Medical/Diagnostic Imaging Market to Reach USD 37.02 Billion by 2027 – Reports and Data
Increasing prevalence of diseases in growing geriatric population is one of the significant factors influencing market growth.
The global medical imaging market is expected to reach USD 37.02 Billion by 2027, according to a new report by Reports and Data. Medical imaging denotes processes and techniques used to produce images of various parts of the human body for the purpose of diagnostic and treatment.
Advancements in imaging technology is expected to drive the market growth in the forecast period. Digital radiography is substituting the analog aspects of both the mammography and X-ray imaging markets, as they perform faster scanning of the human body while delivering enhanced image quality. Furthermore, substitutes for breast MRIs, including positron emission mammography and breast specific gamma imaging, are innovative technologies that provide choices to patients who are unable to undergo a breast MRI. Also, higher field MRI systems are substituting low field systems owing to the improved image quality, and 3-D and 4-D obstetric ultrasounds will carry on to substitute traditional ultrasounds.
As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than 5 years of age by 2050. Heart 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. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the market in the forecast period.
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Further key findings from the report suggest
- By technology, magnetic resonance imaging (MRI) contributed to the largest market share in 2018 and is estimated to have a grow rate of 4.1% in the forecast period. MRI does not include exposure to radiation and hence is safe for people who might be specifically susceptible to the effects of radiation, for instance, pregnant women and babies. MRIs are very useful for viewing soft tissue structures, comprising cartilage and ligaments, and organs like the eyes, heart, and brain.
- By applications, oncology dominated the market in 2018. Detection of cancer at an early stage significantly increases the chances for survival. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of breast cancer.
- By end-users, hospitals held the largest market share in 2018 and is anticipated to witness a growth rate of 4.4% in the forecast period. 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.
- North America contributed to the largest market share in 2018 and is likely to have a CAGR of 4.3% in the period 2019-2027. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare facilities, and the presence of leading market players in the region.
- Key participants include GE Healthcare, Toshiba Medical Systems Inc., Canon Inc., Samsung Electronics Co. Ltd., Hologic, Inc., Fujifilm Holdings Corporation, Siemens Healthineers, Shimadzu Corporation, Koninklijke Philips N.V., and Carestream Health, among others.
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For the purpose of this report, Reports and Data have segmented the global medical imaging market on the basis of technology, applications, end-users, and region:
Technology Outlook (Revenue, USD Million; 2016-2027)
- Magnetic Resonance Imaging (MRI)
- Ultrasound Imaging
- Nuclear Imaging
- X-Ray Imaging
- Computed Tomography
Applications Outlook (Revenue, USD Million; 2016-2027)
End-Users Outlook (Revenue, USD Million; 2016-2027)
- Diagnostic Centers
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Regional Outlook (Revenue, USD Million; 2016-2027)
- North America
- Asia Pacific
- Latin America
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