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Medical Imaging Market - Segmentation Analysis
The market research report segments the medical imaging market by Product (X-ray imaging, ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging) and Geography (North America, Europe, Asia, and ROW).
The medical imaging market share growth in the x-ray imaging segment will be significant for revenue generation. The demand for X-ray systems is likely to grow at a moderate rate during the forecast period, owing to technological advances and increased adoption of portable and mobile X-ray systems. The new generation of mobile X-ray units offers more advantages in terms of efficiency and cost savings than standalone X-ray systems. Wireless mobile X-ray systems offer flexibility to healthcare facilities, enabling them to share medical images between mobile systems or between fixed-room and mobile systems. Vendors are investing in the development of innovative mobile and portable X-ray systems.
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Medical Imaging Market: Increasing prevalence of chronic conditions to drive growth
The key factor driving growth in the medical imaging market increasing prevalence of chronic conditions. Medical imaging equipment is used for diagnosing severe and chronic conditions. In line with this, the increasing prevalence of chronic conditions, such as cancer, cardiovascular diseases, and neurological diseases, is expected to trigger the demand for diagnostic products, including medical imaging systems, and subsequently drive the growth of the global medical imaging market. The incidence of cancer and cardiovascular diseases is growing across the world. The high incidence of cancer is increasing the demand for cancer screening and diagnoses, which is expected to drive the growth of the global medical imaging market. Similarly, the increasing prevalence of other chronic conditions, such as cardiovascular diseases and neurological disorders, will augment the demand for medical imaging systems.
Medical Imaging Market: High costs associated with medical imaging hamper growth
The high costs associated with medical imaging will be a major challenge for the medical imaging market during the forecast period. The high cost of medical imaging equipment and procedures can increase the cost burden on end-users and patients, respectively. For instance, the average cost of an MRI machine is in the range of $150,000-$300,000. Also, additional costs are needed for remodeling, installation, and maintenance. Additionally, medical imaging equipment requires annual service maintenance. The service maintenance cost includes the cost of preventative maintenance, parts, labor charges, and technicians' allowance. This further increases the cost for end-users, such as hospitals, diagnostic centers, and clinics. The high costs associated with medical imaging procedures can reduce their adoption, especially in developing countries. This is expected to limit the growth of the market.
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Medical Imaging Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.71% |
Market growth 2021-2025 |
USD 13.49 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.25 |
Performing market contribution |
North America at 38% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Canon Inc., Carestream Dental LLC, FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shimadzu Corp., and Siemens Healthineers AG |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Content
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 - 2025
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Ultrasound imaging - Market size and forecast 2020-2025
- MRI - Market size and forecast 2020-2025
- CT scanner imaging - Market size and forecast 2020-2025
- SPECT/PET imaging - Market size and forecast 2020-2025
- Market opportunity by Product
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- Asia - Market size and forecast 2020-2025
- ROW - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Canon Inc.
- Carestream Dental LLC
- FUJIFILM Holdings Corp.
- General Electric Co.
- Hitachi Ltd.
- Hologic Inc.
- Koninklijke Philips NV
- Samsung Electronics Co. Ltd.
- Shimadzu Corp.
- Siemens Healthineers AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports, covering 800 technologies spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
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SOURCE Technavio
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