There are notable current trends in the medical imaging market reflecting technology's transformative impact on diagnostic practices within healthcare. One outstanding trend is the incorporation of artificial intelligence (AI) into medical imaging processes. As such, AI algorithms increasingly assist physicians with interpreting complicated images, leading to improved diagnoses with greater accuracy and offering quick diagnoses where necessary, thus saving time. Another trend is towards a data-driven AI approach, which enhances technological advancement within radiology. Additionally, this transition shows an increasing need for portable handheld devices used for purposes of medics' operations, contributing to change in the industry. Portable imaging devices enable high flexibility when treating patients, allowing physicians to perform diagnostic procedures at the bedside. This particularly relates to instances where cases require instant decision-making, hence promoting faster patient management.
Moreover, there is a rise observed within 3D printing technology being applied across various fields, including medicine, which impacts the Medical Imaging sector too. Besides aiding surgical planning tools, medical education and patient communication can be facilitated by detailed anatomical models created from such data. This means that personalized medicine based on the unique anatomy of each patient has become increasingly possible due to the growing recognition of 3D printing in medicine. Finally, there is a growing trend towards low-dose imaging while maintaining high-quality images within medical imaging procedures. Consequently, manufacturers are focusing on developing imaging technologies that provide good image qualities but use less radiation for diagnosis. This addresses concerns about radiation exposure and health risks as well as fosters a culture of safety among patients and healthcare providers in this field.
Furthermore, value-based care and outcome-based solutions are transforming the medical imaging market. Healthcare systems worldwide are shifting from pay-for-service models to payment systems based on value, which emphasize delivering high-quality and cost-effective healthcare services. As imaging modalities continue to evolve towards newer and multimodal systems, Hybrid imaging technologies such as positron emission tomography (PET) combined with computed tomography (CT) or magnetic resonance Imaging (MRI) along with Positron Emission Tomography (PET- MRI) have taken center stage owing to its comprehensive nature. Thus, this underscores that in terms of medical imaging, holistic approaches must be applied so as to understand the diverse diagnostic aspects needed, which could help physicians make better-informed decisions for their patients.
Report Attribute/Metric | Details |
---|
The medical imaging market size was valued USD 39.19 in 2021 and is expected to reach USD 64.99 billion by 2030 at 7.10% CAGR during the forecast period 2022-2030, says Market Research Future (MRFR).
Medical imaging, also called radiology, is the area of medicine in which medical professionals reconstruct several images of parts of the body for diagnostic or treatment purposes. The medical imaging process includes non-invasive tests, which enable doctors to diagnose diseases and injuries without being intrusive. The global market for medical imaging has registered enormous growth in recent years. The market's growth is primarily attributed to the monitoring frequency rate of chronic ailments, particularly COVID-19. Furthermore, the emergence of suppliers and manufacturers of medical imaging systems across the globe is anticipated to boost the demand for medical imaging.
Moreover, the factors such as the surge in market players' agreements to combine their efficiencies and continuous technological advancements in the healthcare sector are projected to boost the market's growth over the assessment era. On the other hand, the lack of funding required to buy top imaging systems is anticipated to restrict the market's growth. Nevertheless, the growing number of product launches will likely offer lucrative opportunities to players worldwide.
A steadily rising number of clinicians are discovering that artificial intelligence (A.I.) and edge computing are the next phases of development in the market of medical imaging as was keenly observed in this global pandemic. The inclusion of these technologies has never been felt so directly when social distancing norms became part and parcel of daily interactions. An Oxford-based medical image analysis platform also has revealed that 29% of people say they have a recognized medical condition, but since the ongoing Coronavirus crisis, individuals are avoiding a doctor or visiting a hospital because they are concerned about catching COVID-19. The inclusion of A.I. is estimated to provide healthcare providers leverage that can enable them to store, process, and analyze intricate imaging data on-premise, thus speeding up speeding diagnosis and advancing clinician workflows, which will translate into saving time. The application of A.I. embedded in medical imaging devices can render powerful diagnostic confirmation. The influence of these competencies on restructuring clinicians' workflows and the life-saving trickle-down effects for patients are estimated to lead to several opportunities for expansion, especially in this pandemic. The expansion of edge computing in this year has saved clinicians even more of their scarcest resource. The trend of hospitals can immediately tap into A.I.'s capacity without starting from the groundwork by participating improved software into their prevailing hardware.
The improvements in point-of-care ultrasound systems are developing the medical imaging market size in the forecast period. The preference of medical professionals as well as patients for medical diagnostic imaging is estimated to motivate market share of medical imaging. The accessibility to portable magnetoencephalography (MEG) brain scanners are triggering a revolution in the market trends for medical imaging.
Increasing Strategic Agreements
The surge in market players' agreements to combine their efficiencies is estimated to unlock positive future trends in medical imaging. The economic impact of COVID-19 is estimated to lead to a higher level of mergers in the medical imaging industry in the approaching period.
Opportunities
Increasing Product Launches
The medical imaging companies are estimated to achieve considerable progress due to developments in imaging technologies, which will lead to the availability of products in the medical imaging market that can provide more accurate imaging solutions.
Restraints
Inability Of Healthcare Organizations To Purchase Expensive Imaging Systems
Many organizations lack the level of funding required to procure top imaging systems, especially in developing countries, and this is estimated to limit the growth of the market in the course of the forecast.
The X-ray systems segment is estimated to emerge as a segment leader, thus bolstering the digital X-ray medical imaging market forecast.
Surge In Cancer Cases To Spur European Region's Players
Europe is the subsequent market in medical imaging due to the spike in cancer incidence across European nations, which is promoting the requirement for medical imaging equipment throughout the forecast period, thus driving the market reinforcement in the European region.
Massive Patient Pool To Enhance APAC Region
The bourgeoning patient pool and intensifying technological developments connected with the adoption of progressive medical imaging systems are estimated to work in favor of the Asia Pacific medical imaging market growth.
Delayed Adoption To Holdback MEA Medical Imaging Market Progress
In the Middle Eastern & African regions, the market of medical imaging is motivated by the progressively growing adoption of treatment modalities in the region and a mounting number of medical imaging suppliers.
Competitive Landscape:The prominent market players in the Medical Imaging are
The market players of medical imaging are dynamically combining innovation into their devices to gain a competitive edge over their counterparts. This trend is estimated to contribute considerably to the medical imaging market share's positive development in the upcoming years.Recent DevelopmentsMarch 2022:A leading healthcare services private equity investment firm, Varsity Healthcare Partners ("VHP"), has announced its sale of Probo Medical, LLC to Avista Capital Partners. The financial terms of the deal haven't been disclosed yet. VHP, in September 2018, invested in Probo, when Probo was concentrated exclusively on the U.S. ultrasound repair and resale market.February 2022:Aycan Medical Systems has announced the addition of Softneta's MedDream VET DICOM Viewer to its growing portfolio. As per the press release, MedDream VET is a natural expansion of aycan's other solutions and developed on the same DICOM standard.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)