Impact of COVID-19 on 3D Medical Imaging Services Market: Key Growth Factors and Opportunity Analysis by 2023
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3D medical imaging is an advanced form of imaging technology, which enhances the quality of images and enables healthcare professionals to diagnose the ailments and disorders precisely. It creates visual representations of the interior of the body by utilizing 3D imaging modalities such as a computed tomography scanner, X-ray, as well as by combining two modalities together for better results.
The market for 3D medical imaging is driven by the launch of novel 3D imaging modalities and techniques. These modalities and novel techniques ease the transition to 3D imaging devices, especially in gynecology and obstetrics field, thus supplementing the market growth. Moreover, rise in incidence of chronic diseases and increase in need for point-of care imaging are expected to fuel the market growth. However, high cost of 3D medical imaging technology and unfavorable reimbursement scenario hamper the growth of the market. On the contrary, increase in healthcare expenditure, especially in the developing economies is anticipated to create lucrative opportunities for key market players.
The 3D medical imaging services market is segmented on the basis of technique, application, end user, and region. Based on technique, the market is divided into ultrasound, X-ray, CT scan, MRI, and hybrid imaging. By application, it is classified into oncology, cardiology, orthopedic, and others. Depending on end user, it is fragmented into diagnostic centers, hospitals, and research centers. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the 3D medical imaging services Market:
o The Cardiology segment is expected to be the fastest growing segment during the forecast period.
o Diagnostic centers dominated the global 3D medical imaging services market in 2016 and is expected to grow at a CAGR of 5.8% during the forecast period.
o Research centers is expected to be the fastest growing segment in the market during the forecast period.
o The U.S. dominated the North American 3D medical imaging services market in 2016 and is projected to grow at a CAGR of 4.4% from 2017 to 2023.
o India is expected to be the fastest growing country in the Asia-Pacific 3D medical imaging services market during the forecast period.
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North America dominated the 3D medical imaging services market. The market growth in North America is primarily a reflection of product innovations and launches resulting from technological advancements. Europe and Asia-Pacific together accounted for around half of the market in 2016. The companies mostly adopted product launch, acquisition, and expansion as their key strategies to keep pace with the changing demands of consumers and strengthen their market position.
The key players operating in the global 3D medical imaging services market are GE Company (GE Healthcare), Hitachi Ltd., Hologic, Planmeca, Materialise NV, Philips Healthcare, Siemens AG (Siemens Healthineers) and Carestream Health, The Esaote Group, Canon Inc. Other players operating in the value chain are Esaote S.P.A, Fonar Corp., Fujifilm Corp., Hitachi Medical Corp, Mindray Medical International Ltd, and Neusoft Medical Systems Co. Ltd.
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