At 3.99% CAGR, Medical Imaging Market Size is Expected to reach USD 35.78 Billion in 2027 Says Brandessence Market Research

PUNE, India, July 27, 2021 /PRNewswire/ -- The Global Medical Imaging Market in terms of revenue was worth of USD 26.52 Billion in 2020 and is expected to reach USD 35.78 Billion in 2027, growing at a CAGR of 3.99% from 2021 to 2027. The global medical imaging market is expected to grow at a substantial growth rate due to several driving factors.

Medical Imaging Market Top Companies:

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthineers
• Canon Medical Systems Corporation
• Bruker
• Mediso Ltd.
• MILabs B.V.
• MR Solutions
• TriFoil Imaging
• PerkinElmer Inc.
• FUJIFILM VisualSonics Inc.
• Cubresa Inc.

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Medical imaging states to techniques and procedures used to generate images of several parts of the human body for diagnostic and treatment functions within digital health. The term, medical imaging, comprises several radiological imaging techniques such as X-ray radiography, magnetic resonance imaging (MRI), fluoroscopy, medical ultrasonography, or ultrasound, elastography, endoscopy, thermography. It is the procedure and method of imaging the interior of a body for clinical analysis and medical intervention, as well as visual representation of the purpose of some organs or tissues (physiology). Medical imaging pursues to reveal internal structures hidden by the skin and bones, as well as to identify and treat disease. It also determines a database of normal anatomy and physiology to get it possible to detect abnormalities. Diagnostic medical imaging depends on the use of 'invisible' waves, such as magnetic fields, electromagnetic radiation, or sound waves. It is used for spotting diagnosis, monitoring disease progression, treatment planning, and evaluating the efficacy of treatment. The idea of medical imaging began in 1895 with the discovery of the x-ray by a German professor of physics, Wilhelm Rontgen.

The study provides a crucial view of the global medical imaging market by segmenting the market based on imaging technique, end user and region & country level. Based upon imaging technique, the global medical imaging market is segmented into X-Ray Systems, Ultrasound, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and Others. Based upon end user, the market is categorized into hospitals, ambulatory centers, radiology centers, and others.

Some of the major factors are driving the growth of the global medical imaging market are increasing prevalence of cancer and cardiac diseases, rising number of favorable government initiatives, rising trends of preventive healthcare and disease screening programs, the surge in technical advancements, and strategic collaboration. Currently, the growing demand for state-of-the-art imaging modalities by teaching hospitals and universities to deliver training for enhanced technology is one of the factors likely to have a substantial influence on the market growth during the upcoming years. This trend, formerly limited to the established countries, is now demonstrating a shift towards emerging countries as well. For instance; Siemens Healthineers' MAGNETOM Terra, the only accepted 7T MRI system, has been installed only in the U.S. Lately, another elevated strength, combined 7T MRI/PET system was installed in Hadassah-Hebrew University Medical Center's Wohl Institute for Translational Medicine, Jerusalem, Israel. In addition, the surge in investments and strategic collaboration of medical imaging is another factor fostering the market growth. For example; GE Healthcare (General Electric Company) and Affidea (a pan-European leader in advanced clinical imaging) have endorsed an agreement to create digital technologies and imaging in the Affidea network. The deal includes 40 CT scanners, 30 X-ray machines, 60 new MRIs, and 50 ultrasound equipment over the next 3 years in December 2019. Additionally, Philips launched its new Ingenia Elition 3T MRI equipment in March 2018 at the European congress of radiology. However, lack of trained radiologists may hamper the market growth. In spite of that, a large and aging installed base of imaging equipment may present a lucrative opportunity for the further growth of the global medical imaging market.

The imaging technique segment of the global medical imaging market is dominated by X-Ray Systems with the largest market share of 33.94% in 2020. The end-user segment of global medical imaging is dominated by Radiology Centers with the largest share of XX% in the year 2020.

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Geographically, North America is expected to dominate the global medical imaging market within the forecast period owing to the increasing prevalence of chronic diseases, the surge in product launches, increasing investment and strategic collaboration, and the rise in aging population in this region. The presence of many industry players and the high frequency of new product launches within the region are also fostering the market growth. Carstream Health has launched new software named ImageView software in May 2019 which facilitates the digital revolution in its mobile X-ray system with enhanced features of Microsoft Window 10 which improves the collection of detector performance data.

The Asia Pacific is the fastest-growing market for the medical imaging due to technological advancements, coupled with supportive reserves and funds by the government, particularly in emerging countries, such as India and China. For instance; Allengers had launched India's first locally manufactured 32 slice CT scanner in January 2020. The system was established in partnership with Canon Medical Systems.

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Medical imaging incorporates diagnostic and therapeutic services. It is an essential component of clinical care for healthcare system. The medical imaging includes different types of modalities such as magnetic resonance imaging (MRI), ultrasound, medical radiation, angiography and computed tomography (CT) scanners that are used to image the human body for diagnosis and treatment of a variety of diseases and hence it plays a vital role in improving health. Among all, MRI's and CT scans allow the physician to monitor the effectiveness of treatment and adjust procedures as necessary. Medical imaging generates detailed information of patients with better, more comprehensive care. There are various number of medical imaging available, depending on the physical nature of the waves working and the method of image capture.

Some of the Major Trends in Global Medical Imaging Market are as follows:

Artificial intelligence (AI):

The most important factor behind the emergence of AI in medical imaging is that the desire for greater efficacy and efficiency in clinical care. The integration of AI component within the medical imaging workflow can upsurge efficiency and reduce errors. Thus, it can achieve objectives with minimal manual input by providing trained radiologists with pre-screened images and identified features. AI is becoming a major constituent of many applications within health care, including medical diagnostics, drug discovery, remote patient monitoring and medical imaging, risk management, wearables, virtual assistants and hospital management. AI is playing a significant role in medical imaging researches. It has the potential to develop the advanced medical imaging manufacturing. AI-driven analytics can improve the accuracy and speed of decision-making. The medical imaging market will rise with hundreds of AI technologies in development so, providers will need to prove customer ROI in a competitive setting. For example:

Siemens Healthineers & Intel announced the partnership to explore how AI can improve cardiac MRI diagnostics. Currently, cardiologists need to segment many different parts of the heart in their imaging. This AI-enabled instant segmentation technology allows specialist to see more patients each day.

Google's DeepMind can read 3D retinal OCT scans and diagnose 50 different ophthalmic conditions with 99% accuracy. It can detect indicators of eye disease. Also, it can be used to rank patients by urgency and recommend treatment. These capabilities can be reduce on the delay between scan and treatment. DeepMind aims to build advanced AI to allow patients to get sight-saving treatments in time.

iCAD's "ProFound AI" is a innovative cancer detection and therapy solutions. It is mainly used for digital breast tomosynthesis (DBT). It offer clinically proven time-savings benefits to radiologists, improving radiologist sensitivity by 8 percent, and reducing false positives and unnecessary patient recall rates by 7.2 percent. This can reduce radiologists' time spent reading breast scans by more than 50 percent. In 2018, It became the first 3D tomosyntheses is software using artificial intelligence (AI) approved by FDA.

Virtual and Augmented Reality & 3D Medical Imaging:

Virtual reality and 3D medical imaging technologies have important effects within the healthcare industry. The 3D image is intractable via peripheral pointing devices. Medical professionals can rotate the image and make cross-sections during the diagnostics. This is very convenient for better visualization and planning before a medical procedure. Also, physicians can even print these images with a 3D printer. 3D medical imaging offers improved images of blood vessels and better images of bones. 3D visualization such as cinematic rendering creates photorealistic images of the anatomy which is help in surgery planning. Augmented reality (AR) is similar to VR in that it generates three-dimensional images as combine with the real world. For example; EchoPixel True 3D is a new augmented reality technologies. It is making possible for physicians to create a 3D image of MRIs then physicians can examine the image with 3D glasses or a VR headset. Also, Companies like Proprio is building on recent computer vision advances as using machine learning and AR to help surgeons.

Nuclear Imaging:

Nuclear imaging is used to study organ and tissue function. A tiny amount of a radioactive substance is used during the procedure to assist in the exam. In nuclear imaging, there is a technique involves the use of radioactive molecules that are called 'tracers'. Before a medical imaging scan, a patient consumes radioactive materials called radiotracers for scanning. A special type of nuclear imaging is positron emission tomography (PET). It can use a radioactive form of glucose. Glucose is preferentially taken up by cells which have a high rate of metabolism, such as cancer cells. Thus, advanced diagnostic nuclear imaging technique can help to identify distant metastases in cancer patients. During a scan, a camera focuses on where the radioactive material concentrates. These types of scans are particularly helpful when diagnosing the various diseases such as gall bladder disease, heart conditions, thyroid disease, cancer and Alzheimer's disease.

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