The global medical imaging market is expected to reach USD 37.02 Billion by 2027, according to a new report by Reports and Data. Medical imaging denotes processes and techniques used to produce images of various parts of the human body for the purpose of diagnostic and treatment.
Advancements in imaging technology is expected to drive the market growth in the forecast period. Digital radiography is substituting the analog aspects of both the mammography and X-ray imaging markets, as they perform faster scanning of the human body while delivering enhanced image quality. Furthermore, substitutes for breast MRIs, including positron emission mammography and breast specific gamma imaging, are innovative technologies that provide choices to patients who are unable to undergo a breast MRI. Also, higher field MRI systems are substituting low field systems owing to the improved image quality, and 3-D and 4-D obstetric ultrasounds will carry on to substitute traditional ultrasounds.
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The report focuses on the comprehensive analysis of the competitive landscape along with detailed company profiles, market share, product portfolio, financial standings, market reach, global position, and strategic business expansion plans.
Some of the players profiled in the report are
GE Healthcare, Toshiba Medical Systems Inc., Canon Inc., Samsung Electronics Co. Ltd., Hologic, Inc., Fujifilm Holdings Corporation, Siemens Healthineers, Shimadzu Corporation, Koninklijke Philips N.V., and Carestream Health, among others.
The report sheds light on mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches among others. It also discusses in detail the technological advancements, product developments, and research and development activities of each key company.
Further the report segments the Medical/Diagnostic Imaging market on the basis of product types, applications, end-uses, and regions. The report discusses in detail the key factors influencing revenue growth of the segments and market growth in key regions. It also discusses economic growth, technological advancement, and presence of key players in each major geographical region.
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For the purpose of this report, Reports and Data have segmented the global medical imaging market on the basis of technology, applications, end-users, and region:
Technology Outlook (Revenue, USD Million; 2016-2027)
- Magnetic Resonance Imaging (MRI)
- Ultrasound Imaging
- Nuclear Imaging
- X-Ray Imaging
- Computed Tomography
Applications Outlook (Revenue, USD Million; 2016-2027)
End-Users Outlook (Revenue, USD Million; 2016-2027)
- Diagnostic Centers
Market Segmentation by Regions:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Further key findings from the report suggest
- By technology, magnetic resonance imaging (MRI) contributed to the largest market share in 2018 and is estimated to have a grow rate of 4.1% in the forecast period. MRI does not include exposure to radiation and hence is safe for people who might be specifically susceptible to the effects of radiation, for instance, pregnant women and babies. MRIs are very useful for viewing soft tissue structures, comprising cartilage and ligaments, and organs like the eyes, heart, and brain.
- By applications, oncology dominated the market in 2018. Detection of cancer at an early stage significantly increases the chances for survival. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of breast cancer.
- By end-users, hospitals held the largest market share in 2018 and is anticipated to witness a growth rate of 4.4% in the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- North America contributed to the largest market share in 2018 and is likely to have a CAGR of 4.3% in the period 2019-2027. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare facilities, and the presence of leading market players in the region.
Key Points Covered in the Report:
- Key insights into the latest growth trends, developments, technological and product advancements, and research and development scenario
- Analysis of micro- and macro-economic factors and regulatory framework
- In-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends
- SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the competitive landscape
- Strategic recommendations to established market players and new entrants to overcome limitations and entry-level barriers in the global market landscape
- Analysis of market drivers, restraints, challenges, limitations, threats, growth prospects and opportunities
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