Global Medical Imaging Market Analysis, Industry Trends, Value, Growth, Opportunities & Forecast to 2024 by Valuates Reports
Medical Imaging Market Analysis:
The Global Medical Imaging Market is estimated to witness a CAGR of 5.8% during the forecast period 2018 - 2024.
Medical imaging is the technique and process of creating visual representations of the interior of a body for clinical analysis and medical intervention, as well as visual representation of the function of some organs or tissues. Medical Imaging refers to visualizing of human body parts, organs or tissues, which are used for clinical diagnosis and monitor for treatment of various medical conditions.
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Medical Imaging Market Trends & Competitive Analysis:
The global medical imaging market has immense growth opportunities in both developed and developing regions. The market in the developed countries is witnessing an increased adoption of medical imaging systems for high quality imaging, screening and diagnosing due to improved access and encouragement from the government & other healthcare institutions, especially in the US, Canada, France, Germany, and the UK.
The advances in technology and product upgradation will increase the competition among vendors. The market is highly dynamic with the presence of few big players accounting for more than 65% share in the overall market.
Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp dominated the global Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp market in 2017. Other companies like Canon Medical Systems Corporation, Carestream Health, Shimadzu Medical, Hologic, and Esoate SpA have negligible share and compete stronglyl with the leading vendors in the market. The benefits such as safety, high quality images, easy monitoring and analysis of 3D images, obtain high resolution images to show small breast cancers, and combination with multi-imaging systems have increased the demand of medical imaging in the market.
The market has witnessed substantial growth in the past few years due to increase in the acceptance of hybrid technology, multi-modality systems, increase adoption of lower doses of ionizing radiation, increase in demand for healthcare service, active or favorable support by the government, and rise in the prevalence of chronic diseases. Diagnostic imaging is one is one of the major industries in healthcare, which has adapted to constant changes and continuing to grow consistently. Imaging systems today have extensive applications in many fields and in medical the use of X-ray medical diagnostic (computer tomography or digital radiography). The design and features of current imaging systems give an optimal use of information contained in X-ray quanta, which have passed through the patients. There are numerous technologies being driven and it’s hard to provide accurate diagnostic images at lower cost.
Therefore, the use of advanced medical imaging systems enables effective and efficient diagnosis.
Most of the leading medical imaging companies focus in developing high quality imaging data for delivering real-time images of that provide assessment of various tissue pathophysiology based on different spectral characteristic of tissue.
Factors such as aging, progressive health condition, hypertension, alcohol consumption, secondary medical conditions such as diabetes depression, cardiovascular, and another serious medical condition. The sales of medical imaging are expected to increase through advancement and technological adoption of multi-modality imaging systems in hospitals.
Medical Imaging Market Key Competitive Facts:
• The market is highly competitive with all the players competing to gain market shares. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
• The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players
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Medical Imaging Market Key Players:
The market is dominated by Siemens Healthcare, GE Healthcare, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical, and Fujifilm Holdings Corp have the maximum revenue generation in the global medical imaging market.
Medical Imaging Market Regional Analysis:
The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are set to be the leading countries owing to the highest number of diagnostic cases in 2017. This region dominates the overall presence of medical imaging and has the most diversified X-ray systems available in the market. It has the highest percentage of elderly population with many individuals with chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other urology related factors. This has attracted most of the customers to sustain and grow over the period and maintain their product presence in the market.
Europe is set to be the second leading region and held more than 25% of the market share in 2017. The market in Europe was largely driven by advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adaption of advanced technologies, and increase in aging population is driving the market. The countries such as Germany, France, UK, and Italy are the major contributor to the market.
The APAC region is the fastest growing region in the global medical imaging market in 2017.
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