Medical Imaging Market - Global Outlook and Forecast 2018-2023
This market research report on the medical imaging market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights into segmentation by product (X-ray equipment, ultrasound imaging equipment, MRI equipment, CT scanners, and nuclear imaging equipment), end-users (hospitals, diagnostic centers, and others), and geography (North America, APAC, Europe, Latin America, and MEA).
Medical Imaging Market - Overview
Increasing focus on building advanced healthcare infrastructures and expanding access to modern medical technology are propelling the growth of the medical imaging market in emerging economies. The emergence of innovative technology such as 7T MRI equipment, high-slice CT scanners, 4D and 5D ultrasound imaging, and innovations in digital X-ray technologies is likely to boost the demand for medical imagining devices in the global market. The leading vendors in the market are launching next-generation medical imaging devices that help in prevention, diagnosis and treatment planning, and disease management. The introduction of such devices will help the vendors in the global medical imaging market to occupy a large market share. The growing focus on the development of nuclear imaging devices will boost sales revenue in the medical imaging market during the forecast period.
The development of BRIC countries and APAC markets, especially Japan and China, is developing new investment opportunities for players in the medical imaging market. The introduction of innovative, technologically advanced devices and developing research partnerships with major academic institutes will help vendors launch new diagnostic imaging devices in the global market. The global medical imaging devices market is expected to generate revenue of $46.65 billion by 2023, growing at a CAGR of 5.47% during the forecast period.
Medical Imaging Market - Dynamic
The growing demand for remote medical imaging technologies and POC testing devices will drive the growth of the medical imaging market over the next few years. These medical imaging devices have advanced software and cloud computing technology that enable remote diagnosis and management through smart devices. The introduction of remote diagnostic technologies helps physicians to perform quick scans virtually anywhere with commercially available devices. Some of POS diagnostic equipment available in the market have advanced image features that include 3D and 4D imaging with a wide spectrum of indications. Such technological advancement will fuel the growth of the global medical imaging market.
Medical Imaging Market – Segmentation
This market research report includes a detailed segmentation of the market by products, end-users, and geography.
Medical Imaging Market – Products
Growing demand for mobile X-ray devices to boost the sale in the medical imaging market during the forecast period
The global medical imaging market by product is further segmented into X-ray equipment, ultrasound imaging equipment, MRI equipment, CT scanners, and nuclear imaging equipment. The X-ray equipment product segment held the largest market share in the global medical imaging market, occupying close to 34% of the market size in 2017. The X-ray equipment segment is divided into three major categories: analog X-ray, digital radiography, and computed radiography. The growing adoption of mobile x-ray systems and portable x-ray devices in the emergency department, operating rooms, ICUs, and NICUs will drive the growth of the market segment during the forecast period. Portable x-ray systems offer consistent system availability, improved ease-of-use, and versatility and help reduce risks in healthcare monitoring and management.
Medical Imaging Market – End-users
Diagnostic centers in India and Brazil to contribute to the market share in the medical imaging market during the forecast period.
The end-user segment in the medical imaging market is divided into hospitals, diagnostic centers, and others. The diagnostic centers end-user segment dominated the medical imaging market, accounting for around 54% of the total market share in 2017. Diagnostic centers are segregated into large, medium, or small-sized centers, based on the volume of analysis or imaging performed. The rise in digitalization and development of modern healthcare infrastructure in emerging countries such as India and Brazil will drive the growth of the market segment during the forecast period. The growing demand for independent diagnostic centers that offer multiple services will have a positive impact on the growth of this market segment over the next few years.
Medical Imaging Market – Geography
North America to be the largest geographical segment in the medical imaging market during the forecast period.
The global medical imaging market by geography is further segmented into North America, APAC, Europe, Latin America, and MEA. North America dominated medical imaging market by occupying close to 34% of the total market share in 2017. With the aid of well-established healthcare infrastructure, better access to healthcare services, and adequate reimbursement services, the US occupies more than 95% of the total market share in North America. The introduction of innovative systems such as portable CT, 3D/4D ultrasound devices, portable digital X-rays with wireless DR detectors, and fusion imaging enabled CT/PET devices will contribute to the development of the medical imaging market during the forecast period.
Key Countries Profiled
The key countries profiled in the report are:
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