Medical Imaging Market Analysis And Forecast To 2031: By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers) And Region
The global medical power supply market was valued at USD 38.4 billion in 2021 and it is anticipated to grow up to USD 55.1 billion by 2031, at a CAGR of 3.7% during the forecast period.
Medical imaging forms an important component of healthcare industry for better diagnosis and treatment planning. Medical imaging techniques such as an ultrasound, X-ray, MRI, and CT scans help to visualize body organs internally allowing better care for the patients. Medical imaging, also known as radiology, is the field of medicine in which medical professionals recreate various images of parts of the body for diagnostic or treatment purposes. Medical imaging procedures include non-invasive tests that allow doctors to diagnose injuries and diseases without being intrusive.
Market Trends and Drivers
Rising healthcare expenditure in developed as well as developing countries surge the demand for medical imaging. All these factors together will drive the medical imaging industry over the forecast period. Furthermore, increasing R&D activities coupled with rising healthcare infrastructure and adaptation of innovative medical imaging modalities are expected to drive market growth over the forthcoming years. Growing incidence of chronic diseases especially in geriatric population increases the demand for medical imaging in hospitals and diagnostic centers. Several technological advancements and innovations increase the reliability of medical imaging thereby increasing its demand in healthcare.
Market Restraints and Challenges
Technological limitations associated with standalone systems may impede the market growth. Technological limitations associated with standalone imaging modalities deter researchers from purchasing them, negatively affecting their market growth. For instance, MRI takes longer to scan large volumes or high-resolution images, whereas PET has a lower spatial resolution. Ultrasound systems are heavily operator-dependent, require direct contact with the body, and have limited tissue depth penetration. SPECT has low detection sensitivity, and CT has poor soft-tissue contrast, providing less information about functional characteristics, and carries the risk of radiation exposure for both physicians and patients.
Global Medical Imaging Market Segmental Overview
The report analyses the global medical power supply market based on Product, End-use, and region.
Global Medical Imaging Market by Product
Based on product, it is segmented into X-ray devices, magnetic resonance imaging (MRI), ultrasound, computed tomography, nuclear imaging, and mammography. X-ray devices are further divided into digital and analog. The X-ray devices segment accounted for around 32.2% market share in 2021. This is attributed to the increasing utilization of X-rays in hospitals and diagnostic centers. X-rays are non-invasive, painless and take lesser time making them ideal for immediate diagnosis and treatment plan. Increasing occurrence of chest disorders surges the demand for chest x-rays. For instance, as per the WHO, 262 million people suffer from asthma worldwide, the disease being more common in children. Over 3 million people dies from COPD each year. Such high incidence of chest disorders increases the demand for x-rays thereby facilitating segmental demand of x-ray devices. Furthermore, advancements in digital radiography (DR) increase the demand for digital x-rays. For instance, Konica- Minolta and Shimadzu developed dynamic digital radiography (DDR) to form moving X-ray images. The technique can be used for conditions such as asthma, COPD and in orthopedic applications to facilitate imaging at a lower dose. All these factors together increase the demand for medical imaging techniques and help in boosting the progression of medical imaging industry.
Global Medical Imaging Market by End-use
Based on end-use, it is segmented into is segmented into hospitals, diagnostic centers and others. Among them, the hospital segment accounted for over USD 17.2 billion in market size in 2021. This is owing to higher demand for medical imaging modalities such as MRI, X-rays, ultrasound, and CT scans in hospital settings for accurate diagnosis during treatment procedures. In addition, availability of advanced medical imaging devices in hospitals and sound infrastructure lead to segmental growth of hospitals. Similarly, presence of skilled healthcare professionals in hospitals to accurately treat and diagnose patient’s surge the demand of medical imaging in hospitals. Additionally, rising cases of chronic diseases and increasing number of admissions in hospitals will further accelerate the medical imaging market progression.
Geographical Analysis of Global Medical Imaging Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America commanded the largest share of the market in 2021. High regional growth is attributed to the presence of top industry players in the U.S. such as Carestream Health Inc., GE Healthcare, and Hologic Inc. These key industry players take promotional and marketing efforts to increase the awareness of medical imaging amongst the people thereby facilitating the North American market statistics. Additionally, increasing healthcare expenditure and R&D investments across the region will help in regional market expansion. According to the data published on OECD, the United States spends higher on healthcare as compared to any other high-income country across the globe, including Japan, Sweden, UK, and Germany.
Major Players in the Global Medical Imaging Market
COVID-19 Impact
The COVID-19 pandemic had a substantial impact on the medical imaging market. The medical imaging industry witness significant growth during the COVID-19 pandemic owing to the usefulness of medical imaging in the diagnosis and treatment guidance of severe COVID-19 infections. Medical imaging procedures are also used in the management of patients post COVID-19. Chest X-rays, ultrasound and CT are commonly used to gauge the severity of COVID-19 infections and detect spread of disease in the lungs. These factors help to surge the global market demand.
Recent Developments
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