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Medical Imaging Market Size By Resin, Product, Application, Industry Analysis Report Forecast 2028

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A new market study, titled “Medical Imaging Market Forecast 2021-2028” has been featured on Fortune Business Insights™.

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Market Overview:

The global medical market size is projected to reach USD 43.33 billion by the end of 2027. Recent technological advancements have played a massive role in the growth of the market in recent years. According to a report published by Fortune Business Insights, titled “Medical Imaging Market Size, Share & COVID-19 Impact Analysis, Type (Magnetic Resonance Imaging, Computed Tomography, X-ray, Ultrasound and Molecular Imaging), By Application (Cardiology, Neurology, Orthopedics, Gynecology, Oncology and Others), By End User (Hospitals, Specialty Clinics, Diagnostic Imaging Centers, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 33.69 billion in 2019 and will exhibit a CAGR of 5.1% during the forecast period, 2020-2027.

Medical imaging is widely used for several applications in the healthcare industry. The increasing applications of medical imaging, driven by the massive investments in product R&D will have a huge impact on the growth of the overall market in the coming years. The presence of several large scale companies in the global market will provide impetus to the growth of the market in the coming years. This type of imaging is used to diagnose physical injuries as well as locate and identify tumors in the human body. Technological integration has played a huge part in the development of efficient medical imaging tools in recent years. Increasing regulatory approvals for advanced products, coupled with the focus on product innovations will have a massive impact on the growth of the overall medical imaging market in the forthcoming years.

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Medical Imaging Manufacturers Hit Massively by the Covid-19 Pandemic

Although the recent coronavirus outbreak has provided a platform for several healthcare companies, the medical imaging market is among the worst affected by the pandemic. The demand for MRI equipment and molecular diagnostics has gone down drastically in the past few months. As more preference is given to the treatment of the Covid-19 patients, surgical procedures that are not categorized as essential are being delayed. Having said that, the demand for X-ray and CT scanners has risen considerably during the pandemic and this provide slight hope for the companies operating in the market.

Increasing Number of Product Launches will have a Huge Impact on Market Growth

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product launches has made the highest impact on market growth. Accounting to the massive potential held by medical imaging across the world, companies are looking to invest heavily in the development of efficient products, with a view to acquiring a wider consumer base. In April 2019, Canon Medical Systems announced the launch of a new ultrasound system that is said to deliver higher performance than its alternate counterparts. The company introduced ‘Aplio-A’ series that is used for multiple clinical purposes and are available at an affordable price. The availability of such low cost products with high efficiency will bode well for the growth of the overall market in the coming years.

North America to Emerge Dominant; Presence of Several Diagnostic Centres to Aid Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years.  The presence of several diagnostic centres, especially in the United States, will have a huge impact on the growth of the regional market. The rising demand for advanced healthcare devices in the medical imaging sector will create several growth opportunities for the companies operating in the market. The market in Europe is likely to rise at a considerable CAGR in the coming years driven by the presence of several large scale companies in countries such as Germany, France, and the UK. As of 2019, the market in North America was worth USD 8.67 billion and this value is projected to increase further in the coming years.

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List of companies profiled in the report:

•          GENERAL ELECTRIC COMPANY (Massachusetts, United States)

•          Hitachi, Ltd. (Tokyo, Japan)

•          Shimadzu Corporation (Kyoto, Japan)

•          Siemens Healthcare GmbH (Erlangen, Germany)

•          Koninklijke Philips N.V. (Amsterdam, Netherlands)

•          Hologic, Inc. (Massachusetts, United States)

•          SAMSUNG (Seoul, South Korea)

•          Fujifilm Holdings Corporation (Tokyo, Japan)

•          Other Prominent Players

Industry Developments:

  • July 2020 – FUJIFILM Sonosite, Inc. announced the launch of Sonosite PX ultrasound system. The company claims that the Sonosite PX is the next generation in Sonosite POCUS, with the most advanced image clarity.

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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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Categorized as Healthcare

By Industry Research Reports

Our market studies encompass a multitude of factors such as market, economic and technological developments. They contain a detailed study on various market segments. Information thus included is obtained via extensive desk research and interviews with relevant stakeholders.

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