Market Highlights
Global Medical Imaging Market is estimated to be valued at USD 45,719.65 Million by 2025 and is expected to register a CAGR of 6.52% during the forecast period.
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Imaging systems play a
major role in the primary screening of any disease. Medical imaging systems
help in the diagnosis, treatment selection, and monitoring of the progress of
the treatment. The increasing strategic joint ventures between prominent
players, rise in research and development activities focusing on advancements
in imaging devices, and increasing awareness about disease diagnostics are
driving the global medical imaging market. However, the shortage of trained
professionals, the inability of healthcare organizations to purchase expensive
imaging systems, and the high cost of high-end imaging devices are expected to
hamper the growth of this market.
Segment Analysis
The Global
Medical Imaging Market has been segmented on the basis of modality,
application, and end-user. The market, based on modality, has been divided into
x-ray systems, magnetic resonance imaging (MRI), ultrasound systems, computed
tomography (CT), and nuclear imaging. The global medical imaging market, based
on application, has been categorized into cardiology, oncology, neurology, and
others. The global medical imaging market, by end-user, has been classified as
hospitals and clinics, diagnostic centers, academic institutes, and research
organizations.
Regional Analysis
Geographically, the global medical imaging market has been
segmented into the Americas, Europe, Asia-Pacific, and the Middle East and
Africa. As per MRFR analysis, the Americas was the largest market for
medical imaging in 2018 and is expected to remain dominant during the review
period. The existence of medical imaging system companies and the rising
prevalence of chronic diseases, funding by organizations for research, along with
increased adoption of diagnostic tests by the patients are boosting the market
growth in the American region. The National Cancer Institute (NCI)
funded USD
5,636.4 million in 2017 from USD 5,206.2 million in 2016 for various research areas in cancer.
Europe would follow the
Americas in terms of value during the forecast period owing to the presence of
favorable government initiatives and laws, and target population base, rising
prevalence of lifestyle-associated conditions, and increasing adoption rate of
imaging devices. For instance, in 2018, Europe accounted for 23.4% of the
global cancer cases and 20.3% of the cancer deaths, though it holds only 9.0%
of the global population.
Asia-Pacific is expected to exhibit the
fastest market growth from 2019 to 2025 owing to the increasing per capita
health spending, growing older population base, developing the healthcare
sector in China, India, and Australia, a defined regulatory framework enabling
accelerated product approvals, and diagnostic process at comparatively lower
prices.
The Middle East and Africa
are expected to represent a modest market growth from 2019 to 2025. The Middle
East would hold a substantial market share over the assessment period due to
developing healthcare infrastructure, booming medical tourism, the budding
medical device industry.
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Key Players
Market
Research Future (MRFR) recognizes Koninklijke Philips N.V. (Netherlands),
Siemens AG (Germany), Analogic Corporation (US), Canon Medical Systems
Corporation (Japan), Carestream Health (US), CMR Naviscan (US), General
Electric Company (US), Esaote S.p.A (Italy), FUJIFILM Holdings Corporation
(Japan), Hitachi Ltd (Japan), Hologic, Inc. (US), Medtronic PLC (Ireland),
Samsung (South Korea), Shenzhen Mindray Bio-Medical Electronics Co., Ltd
(China), Shimadzu Corporation (Japan), Koninklijke Philips N.V. as the key players in the global medical imaging market.
Key Findings of
the Study
The global medical imaging market is
projected to reach over USD 45,719.65 million by 2025 at a 6.52% CAGR during
the review period of 2019 to 2025.
The US held a market share
of 86.9% in 2018. Initiatives of major players are likely to drive the growth
of this segment at a steady rate. For instance, in July 2019, FUJIFILM Holdings
Corporation (Japan) opened a new headquarter office in Lexington, Massachusetts,
US.
Based on modality, the
x-ray systems segment accounted for the largest market share of 31.1% in 2018.
Based on the application,
the cardiology segment accounted for the largest market share of 35.1% in 2018.
On the basis of end-user,
the hospitals and clinics segment accounted for the largest market share of
47.9% in 2018.
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