Medical Imaging Market Analysis, Size, Share, Growth, Trends, and Forecast by 2031

Medical Imaging Market Analysis:

Increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population, and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations is fueling the growth of the medical imaging market. In addition, government initiatives to promote medical imaging for disease prevention, rising investment in R&D activities for development of innovative medical imaging, and increasing adoption of medical imaging in developing countries is fueling the growth of the market share.

Medical Imaging Market Overview:

Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. Increasing focus on market players on introduction of technologically developed medical imaging for various diseases is fueling the growth of the market. India is ranked among the top 20 global medical devices manufacture and is the fourth largest medical devices manufacture in Asia, followed by Japan, China, and South Korea. The country is likely to experience potential growth on the back of its billion plus population base, health consciousness, economic prosperity, technological expertise, enrichment of skilled personnel, and developing facilities towards health.

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Key Players Analysis:

• General Electric Company
• Siemens AG
• Koninklijke Philips N.V.
• SHIMADZU CORPORATION
• Hitachi, Ltd.
• Canon Inc.

Increasing Demand for Early Diagnosis to Favor Market:

Diagnostic testing is a crucial component of the healthcare system, providing essential information to enable providers and patients to make the right clinical decisions. Around 75% of clinical decisions are based on a diagnostic test. Demand for access to quicker and accurate diagnosis is rising at a rate of 10% per year, increasing the cost and putting pressure on the capacity and capability of diagnostic providers. From the patient point of view, early detection and diagnosis can prevent unnecessary pain and suffering. It can also reduce the scale and cost of treatment. A large number of research links early diagnosis to measurable health benefits, such as improved survival rates and lower treatment costs.

Big Data and Analytics act as an Opportunity for Market Growth:

According to an article on ITN, Dhaval Shah and Prashanth Kollaikal of CitiusTech which discussed the potential of big data in diagnostic imaging stated that new and interesting features in the radiology information system (RIS) and PACS systems, specifically those in the cloud. These might also include analytics and impressive reports on operational and clinical data is stated in the article. Enterprise-wide key performance indicators (KPIs) are derived from a variety of sources. These KPIs are used generally to suit the provider needs, and taking clinical and operational efficiency as well as patient comfort into consideration.

SEGMENTATION
The study conducts a SWOT analysis of each company to evaluate strengths and weaknesses. It also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Medical Imaging market segments and regions.

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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the Medical Imaging Market based on various segments. It also provides market size and forecast with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Medical Imaging Market by each region is later sub-segmented by respective countries and segments.

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This release was published on openPR.