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The Global Medical Market will expand at a compound annual growth rate (CAGR) of 6.5% between 2018 and 2023, finds Market Research Future (MRFR). Medical Imaging technology has consistently evolved and diversified in recent years. Imaging technologies are making a significant contribution in improving healthcare. Demand for medical imaging services is on the rise due to growing incidence of neurological and cardiac issues. The data released by Health Policy Commission revealed that there was more than 3% rise in MRI services performed from 2012 to 2015.Introduction of improved reimbursement policies and increase healthcare spending in some of the factors having an influence on the global medical imaging market. In addition, growing number of public-private healthcare entities, increased incidence of cancer, development of novel minimally invasive treatment, and mushrooming of diagnostic imaging centers are other factors supporting the market growth.
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Global Medical Imaging Market - Key Players
Major participants of this market are
Carestream Health, Inc.
Esaote SpA
Fonar Corporation
Fujifilm Holdings Corporation
GE Healthcare
Hitachi Medical Corporation
Hologic, Inc.
Narang Medical Limited
Philips Healthcare
Samsung Medison Co. Ltd
Shimadzu Corporation
Siemens Healthcare
Toshiba Corporation
Industry News
Advantis, a Greek-based medical imaging start-up is developing a unique imaging software technology. The company recently unveiled a neuroimaging software called Brainance MD, which displays, processes and analyses brain scans. The product is accessible through the internet, which significantly expands is global reach.
Osimis, a Belgium-based start-up has reported raised €2.3 million. The fund will be channelized towards its collaborative medical imaging software.
Global Medical Imaging Market - Segmentation
The Global Medical Imaging Market is segmented based on product type, application, end-user, and region. By product type, the market is segmented into magnetic resonance imaging (MRI), X-Ray imaging systems, ultrasound imaging systems, nuclear imaging systems, and computed tomography (CT) scanners. The MRI segment is sub-segmented into low to mid-field MRI systems, high and very high field MRI systems, and ultra-high field MRI systems. Other sub-segmentations of key segments are provided in the report.
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By application, the market is segmented into product type, and then further segmented by applications for each product type. Key segments include MRI systems, CT scanners, nuclear imaging systems, X-ray imaging systems, and ultrasound imaging systems. ultrasound systems are further segmented into obstetrics, general imaging, cardiology, urology, vascular, and others. Further sub-segmentation can be found in the report.
By end-user, the market is segmented into hospitals & clinics, research & academic institutes, diagnostic imaging centers, and others.
Global Medical Imaging Market - Regional Analysis
The American region holds the major share of the global medical imaging market, owing to the existing well-established healthcare system, technological advancements, and the geriatric population. Due to the increasing acceptance of advanced imaging equipment multitude of products have been introduced by leading players. For instance, Vantage Galan 3.0T XGO Edition MRI by Canon Medical Systems USA, Inc. received approval from Food and Drug Administration (FDA). The Galan 3T XGO Edition offers the ability to conduct high-quality neuroimaging exams, and higher-resolution images.
Europe holds the second position in the global medical imaging market. It is expected that the government support towards research & development expenditure.
The Asia-Pacific medical imaging market consists of countries namely China, Japan, Republic of Korea, India, Australia and the Rest of Asia-Pacific. The rising prevalence of Cardiovascular Disease (CVD) is propelling the growth of the market. According to a study published in the Circulation Journal in 2017, 80% of CVD deaths take place in low- and middle-income countries.
The Middle East and Africa holds the lowest share of the Global Medical Imaging Market due to low development, lack of technical knowledge, and poor medical facilities.
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