About Medical Imaging
Medical Imaging is a technology that is used to create images of the human body to diagnose, monitor and treat the medical illness. Medical imaging involves a team that includes the service of radiologists, radiographers (X-ray technologists), sonographers (ultrasound technologists), medical physicists, nurses, biomedical engineers. It encompasses various imaging modalities and techniques to image the body for diagnosis and treatment purposes. The growing number of patients due to the prevailing COVID-19 and other severe diseases are driving the growth of the market. Artificial Intelligence (AI) is helping in improving healthcare services and providing accurate results along with the use of AR and VR technology. Devices used in medical imaging comes under FDA regulation.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | North America |
Unit | Value (USD Million) |
CAGR | 6.8% |
There are various companies are exploring the market in new geographical regions by adopting various market growth strategies such as mergers & acquisitions, expansions, investments, new product launches and many others. The market leading players are exploring new opportunity areas through expansions and acquisitions across the globe to avail competitive advantage through combined synergies.The Players having a strong hold in the market are GE Healthcare. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medical Imaging market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
GE Healthcare (United States), Siemens Healthcare (Germany), Philips Healthcare (United States), Hitachi Medical Corporation (Japan), Samsung Medison (South Korea), Carestream Health (United States), Medtronic (Ireland), Toshiba Corporation (Japan), Fujifilm Holdings Corporation (Japan) and Fonar Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Hologic, Inc. (United States) and Shimadzu Corporation (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Medical Imaging market by Type (Radiography, Magnetic Resonance Imaging (MRI), Computed Tomography (CT) Scanners, Fluoroscopy, Ultrasound, Echocardiography and Others) and Region.
On the basis of Type, Radiography are dominating the market in the year 2023 where as Magnetic Resonance Imaging (MRI) stood as second largest market share.
On the basis of geography, the market of Medical Imaging has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (United Kingdom, France, Germany, Spain, Italy, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Components, the sub-segment i.e. Hardware will boost the Medical Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Branch, the sub-segment i.e. Cardiology will boost the Medical Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals will boost the Medical Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Growing Use of Artificial Intelligence and IoT things in Medical Imaging and The Adoption of Augmented and Virtual Reality in Medical Imaging
Market Growth Drivers:
Increasing Number of Patients All-Around the Globe Due to the Prevailing COVID-19 Worldwide and The Growing Number of Cancer Patients
Challenges:
Stringent Government Laws Associated with Equipment and Machines used in Medical Imaging and Risk of Harmful Radiation of Medical Imaging
Restraints:
Excess Number of Patients Leading to Scarcity of Medical Imaging Devices and The High Installation Cost Involved in Medical Imaging Instrument
Opportunities:
Investments in Technological Advancement in Healthcare Infrastructures and Awareness About Getting Diagnosed for Preventing Diseases will Boost the Medical Imaging Market
Market Leaders and their expansionary development strategies
In February 2024, Deepc, a Munich-based AI-driven software company for radiologists, has announced that it has acquired medical imaging software, the Osimis Platform.
In January 2020, Hitachi Healthcare Americas announced the development of a new research and development facility within North America headquartered in Ohio. This development is expected to create approximately 40 new jobs, adding to the nearly 200 currently employed at the Twinsburg facility. Set to open this year, the Hitachi Healthcare Innovation Center of Excellence will leverage advancements in artificial intelligence and machine learning to bring about a new generation of imaging technology.
"Devices used in medical imaging are considered medical devices under the Federal Food, Drug, and Cosmetic Act (FD&C Act) as amended by the Medical Device Amendments of 1976 and subsequent related amendments. Most existing medical imaging technologies are considered non-510(k)-exempt Class I and Class II medical devices by FDA, making them eligible for clearance under the 510(k) pathway. Under this pathway, new medical devices that are substantially equivalent to existing, legally marketed Class I and Class II devices in terms of intended use, indications for use, and technological characteristics may be cleared for the U.S. market. The legally marketed devices with which comparison is made are referred to as predicate devices."
Key Target Audience
Medical Imaging Manufacturers, Medical Imaging Distributors and Suppliers, Medical Imaging International Traders, Research and Development Institutes, Potential Investors, Industry Associations, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.