Medical Imaging Market Report 2024 - Medical Imaging Market Outlook, Analysis And Forecast

"The Business Research Company recently released a comprehensive report on the Global Medical Imaging Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The medical imaging market size has grown strongly in recent years. It will grow from $40.35 billion in 2023 to $42.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, aging population demographics, government initiatives and healthcare investments, increasing awareness and early diagnosis, rise in minimally invasive procedures.

The medical imaging market size is expected to see strong growth in the next few years. It will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to personalized medicine approaches, emerging modalities and hybrid imaging, global health challenges and preparedness, integration with electronic health records (EHRs), patient-centric care and experience. Major trends in the forecast period include telemedicine and remote imaging, artificial intelligence (AI) integration, advancements in technology, advancements in 3D and 4D imaging, increasing use of portable and point-of-care imaging devices.

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Market Drivers and Trends:
The increasing prevalence of chronic illnesses is expected to propel the growth of the medical imaging market in the coming future. Chronic illness is a medical condition or illness that often lasts for three months or more and has the potential to get worse over time. Older people are more likely to have chronic illnesses, which can often be managed but not cured. The increasing number of chronic illnesses boosts the medical imaging market as they are used in the diagnosis and detection of chronic ailments. For instance, in March 2022, the Australian Bureau of Statistics, an Australia-based independent statutory body in charge of data gathering and analysis as well as providing federal, state, and territory governments with recommendations based on facts, 78.6% of Australian population had at least one long-term health issue and, about 46.6% or 11.6 million had at least one chronic illness in 2021. Further, in September 2022, according to World Health Organization, a Switzerland-based agency responsible for international public health, there were around 4.1 million deaths related to chronic respiratory diseases annually. Therefore, the increasing prevalence of chronic illnesses is driving the medical imaging market.

Technological advancement is the key trend gaining popularity in the medical imaging market. Major companies operating in the medical imaging market are focused on developing innovative technologies to strengthen their position in the market. For instance, in November 2021, Koninklijke Philips N.V., a Netherlands-based manufacturer of medical imaging tools, electronics and electronic components, lighting, and computer equipment, launched its new AI (artificial intelligence)-enhanced MR product line, Philips SmartSpeed, MR 5300, and MR 7700 smart connected systems. Philips SmartSpeed is intended to accelerate the collection of images and enhance image quality and detection assurance for every patient, as well as the firm's new MR Workspace with AI assistance, which provides a simple option that streamlines the procedure from image collection to diagnosis, thereby improving MR operations and staff expertise.

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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
Hitachi Medical Corporation, General Electric Company, Medtronic PLC, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Koninklijke Philips N V, Hologic Inc., Mindray Medical International Limited, PerkinElmer Inc., Shimadzu Corporation, Varian Medical Systems Inc., Agfa-Gevaert Group, Neusoft Medical Systems Co Ltd., Carestream Health Inc., Esaote SpA, Analogic Corporation, Samsung Medison Co Ltd., Canon Medical Systems Corporation, TomTec Imaging Systems GmbH, IBM Watson Health, Ziehm Imaging GmbH, MIM Software Inc., SuperSonic Imagine SA, EOS Imaging SA, Cubresa Inc., Planmed Oy, CurveBeam LLC, ContextVision AB, Koning Health, Intrasense SA

Medical Imaging Market 2024 Key Insights:
• The medical imaging market size is expected to see strong growth in the next few years. It will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Rising Prevalence Of Chronic Illnesses Drives Growth In The Medical Imaging Market
• Innovative Technologies Drive Technological Advancement In The Medical Imaging Market
• North America was the largest region in the medical device market in 2023

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This release was published on openPR.