Global Medical Imaging Market - Segmented by Product Type, Applications, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The global medical imaging market has been estimated to register a CAGR of 6.1% during the forecast period (2018-2023). The medical imaging market covers a wide array of medical devices used for diagnostic purposes. It has vast application in a variety of oncological, orthopedic, gastro- and gynecological fields. With advanced healthcare facilities and growing healthcare expenditure, North America is expected to dominate this market, followed by the European region.
Increased Adoption of Advanced Technologies in Medical Imaging
The medical imaging field has advanced at a great pace, with technological advancements playing a pivotal role in the growth of the market. New imaging devices that reveal greater anatomical details are increasing in number in the diagnostic labs and hospitals, globally. Big Data has gained a lot of prominence in the medical imaging arena, especially through the integration of electronic health record (EHR) data. Also, the trend is shifting from fixed equipment to portable equipment, such as smaller ultrasound equipment. Thus, advancement in the technology is expected to be the major growth factor for the market over the forecast period.
Other factors, such as the rise in prevalence of chronic disease and lifestyle disorders, with an increase in the geriatric population, are driving the global medical imaging market.
Expensive Procedures and Equipment
The high cost of medical imaging devices and procedures inhibits the growth of the market. The costs of magnetic resonance imaging (MRI) and computed tomography (CT) machines, as well as other procedures, vary considerably, based on their resolution and strength. Due to the high cost associated, people are reluctant to avail the services frequently in developing and underdeveloped regions.
Other factors, such as side effects of diagnostic imaging and slower growth in developed regions, hamper the growth of the market.
The United States to Lead the Medical Imaging Market
North America dominates the medical imaging market, due to the presence of well-established healthcare facilities and the rise in the demand for advanced healthcare systems. In the United States, it is estimated that nearly 800 million medical imaging examinations are performed each year, increasingly due to rising disposable income and geriatric population. Asia-Pacific is also expected to grow at the highest rate during the forecast period owing to factors, such as increasing healthcare expenditures, diversified patient pool, and rising private hospitals and diagnostic centers in the region.
Key Developments in the Market