Medical Imaging Market is currently in growth phase with 5.86% CAGR forecast between 2020 and 2026
Escalating demand for early stage diagnosis of chronic disease and growing aging demographics are driving the Medical imaging market size across the globe. According to World Health Organization, the global burden of chronic diseases is estimated to reach 57% by 2020.
The medical imaging field is developing at a rapid pace, stimulated by advances in communication and digital technologies. New medical imaging techniques that provide accurate and reliable anatomical data are in demand in most of the hospitals and diagnostic labs.
Hospitals occupy the largest market share of global medical imaging market, attributed to the growing number of medical imaging procedures performed in hospitals, raising inclination of hospitals towards the digitization and automation of radiology.
In addition, the demand for medical imaging systems is increasing further owing to growing adoption of minimally invasive procedures to enhance the quality of patient care, and high adoption of advanced imaging modalities.
However, the high maintenance and installation cost of medical imaging equipment is limiting the sales globally. Further, procurement of these systems involves several procedures and budget allocation considerations prior to making purchasing decision. For instance, the average cost of installing a typical 1.5-T MRI scan system ranges from $50,000 to $80,000, excluding transportation costs.
Increasing government initiatives coupled with funding benefits medical imaging market
Governments are undertaking several growth initiatives to advance healthcare infrastructure in order to provide safe and cost-effective medical imaging products to the public. The funding by government bodies also assists in opening new facilities.
For instance, in the UK, the National Health Service (NHS) is focusing on addressing the needs through cost-effective ways to aid the government for economic growth. Small Business Research Initiative of the NHS provided $1.1 million contract to Fuel 3D technologies to advance 3D medical imaging systems. In addition, the Government of Canada also provides $1,400 per scan per patient to hospitals due to lack of private funding in the country.
Owing to increased government support, companies are planning to maximize benefits with lower side effects, encouraging the expansion of controlled release devices, target based infusion devices and closed loop devices. Inclusion of automatic & advanced technologies by the manufacturers is further boosting the efficiency of devices. Moreover, funding initiatives also help market players to develop more efficient and user-friendly devices at cost effective prices.
New technological advancements in diagnostic imaging modalities
In the field of medical imaging, high-tech innovations are revolutionizing the healthcare market globally. Industry players are focusing on R&D to develop more advanced medical imaging systems in order to sustain in the highly competitive market and attain major market share.
Further, the players are innovating new technologies that will minimize the healthcare costs and offer high-quality medical imaging for better treatment and diagnosis. Some of such technology driven medical imaging innovations include MRI & CT technology, Digital Photon Counting PET and Carestream Health's DRX Revolution Mobile X-ray system.
Asia Pacific and North America are among the major medical imaging market contributors
Increasing focus on portable and compact delivery devices coupled with immense opportunities in developing countries like India, China, Japan and others owing to growing population mark the future of medical imaging market. Further, medical tourism growth in Asian countries is the among key market growth driver over the forecast period.
In Asia Pacific, Japan is the leading market for medical imaging, mainly due to presence of major medical imaging players such as Toshiba and Hitachi Medical.
The medical imaging market growth is also proceeding across North America driven by technological advancements in the field of anaesthesiology. Further, rising aging population and high prevalence of chronic diseases in Canada and the U.S are key market drivers for medical imaging in upcoming years.
However, product recalls and malfunctions often pose significant challenges for companies operating in the market, predominantly in developed countries such as Canada, the U.S and Germany. For instance, between January 2018 and December 2018, Siemens customers reported over 500 adverse events to the U.S FDA, including malfunction and injury.
GE Healthcare, Siemens Healthineers, Canon Medical Systems Corporation & others are imprinting strong market growth
Companies such as GE Healthcare, Siemens Healthineers, Canon Medical Systems Corporation and others are offering a wide variety of products for medical imaging, magnetic resonance imaging systems, computed tomography systems, and other patient diagnostic systems.
In order to expand their business operations and sustain in the market place, the key market players are entering strategic collaborations with medical device companies. For instance, in 2018, Siemens entered into a strategic partnership agreement with IMRIS to expand its customer access to CT, MRI, and angiography imaging technology.
Key players of medical imaging market include Canon Medical Systems Corporation, Carestream Health Inc., Esaote SpA, FUJIFILM Holdings Corporation, GE Healthcare, Hitachi Medical Systems, Hologic Corporation, Koninklijke Philips N.V., Shimadzu Medical, and Siemens Healthineers.
To cater emerging patient needs manufacturers are focusing on developing new imaging products and technologies. Some of the medical imaging products available in the market include molecular imaging systems for carcinogenic diseases, ultrasound systems, and other imaging solutions.
Accordingly, GE Healthcare and Roche launched “NAVIFY Tumor Board” with medical imaging capabilities to allow personalized treatment decisions in cancer care in 2019. Further, in 2018, Siemens launched a new ultrasound system, “Acuson Juniper” with advanced imaging performance and applications at the 2018 Annual Congress of the European Society of Radiology (ECR).