Pune, India, Dec. 14, 2020 (GLOBE NEWSWIRE) -- The global Medical Imaging Market size is projected to reach USD 43.33 billion by the end of 2027. Recent technological advancements have played a massive role in the growth of the market in recent years. The market was worth USD 33.69 billion in 2019 and will exhibit a CAGR of 5.1% during the forecast period, 2020-2027. North America is projected to emerge dominant in the coming years.
The presence of several diagnostic centres, especially in the United States, will have a huge impact on the growth of the regional market. The rising demand for advanced healthcare devices in the medical imaging sector will create several growth opportunities for the companies operating in the market.
KEY INDUSTRY DEVELOPMENTS:
- July 2020 – FUJIFILM Sonosite, Inc. launched Sonosite PX ultrasound system. Sonosite PX is the next generation in Sonosite POCUS, with the most advanced image clarity.
- April 2019 – Canon Medical Systems USA, Inc., launched Aplio a-series, a new line of ultrasound systems delivering high performance for multiple clinical uses at an affordable price point.
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Medical Imaging Manufacturers Hit Massively by the Covid-19 Pandemic
Although the recent coronavirus outbreak has provided a platform for several healthcare companies, the medical imaging market is among the worst affected by the pandemic. The demand for MRI equipment and molecular diagnostics has gone down drastically in the past few months.
As more preference is given to the treatment of the Covid-19 patients, surgical procedures that are not categorized as essential are being delayed. Having said that, the demand for X-ray and CT scanners has risen considerably during the pandemic and this provide slight hope for the companies operating in the market.
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Increasing Number of Product Launches will have a Huge Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product launches has made the highest impact on market growth.
Accounting to the massive potential held by medical imaging across the world, companies are looking to invest heavily in the development of efficient products, with a view to acquiring a wider consumer base. In April 2019, Canon Medical Systems announced the launch of a new ultrasound system that is said to deliver higher performance than its alternate counterparts.
The company introduced ‘Aplio-A’ series that is used for multiple clinical purposes and are available at an affordable price. The availability of such low cost products with high efficiency will bode well for the growth of the overall market in the coming years.
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North America to Emerge Dominant; Presence of Several Diagnostic Centres to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years.
The presence of several diagnostic centres, especially in the United States, will have a huge impact on the growth of the regional market. The rising demand for advanced healthcare devices in the medical imaging sector will create several growth opportunities for the companies operating in the market.
The market in Europe is likely to rise at a considerable CAGR in the coming years driven by the presence of several large scale companies in countries such as Germany, France, and the UK. As of 2019, the market in North America was worth USD 8.67 billion and this value is projected to increase further in the coming years.
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List of companies profiled in the Medical Imaging Market report:
- GENERAL ELECTRIC COMPANY (Massachusetts, United States)
- Hitachi, Ltd. (Tokyo, Japan)
- Shimadzu Corporation (Kyoto, Japan)
- Siemens Healthcare GmbH (Erlangen, Germany)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Hologic, Inc. (Massachusetts, United States)
- SAMSUNG (Seoul, South Korea)
- Fujifilm Holdings Corporation (Tokyo, Japan)
- Other Prominent Players
Segments Covered in the Report:
By Type
- Magnetic Resonance Imaging Equipment
- Computed Tomography Equipment
- X-ray Equipment
- Ultrasound Equipment
- Molecular Imaging Equipment
By Application
- Cardiology
- Neurology
- Orthopedics
- Gynecology
- Oncology
- Others
By End User
- Hospitals
- Specialty Clinics
- Diagnostic Imaging Centers
- Others
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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