SELBYVILLE, Del., Aug. 11, 2021 /PRNewswire/ -- According to latest report "Medical Imaging Market by Product (X-ray Devices, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography, Nuclear Imaging, Mammography), End-use (Hospitals, Diagnostic Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of medical imaging will cross $58 billion by 2027. Technological advancements and increasing demand for medical imaging devices will foster the market growth.
Governments and other non-government organizations play a crucial role in distributing, pricing and purchasing medical devices across the world. Government undertakes numerous initiatives to develop better healthcare infrastructure aimed at providing cost-effective and safe medical products to the public. The funding provided by the government and other organizations helps opening of new medical imaging facilities. Additionally, the implementation of favorable regulations related to export and import is further expected to help generate higher revenue for the market.
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The X-ray devices segment in the medical imaging market is estimated to showcase a 6% growth rate by 2027 owing to the increasing demand for these devices in hospitals and other diagnostic centers. The rising prevalence of chronic disorders such as cancer and cardiac conditions among others surges the demand for advanced X-ray products. In addition, various companies are focusing on manufacturing superior quality detectors that are preferred as the most suitable components in the medical X-ray systems thereby, fueling the segment growth.
The medical imaging market for the diagnostic centers segment was valued at USD 11 billion in 2020. The diagnostic centers offer treatment at reduced costs as compared to hospital settings due to high operational efficiency favoring the market value. Moreover, digitization in the healthcare industry will ease diagnosis, providing faster and accurate results, augmenting the segment expansion.
Asia Pacific medical imaging market held for over 23% of revenue share in 2020. Technological advancements in medical imaging and the presence of numerous companies in this region will escalate the industry progression. Furthermore, the rising number of geriatric people in this region requiring medical imaging products for better diagnosis and favorable government initiatives as well as increasing healthcare spending are a few of the aspects proving beneficial for the overall regional growth.
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Some of the eminent players operational in the market include Canon Medical System Corporation, Carestream Health, Esaote, Fujifilm, GE Healthcare, Hologic, Konica Minolta, Koninklijke Philips, Samsung Medison and Siemens Healthineers among others. The business participants are concentrating on numerous strategies that helps the company increase its revenue share internationally.
Some major findings of the medical imaging market report include:
- Medical imaging is vital in each and every medical setting at all levels of healthcare. Utilization of different imaging modalities helps healthcare professionals to arrive at appropriate treatment decisions and accurate diagnosis.
- The medical imaging field is seeing a shift towards two important trends; emergence of precision medicine and rising utilization of imaging devices in intervention, therapy and screening.
- Availability of portable imaging modalities offering easy to access health information for clinical assessment of elderly population along with technological advancements will propel the industry growth.
- Industry participants involved have implemented numerous strategic initiatives to maintain economic stability that has helped them to evolve as eminent business leaders.
- The demand for chest X-rays and chest computed tomography has surged since the outbreak of COVID-19 and is anticipated to upsurge in the coming years.
Table of Contents (ToC) of the report:
Chapter 3 Medical Imaging Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
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Medical Imaging Market Growth Predicted at 5.8% Through 2027: GMI
Major medical imaging market players include Canon Medical System Corporation, Carestream Health, Esaote, Fujifilm, GE Healthcare, Hologic, Konica Minolta, Koninklijke Philips, Samsung Medison and Siemens Healthineers.
SOURCE Global Market Insights Inc.