Global Medical Imaging Market 2021: Analysis by Regional Opportunities, Driving Forces, Application and Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Global Medical Imaging Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Medical Imaging Market products.

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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

Global Medical Imaging Market – Drivers, Opportunities, Trends, and Forecasts: 2018–2024

Overview:
Medical Imaging refers to visualizing of human body parts, organs or tissues, which are used for clinical diagnosis and monitor for treatment of various medical conditions. Every technology used as imaging gives a different type of information about the area being diagnosed or examined. Imaging techniques helps radiologist and physicians to offer accurate diagnosis and right treatment that encompass the fields of radiology, optical imaging, nuclear medicine, and interventions. Modern medical imaging is also used in nuclear medicine and using a variety of methods in visualizing the biological processes occurring in cells of organisms. In this, radioactive markers are used for molecular imaging called the radiopharmaceutical.
X-ray based are the primary or the basic methods of medical imaging. It includes three major types: conventional X-ray, computed tomography (CT) and mammography. Contrast agents are used to enhance the X-ray image that are used for angiography examinations.

Imaging systems today have extensive applications in many fields and in medical the use of X-ray medical diagnostic (computer tomography or digital radiography). The design and features of current imaging systems give an optimal use of information contained in X-ray quanta, which have passed through the patients.

Market Scenario
The market has witnessed substantial growth in the past few years due to increase in the acceptance of hybrid technology, multi-modality systems, increase adoption of lower doses of ionizing radiation, increase in demand for healthcare service, active or favorable support by the government, and rise in the prevalence of chronic diseases. Diagnostic imaging is one is one of the major industries in healthcare, which has adapted to constant changes and continuing to grow consistently. Imaging systems today have extensive applications in many fields and in medical the use of X-ray medical diagnostic (computer tomography or digital radiography). The design and features of current imaging systems give an optimal use of information contained in X-ray quanta, which have passed through the patients. There are numerous technologies being driven and it’s hard to provide accurate diagnostic images at lower cost. Therefore, the use of advanced medical imaging systems enables effective and efficient diagnosis.

Most of the leading medical imaging companies focus in developing high quality imaging data for delivering real-time images of that provide assessment of various tissue pathophysiology based on different spectral characteristic of tissue.
Factors such as aging, progressive health condition, hypertension, alcohol consumption, secondary medical conditions such as diabetes depression, cardiovascular, and another serious medical condition. The sales of medical imaging are expected to increase through advancement and technological adoption of multi-modality imaging systems in hospitals.

Key Players:
The market is dominated by Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp have the maximum revenue generation in the global medical imaging market.

Market Analysis: The Global Medical Imaging Market is estimated to witness a CAGR of 5.8% during the forecast period 2018–2024. The market is analyzed based on five segments, namely product types, portability, type, end-users, and regions.

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Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are set to be the leading countries owing to the highest number of diagnostic cases in 2017. This region dominates the overall presence of medical imaging and has the most diversified X-ray systems available in the market. It has the highest percentage of elderly population with many individuals with chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other urology related factors. This has attracted most of the customers to sustain and grow over the period and maintain their product presence in the market.
Europe is set to be the second leading region and held more than 25% of the market share in 2017. The market in Europe was largely driven by advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adaption of advanced technologies, and increase in aging population is driving the market. The countries such as Germany, France, UK, and Italy are the major contributor to the market.

The APAC region is the fastest growing region in the global medical imaging market in 2017.

Competitive Analysis: The global medical imaging market has immense growth opportunities in both developed and developing regions. The market in the developed countries is witnessing an increased adoption of medical imaging systems for high quality imaging, screening and diagnosing due to improved access and encouragement from the government & other healthcare institutions, especially in the US, Canada, France, Germany, and the UK.
The advances in technology and product upgradation will increase the competition among vendors. The market is highly dynamic with the presence of few big players accounting for more than 65% share in the overall market. Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp dominated the global Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp market in 2017. Other companies like Canon Medical Systems Corporation, Carestream Health, Shimadzu Medical, Hologic, and Esoate SpA have negligible share and compete stronglyl with the leading vendors in the market. The benefits such as safety, high quality images, easy monitoring and analysis of 3D images, obtain high resolution images to show small breast cancers, and combination with multi-imaging systems have increased the demand of medical imaging in the market.

Key competitive facts:
• The market is highly competitive with all the players competing to gain market shares. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
• The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players

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Benefits: The report provides complete details about the usage and adoption rate of medical imaging market. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the urology segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.

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