Magnetic Resonance, Computed Tomography, and Nuclear Medicine Imaging Market Trends, Revenue, Key Players, Growth, Share and Forecast Till 2028
Increasing awareness about early disease diagnosis is one of the significant factors influencing market growth.
The global Magnetic Resonance, Computed Tomography, and Nuclear Medicine Imaging market is expected to reach USD 23.80 Billion by 2028, according to a new report by Reports and Data.
Rise in the geriatric population is one of the significant factors influencing market growth. It has been estimated that by 2050 approximately 16% of the global population will be aged more than 65 years. Forecasts from the World Health Organization (WHO), United Nations (UN), and the EU commission all indicate aging as a significant challenge for society, which demands concentrated efforts to meet the requirements of the elderly. Heart disease, Alzheimer's disease, cancer, and stroke have been the primary chronic conditions that have had the highest impact on the geriatric population, particularly in high-income countries.
The global magnetic resonance imaging market is growing at a substantial pace as the number of spinal & brain diseases and critical injuries in other parts of the body are drastically being propelled globally. An increased awareness about healthcare & wellness, changing neurological & cerebrospinal disease patterns, government supports, and escalating volumes of implementation of the MRI units in various healthcare centers is expected to upraise the further rapid growth of this market.
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Cancer has a significant impact on the society in the U.S. and across the globe. It has been estimated that 1,735,350 new cancer cases were diagnosed in the U.S., and 609,640 people suffered death from the disease. The number of new incidences of cancer is 439.2 per 100,000 men and women annually, and the number of cancer-related morbidity is 163.5 per 100,000 men and women annually. In the year 2017, an estimated USD 147.30 billion was spent on cancer care in the U.S. The use of these imaging techniques is causative of the increasing market demand.
Further key findings from the report suggest
- By type, closed magnetic resonance imaging dominated the market in 2019. The closed MRIs are more efficient as they can incorporate higher magnetic field and an enclosed periphery for a much detailed scanning.
- By application, oncology dominated the market share in 2019 and is likely to grow at a rate of 4.6% in the forecast period. Cancer is the second foremost cause of death worldwide and accounts for an estimated 9.6 million deaths in 2019. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of cancer.
- By end-users, hospitals & clinics dominated the market in 2019. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- The market in the Asia Pacific region is likely to witness the highest growth rate of 6.7% in the period 2019-2028. The high growth of the APAC region is owing to the increasing demand for these imaging techniques in emerging economies, such as China and India, owing to a rise in the level of disposable income, increasing target conditions, and rising healthcare standards, among others.
- Key participants include Canon Medical Systems, GE Healthcare, Koning Corporation, Fujifilm Holdings Corporation, Neusoft Medical Systems Corporation Limited, Siemens Healthineers, Hitachi Healthcare Systems, Neurologica Corporation, Shenzhen Anke High-Tech Co., Bracco Imaging SPA, and Koninklijke Philips NV, among others.
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For the purpose of this report, Reports and Data have segmented the global Magnetic Resonance, Computed Tomography and Nuclear Medicine Imaging market on the basis of type, application, end-users, and region:
Type Outlook (Revenue, USD Million; 2020-2028)
- Open Magnetic Resonance Imaging
- Closed Magnetic Resonance Imaging
- Low-End Slice Computed Tomography
- Mid-End Slice Computed Tomography
- High-End Slice Computed Tomography
- Single-Photon Emission Computed Tomography (SPECT) Systems
- Positron Emission Tomography (PET) Systems
Application Outlook (Revenue, USD Million; 2020-2028)
End-Users Outlook (Revenue, USD Million; 2020-2028)
- Hospitals & Clinics
- Diagnostic Centers
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Regional Outlook (Revenue, USD Million; 2020-2028)
- North America
- Asia Pacific
- Latin America
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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