The medical imaging industry is expected to reach USD 38.58 Billion by 2028, according to a new report by Reports and Data. Medical imaging denotes processes and techniques used to produce images of various parts of the human body for the purpose of diagnostic and treatment.
Advancements in imaging technology is expected to drive the market growth in the forecast period. Digital radiography is substituting the analog aspects of both the mammography and X-ray imaging markets, as they perform faster scanning of the human body while delivering enhanced image quality. Furthermore, substitutes for breast MRIs, including positron emission mammography and breast specific gamma imaging, are innovative technologies that provide choices to patients who are unable to undergo a breast MRI. Also, higher field MRI systems are substituting low field systems owing to the improved image quality, and 3-D and 4-D obstetric ultrasounds will carry on to substitute traditional ultrasounds.
As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than 5 years of age by 2050. Heart disease, cancer, and stroke have been the primary chronic conditions that have had the highest impact on the geriatric population, particularly in high-income countries. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the market in the forecast period.
The global Medical/Diagnostic Imaging market has significantly grown over the recent past and is expected to register rapid growth over the forecast period of 2021 to 2028. The pharma and healthcare sector is rapidly evolving with innovations in technology, increasing healthcare spending and improving healthcare facilities and systems. Many hospitals, ambulatory surgical care centers and clinics across the globe are adopting advanced devices and equipment. Revenue growth of the global Medical/Diagnostic Imaging market is significantly driven by factors such as increasing prevalence of chronic diseases, rapid advancements in healthcare and medical sector, high adoption of latest tools and techniques and growing funds by several public and private sectors. In addition, rising focus on drug development, increasing demand for precision medicine, high adoption of home care settings and point-of-care diagnostics, increasing investments in research and development activities are expected to drive global market revenue growth during the forecast period.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
Top Companies Profiled in the Report:
GE Healthcare, Toshiba Medical Systems Inc., Canon Inc., Samsung Electronics Co. Ltd., Hologic, Inc., Fujifilm Holdings Corporation, Siemens Healthineers, Shimadzu Corporation, Koninklijke Philips N.V., and Carestream Health, among others.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Medical/Diagnostic Imaging Market Segmentation:
Technology Outlook (Revenue, USD Million; 2018-2028)
- Magnetic Resonance Imaging (MRI)
- Ultrasound Imaging
- Nuclear Imaging
- X-Ray Imaging
- Computed Tomography
Applications Outlook (Revenue, USD Million; 2018-2028)
End-Users Outlook (Revenue, USD Million; 2018-2028)
- Diagnostic Centers
Regional Outlook of the Global Medical/Diagnostic Imaging Market
- North America
- Asia Pacific
- Latin America
- Middle East Africa
Key questions answered in the report –
What are deals, income, and value examination by areas of enterprises?
What are the key factors driving the Global Medical/Diagnostic Imaging Market?
Who are the key manufacturers in market space?
What will the market development pace of Medical/Diagnostic Imaging Market?
What are the market openings, market hazard and market outline of the market?
What are sales, revenue, and price analysis of top manufacturers of Medical/Diagnostic Imaging Market?
Who are the distributors, traders, and dealers of Medical/Diagnostic Imaging Market?
What are deals, income, and value examination by types and utilizations of the market?
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