The Non-Destructive Medical Technologies Market is projected to reach USD 9,273.5 Million by 2030 at 12.2% CAGR during the forecast period 2022-2030. Nondestructive testing has a wide array of application in healthcare since it is used to detect defects in material without damaging the material or making it unsuitable for use. Two common methods used are liquid penetrant testing (PT) and ultrasonic testing (UT). This techniques are used for detection of breast, lung, thyroid, and ovary cancer. Cancer is one of the major problems across the globe. The detection and identification of cancer has seen incredible improvements over the past several decades, offering a new lease on life to those who would have been out of luck in the past. Now, a new instrument invented named as MasSpec pen, designed, and built by researchers at the University of Texas at Austin, has revolutionized the detection of cancer. The MasSpec Pen identifies cancerous tissue by touch and can detect cancer easily.
Increasing prevalence of cancer, increasing investment of biotechnology and pharmaceutical industries in R&D, and rising need for the better diagnostic methods drives the growth of the market. There are more than 100 types of cancer, which has affected human. According to cancer research the UK in 2012, 14.1 million of new cancer cases was registered globally, which is increasing continuously. According to WHO, breast cancer is the second most common type of cancer in women. Every year 200,000 new cases are diagnosed worldwide. Prevalence of breast cancer is more common in developed countries compare with developing countries. Furthermore, rapid development in technology, increasing government support for research & development, changing lifestyle, and many adverse effects of the present diagnostic methods expected to fuel the market growth during the forecast period.
However, these types of devices has to pass all the regulatory standards and rules, which increases the approval time. The average approval time for the medical diagnostic device may vary from 5-8 years. This long approval time, high cost of the research & development and devices may hamper the market growth during the corresponding period.
Figure: Global Non-Destructive Medical Technologies Market, by Region Market Share, 2016 (%)
Sources: Annual reports, Press release, White paper, Company presentation
Some of key the players in the non-destructive medical technologies market are Eberlin Lab (US), Carestream Health (US), General Electric Company (US), Olympus Corporation (Japan), Element Materials Technology (US), Fischer Technology Inc. (US), Magnaflux Corporation (US), Sonotron NDT (Israel), Zetec Inc. (US), Sonatest Ltd. (UK), and Eddyfi NDT Inc. (Canada).
The global non-destructive medical technologies market has been segmented on the basis of methods, application, products, and end user.
On the basis of methods, the non-destructive medical technologies market is segmented into echocardiography, medical ultrasonography, liquid penetrant, phased array ultrasonic testing, and digital radiography.
On the basis of equipment, the non-destructive medical technologies market is segmented into ultrasonic equipment, X-ray equipment, infra-red devices, and mass spectrometer.
On the basis of application, the market is segmented into diagnosis, and treatment.
On the basis of end user, the market is segmented into pharmaceutical & biotechnological companies, forensic laboratories, research organizations, and others.
The Americas dominates the global non-destructive medical technologies market owing to well-developed technology, increasing prevalence of cancer, high healthcare spending, and increasing government support for research & development. Furthermore, increasing R&D activities and the presence of major companies have fuelled the growth of the market in this region.
Europe holds the second position in the global non-destructive medical technologies market, which is followed by Asia Pacific. It is expected that the government support for research & development and availability of funds for research will drive the market in Europe region. Asia Pacific is the fastest growing non-destructive medical technologies market owing to the presence of rapidly developing healthcare technology, huge patient population and high healthcare expenditure. According to a survey carried out by Pfizer, in 2012, 6.7 million of cancer cases were registered in Asia Pacific region which is increasing continuously. Due to deteriorating lifestyle, smoking, and alcoholism, prevalence of cancer is increasing in Asia Pacific region.
On the other hand, the Middle East & Africa holds the least share of the non-destructive medical technologies market due to limited availability of medical facilities, less availability of funds, and poor political conditions in Africa.
Sources: Annual reports, Press release, White paper, and Company presentation
|Market Size||USD 9,273.5 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Methods, Application, Products and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Eberlin Lab (US), Carestream Health (US), General Electric Company (US), Olympus Corporation (Japan), Element Materials Technology (US), Fischer Technology Inc. (US), Magnaflux Corporation (US), Sonotron NDT (Israel), Zetec Inc. (US), Sonatest Ltd. (UK), and Eddyfi NDT Inc. (Canada)|
|Key Market Opportunities||
|Key Market Drivers||