According to various research firms and their reports, the medical imaging market is likely to grow in the coming years because of the increasing incidence of chronic diseases. According to a report published by Fortune Business Insights, the market is likely to reach $43.33 billion by 2027. The market was valued at $33.69 billion in 2019, and the value will increase at a compound annual growth rate (CAGR) of 5.1% during the forecast period. This growth will most likely facilitate the growth of the imaging parts market.
The increasing investment by government and public organizations to the diagnosis and treatment of cancer has paved the way for innovations and advancements in the global imaging market. The increasing awareness about effects of major diseases such as cancer and orthopedic diseases has fueled the demand for early detection of these diseases and immediate diagnosis methods. Furthermore, research initiatives by leading companies are aiding the growth of the market in the U.S.
New products continue to be hits with the health care personnel. The increasing demand had a direct impact on the overall market in the U.S. Besides the U.S., the market in Asia Pacific is likely to grow in the coming years because of high investments in the research and development of medical imaging by private organizations and leading investor firms.
To suffice the constantly increasing demand and growing expectations from end users, health care manufacturers are putting in more efforts to come up with new products. Along with new products, health care manufacturers are also under the pressure of improving product and device efficiencies. There is an increasing demand for ultrasound imaging equipment arising from health care settings in emerging countries. The major reason for this rising demand is the improved efficiency of new ultrasound imaging equipment introduced in the market. Grand View Research is another firm predicting market growth in coming years.
“The global medical imaging market size was valued at $15.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028,” Grand View Research reported. “Major factors driving the industry are the increasing demand for early-stage diagnosis of chronic disease and rising aging demographics, which is expected to boost the demand for diagnostic imaging across the globe. Technological advancements, coupled with supportive investments and funds by the government, especially in developing countries, such as India and China, are also expected to contribute to market growth. For instance, in January 2020, Allengers launched India’s first locally manufactured 32 slice CT scanner. The system was developed in collaboration with Canon Medical Systems.”
Grand View Research also stated that hospitals captured the largest market share (43.1%) in 2020. Rising demand for advanced imaging modalities and the integration of surgical suites with imaging technologies are some of the factors driving the segment.
Some of the countries in developed regions have shown a sharp rise in demand for these modalities in teaching hospitals as compared to general or special hospitals. However, developing countries in the Asia Pacific region have shown a steep rise in the number of new hospitals. This can be attributed to the entry of multinational health care service providers. Health care service in these countries is dominated by private players. New hospitals generally provide dedicated space for imaging modalities. Rising competition and increasing demand for world-class health care services are the factors expected to fuel the segment growth in upcoming years.
Growing trends of ambulatory imaging are expected to drive the ambulatory imaging centers segment at the fastest rate in upcoming years. Government initiatives to expand the reach of advanced care in rural parts are one of the prime factors driving the segment. The adoption of ambulatory imaging centers is prominent in Southeast Asian countries, such as Thailand and Malaysia. •
