Medical Imaging Market Crossed US$ 33,002.52 million by 2028, Says The Insight Partners
According to our latest research study on “Medical Imaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and End User,” the market was valued at US$ 23,901.88 million in 2020 and it is projected to reach US$ 33,002.52 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028. The report highlights trends prevailing in the market and the factors driving and restraining the market growth.
Medical imaging refers to techniques and processes used to create images of various parts of the human body for diagnosis and treatment purposes within digital health. The term, medical imaging, includes various radiological imaging techniques such as X-ray radiography, fluoroscopy, magnetic resonance imaging (MRI), medical ultrasonography or ultrasound, endoscopy, elastography, tactile imaging, thermography, medical photography and nuclear medicine functional imaging techniques—e.g. positron emission tomography (PET). Medical imaging is crucial in every medical setting and at all levels of healthcare. The use of medical imaging helps physicians arrive at more accurate diagnoses and appropriate treatment decisions. Without medical imaging, both diagnosis and treatment in digital health can be very difficult to achieve with any level of accuracy. The factors such as the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry drive the growth of the medical imaging market.
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Medical Imaging Market: Competition Landscape and Key Developments
The growth of the market is attributed to key driving factors such as increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations. General Electric Company; Siemens AG; Koninklijke Philips N.V.; SHIMADZU CORPORATION; Hitachi, Ltd.; Canon Inc.; Hologic, Inc.; Carestream Health Inc.; ESAOTE SP; and Samsung Group are among the major companies operating in the market.
Introduction Of Technologically Advanced Systems
Medical imaging is an integral part of the diagnostic process. From ultrasounds to MRIs and CT scans, radiologists utilize medical imaging to properly diagnose and treat diseases. Also, doctors use medical imaging technologies to determine if a particular therapy has been effective in patient’s treatment method.
Over the past couple of decades, the capabilities of medical imaging have radially increased. There have been numerous advancements in medical imaging technology owing to essential research and technological evolution. This progress is crucial in providing accurate diagnoses and improving patient care. These advancements, along with the power of IT and digital technology, promotes greater procedural efficiency in the provision and execution of patient care. Artificial intelligence (AI) helps improve numerous aspects of the healthcare industry, and medical imaging technology is one of the fields that has benefited greatly. AI is being used to make advanced imaging devices, which can detect diseases earlier and guide diagnosis and early treatment.
In September 2018, Nvidia, a technology company, unveiled the Nvidia Clara platform, which is a combination of software and hardware working together to bring AI to future medical instruments. The Clara software development kit will enable developers to apply a wide range of AI-powered applications to existing medical imaging equipment. On February 20, 2018, Aidoc, a deep learning start-up, revealed what it referred to as the world’s first comprehensive full body technology that can use AI to analyze computed tomography (CT) scans. Aidoc’s AI-powered medical imaging technology can highlight any abnormal findings on a patient’s medical scan, which can be further reviewed by radiologists. The AI solution aims to offer support to radiologists focusing on body parts such as the chest, abdomen, spine, and head. The company received the CE mark for this technology last year, which made it accessible to medical institutions across Europe. Google’s DeepMind developed an AI system that can quickly detect over 50 eye disorders using routine medical scans. GE Healthcare introduced a new medical imaging tech in March in the form of the LOGIQ E10 radiology ultrasound system, which is integrated by AI to quickly capture data and reconstruct images. The digital system employs closed connectivity and advanced algorithms to ensure 48 times more data throughput and 10 times the processing power of previous systems. Further, in Jan 2021 Carestream Health earned 70 new patents in medical imaging for advances in digital radiography, mobile imaging X-ray systems, and other healthcare technology areas. A total of 27 patents were awarded by the US Patent and Trademark Office; an additional 43 patents were received in European and Asian countries.
Medical Imaging Market: Segmental Overview
Based on product, the medical imaging market is categorized into CT systems, X-ray systems, PET systems, MRI systems, ultrasound systems, and others. The X-ray segment held the largest share of the market in 2020 and is also anticipated to register the highest CAGR in the market during the forecast period.
Based on end user, the medical imaging market is segmented into hospitals, OP centers, clinicians’ offices, and emergency care centers. The hospitals segment held the largest share of the market in 2020 and is also estimated to register the highest CAGR in the market during the forecast period.
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