Medical Imaging Market Research Report - Forecast till 2030

Impact of Covid-19 Outbreak on Medical Imaging Market

Medical imaging systems aid medical and technical professionals to detect and diagnose a wide range of diseases, from cancer and appendicitis to stroke and heart disease. Medical imaging systems include x-rays, computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems, and ultrasound devices, among others. These systems are used in various applications, such as cardiology, oncology, and many others.

Several companies are strategically locating their research and development centers throughout the world to capture maximum share in this market. The increasing research and development centers aid the regional and country-level reach of the company. Thus, this facilitates the growth of the overall medical imaging market on a global basis. For instance, in November 2018, Koninklijke Philips N.V. announced its plan to start a new research and development center for its computed tomography and advanced molecular imaging (CT/AMI) business in Cleveland, Ohio (US). Similarly, in June 2018, Koninklijke Philips N.V. and the Singapore Institute of Advanced Medicine Holdings (SAM) opened the Advanced Medicine Imaging (AMI) center at Biopolis, an international biomedical research hub in Singapore.

Additionally, prominent players are focused on incorporating innovation in their devices to create a competitive edge over their competitors. For instance, in December 2019, FUJIFILM Medical Corporation presented research and development advancements in artificial intelligence for digital radiography at McCormick Place in Chicago. Also, in March 2018, Canon Medical Systems Corporation initiated collaborative research on the application of Deep Learning Reconstruction (DLR), an Artificial Intelligence (AI)-based technology in magnetic resonance (MR) imaging, together with Kumamoto University (Japan) and the University of Bordeaux (France). Such strategic initiatives for medical imaging research and development are driving the growth of this market

Medical imaging may be in a state of pandemic paralysis, according to recent studies and MRFR analysis, more than 90% of imaging centers in the US experienced a major decline in the volume of procedures not related to COVID-19.

Table: Impact on procedure volume due to novel coronavirus in the US

Even after factoring in COVID-19 imaging, volume dropped for all 11 surveyed modalities in the US. Popular modalities for COVID-19 imaging, such as CT and mobile x-ray, were not necessarily safe from sometimes radical decreases in volume.

As per the recent findings demonstrate that medical imaging facilities have been hit hard by the pandemic. The situation likely will not return to normal until health professionals have more resources to combat the novel coronavirus.

Fig: Anticipated time to reach previous volume level

After the global pandemic scenario, it is evident that there is a shortage of devices. Since several countries depend on imports for the imaging devices, this can cause a major disruption in the supply chain of devices. Therefore, it is uncertain whether the companies will be able to ensure an adequate supply of products. A possible short-term supply disruption within companies and healthcare provider organizations for select imaging devices, as a direct result of demand surge, can occur.

Sources: MRFR Analysis, Survey

Sources: MRFR Analysis, Surveys