in combination with these treatments, saw a decrease in demand as a result. For COVID-19 patients requiring CT scans or chest X-rays to evaluate lung involvement, medical imaging services were given priority. This diverted resources away from other imaging needs.

Market Segmentation

By Product
• X-ray
• Computed Tomography
• Positron Emission Tomography (PET)
• Ultrasound System
• MRI Equipment
• Nuclear Imaging
• Tactile Imaging
• Photoacoustic Imaging
• Thermography
• Elastography
• Echocardiography

By Application
• Cardiology
• Orthopedics
• Gastroenterology
• Gynecology
• Oncology
• Neurology
• Others

By End User
• Hospitals
• Diagnostic Centers
• Specialty Clinics

Competitive Landscape

The major players in the market include Canon Medical Systems Corporation, Hitachi Healthcare, Fujifilm Medical Systems, Samsung Medison (Samsung Healthcare), Shimadzu Corporation, Mindray, Neusoft Medical Systems, Koninklijke Philips N.V., Hologic, and Carestream Health. among others.

Why Purchase the Report??
• To visualize the Asia Pacific medical imaging market segmentation based on product, application, and end-user as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of medical imaging market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Asia Pacific medical imaging market report would provide approximately 53 tables, 47 figures and 176 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies