Medical Imaging Market 2021 By Top Trends & Regional Forecast To 2026

Medical imaging technology plays a crucial role in disease diagnosis and has advanced remarkably in recent years with rapid adoption of technologies like X-ray, magnetic resonance imaging (MRI), nuclear imaging, ultrasound imaging, and computed tomography (CT) scan. The proliferation of artificial intelligence (AI) in radiology is expected to revolutionize future trends in medical imaging.

With nearly every healthcare institution around the world working to curb and better manage the spread of COVID-19, many have turned to medical imaging tools to improve detection and prevention of the coronavirus. In August 2020, the National Institutes of Health (NIH) set up a new medical imaging center that leverages the power of AI to fight the pandemic.

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A highly lucrative vertical within the healthcare and medical devices space, global medical imaging market size is estimated to be worth more than US$53 billion by 2026. Explained below are a few prominent trends augmenting the adoption of medical imaging solutions across healthcare.

• Growing adoption across hospitals

Medical imaging technologies are extensively used in hospitals and diagnostic centers. The demand for medical imaging systems across hospitals is expected to grow at a CAGR of 5% through 2026. Both developed as well as developing countries have been investing substantially in development of the healthcare sector and adoption of advanced medical devices and equipment including imaging solutions like CT, MRI, and ultrasound.

A vast majority of consumers prefer hospitals for medical diagnosis due to the presence of advanced medical equipment as well as skilled healthcare experts and professionals.

• CT Scans to witness notable demand

CT scans accounted for more than 15% revenue share of medical imaging industry during 2019. The procedure generally takes less time for scanning compared to other technologies. A CT scan can take somewhere between 30 seconds to 5 minutes, whereas an MRI scan can take between 15 minutes to a couple of hours depending upon the body part under examination.

Advantages of CT scan over X-ray and MRI, such as faster results and better imaging of soft tissues and bones, are likely to boost its adoption. Many healthcare centers are opting for portable CT scanners that are easier to install, use, and transport.

• Wide occurrence of chronic diseases in APAC

Asia Pacific medical imaging industry size was estimated to be worth more than US$8.5 billion in 2019. The regional growth can be associated with a rising occurrence of chronic diseases. Asia Pacific countries have made substantial investments in the healthcare infrastructure and for adoption of advanced diagnostic imaging technologies.

In addition, governments have undertaken initiatives to create awareness towards the importance of early diagnosis. The presence of prominent medical imaging companies based in South Korea and Japan such as Samsung Medison and Fujifilm will certainly complement the regional outlook.

• Constant development efforts by manufacturers

Carestream Health, Canon Medical Systems Corporation, Siemens Healthineers, GE Healthcare, Fujifilm Holdings Corporation, Philips Healthcare, Esaote SpA, Hitachi Medical Systems, and Samsung Medison are some of the prominent names in the global medical imaging industry.

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These companies are focusing on development of novel diagnostic imaging solutions with a greater accuracy. In May 2019, the U.S. FDA had granted Siemens Healthineers an approval for its mammography system Mammomat Revelation, which helped the company extend its presence in the rapidly growing medical imaging business.

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This release was published on openPR.