The global medical imaging market is projected to record a CAGR of 6.52% and hold a substantial value of USD 45,719.65 million by the end of the assessment period. The growing chronic diseases are projected to be the most important factor driving the global medical imaging market 2020. Also, the demand for precise diagnostic procedures is growing, which us further enlarging the market. Further, technological development is another crucial factor leading to market growth.
However, the disruption of COVID-19 has severely affected the global market for the medical imaging market growth. As per MRFR, more than 90% of imaging centers in the US witnessed a major loss. The current situation states that the medical imaging facilities have been affected adversely due to the pandemic. The situation will obtain normalcy only if the health professionals have sufficient resources to fight the coronavirus.
Further, point-of-care ultrasound systems are being adopted by medical professionals and as well as by the patients. In addition, wearable imaging scanners such as MEG, are giving a significant scope of opportunities. In addition, there is a rise in the number of manufacturers and distributors of medical imaging systems across the world is another pivotal factor resulting in market growth. These manufacturers are adopting innovative strategies to gain a competitive edge over their competitors.
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Key Players
The renowned players of the global medical imaging market are Analogic Corporation (US), Siemens AG (Germany), Canon Medical Systems Corporation (Japan), CMR Naviscan (US), Carestream Health (US), General Electric Company (US), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A (Italy), Hitachi Ltd (Japan), Medtronic PLC (Ireland), Hologic, Inc. (US), Samsung (South Korea), Shimadzu Corporation (Japan), and a few others.
Market Segmentation
The global medical imaging market can be segmented based on application, modality, end-user, and geography.
- Based on application, the global medical imaging market can be classified into oncology, cardiology, neurology, and others.
- Based on modality, the global medical imaging market can be classified into magnetic resonance imaging (MRI), x-ray systems, and ultrasound systems, nuclear imaging, and computed tomography (CT).
- Based on end-user, the global medical imaging market can be classified into diagnostic centers, hospitals and clinics, academic institutes, and research organizations.
- Based on geography, the global medical imaging market can be classified into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Regional Analysis
The global market for the global medical imaging market is estimated to grow significantly during the assessment period. Geographically, regions such as the Americas, Europe, Asia-Pacific, and the Middle East and Africa have been thoroughly evaluated. As per the research, the global market is estimated to be dominated by the Americas.
The burgeoning technical development in diagnostic devices and the increasing awareness among the healthcare professionals about medical imaging in the region. Among all, the US and Canada are projected to make the most valuable contribution in expanding the market. Besides, the region is making a massive investment in research and development projects.
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Europe is estimated to acquire the second position. The region is witnessing a large number of cancer patients, which is an important factor leading to market growth. On the other hand, the APAC region is estimated to expand at the highest market share during the assessment period.
The increasing number of patients and the growing technical development, along with the adoption of advanced methods, is likely to propel the market. In the MEA region, the market is estimated to grow due to the growing number of medical imaging distributors.
