Medical Imaging Market by Product, Application, and Geography - Global Forecast and Analysis 2019-2023

Medical Imaging Market by Product, Application, and Geography - Global Forecast and Analysis 2019-2023

Global Medical Imaging Market: About this market

Technavio’s medical imaging market analysis considers sales from X-ray imaging, ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging products. Our analysis report also considers the sales of medical imaging in Asia, Europe, North America, and ROW. In 2018, the X-ray imaging segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as technological advances and the increased adoption of portable and mobile X-ray systems will play a significant role in the X-ray imaging segment to maintain its market position. Also, our global medical imaging market report looks at factors such as the increasing prevalence of chronic conditions, increasing number of products launches by prominent vendors, and technological advancements and upgrades in medical imaging modalities. However, the high cost associated with medical imaging, product recalls, and stringent regulations associated withrelated to medical imaging equipment may hamper the growth of the medical imaging industry over the forecast period.

Global Medical Imaging Market: Overview

Technological advances and upgrades in medical imaging modalities

There has been an increase in the technological advances in medical imaging, aiming at improving the image quality, reducing the overall cost of diagnostic procedures, and providing accurate diagnoses with better patient care. Several vendors are conducting extensive research and development activities to produce advanced medical imaging solutions. Such advances include the development of portable and handheld equipment, 5D ultrasound equipment, innovations in digital X-rays with wireless DR detectors, and hybrid imaging equipment. Innovations Changes in medical imaging have led to the development of hybrid imaging modalities. The introduction of PET/CT was one of the most significant technological developments in hybrid imaging systems. This will lead to the expansion of the global medical imaging market at a CAGR of about 5% during the forecast period.

Integration of AI with medical imaging

The integration of Al with medical imaging enables users to automate and standardize complex diagnostic procedures, improve patient experience and outcomes, and reduces the cost of care. It also enhances the features of medical imaging equipment, which drives the growth of the global medical imaging market. Medical imaging produces a large volume of data from the results of X-rays, CT scans. MRIs. and other testing modalities. Al techniques, such as object detection and image segmentation, enable radiologists and technicians to identify and compare relevant patterns and other imaging data faster accurately. Global healthcare leaders, such as Siemens Healthineers and GE Healthcare, are expanding the role of Al in medical imaging through partnerships with medical technology companies. This development is expected to have a positive impact on the overall market growth.

For the detailed list of factors that will drive the global medical imaging market during the forecast period 2019-2023, click here.

Competitive Landscape

With the presence of a few major players, the global medical imaging market is fairly concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position. In , and in line with this, this report provides a detailed analysis of few leading medical imaging manufacturers, that include Canon Inc., Carestream Health Inc., FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shimadzu Corp., and Siemens Healthineers AG.

Also, the medical imaging market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.