What is imaging in healthcare?
Medical imaging, also known as radiology, is the field of medicine in which medical professionals recreate various images of parts of the body for diagnostic or treatment purposes. Medical imaging procedures include non-invasive tests that allow doctors to diagnose injuries and diseases without being intrusive.
The medical imaging market size was valued at $38.5 Billion in 2020, and is estimated to reach $68.8 Billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030.
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The major factors boosting the market growth include technological advancements, rising incidence of chronic diseases, and increasing geriatric population worldwide. In addition, increase in number of medical imaging procedures, and rising awareness for early diagnosis of clinical disorders are anticipated to further drive the demand for healthcare services in the world medical imaging market. However, scarcity of helium, high cost of imaging technologies, and unfavorable reimbursement scenario in the emerging economies are some of the factors restricting the market growth.
| Market Size by 2030 | $68.8 Billion |
| Forecast Year | 2020-2030 |
| Growing CAGR | 5.8% |
| Base Year | 2020 |
| Report Key Pointer | COVID-19 Outbreak & Impact |
Rise in need for the point-of-care imaging system, increased demand for enhanced optical images for improved diagnosis of diseases and disorders, and rise in incidence of chronic diseases drive the growth of the global medical/diagnostic imaging market. However, high cost of diagnostic/medical imaging devices and unfavorable reimbursement scenarios restrain the market growth. On the other hand, rise in number of key players that aim to develop innovative technology and increase in R&D activities in imaging technologies present new opportunities in the coming years.
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Alarming rise in prevalence of chronic diseases, surge in number of hospitals, and advancement in imaging technology are expected to notably contribute toward the growth of the global medical/diagnostic imaging market during the forecast period.
Onkar Sumant – Manager
Based on region, North America held the highest share in 2020, accounting for around one-third of the total market share, and is expected to continue its dominance in terms of revenue by 2030. However, Asia-Pacific is estimated to portray the largest CAGR of 6.5% during the forecast period.
Leading players of the global medical/diagnostic imaging market analyzed in the research include Canon Inc. (Canon Medical Systems USA, Inc.), Esaote SpA, Carestream Health, Inc., Hitachi Ltd. (Hitachi Healthcare America Corporation), General Electric Company (GE Healthcare), Koninklijke Philips N.V., Hologic, Inc., Planmeca OY, Materialise NV, and Siemens AG.
Leading players of the global in vitro diagnostics market analyzed in the research include Becton, Dickinson and Company, Abbott Laboratories, bioMérieux SA, Danaher Corporation (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, QIAGEN N.V., Siemens AG, Sysmex Corporation, and Thermo Fisher Scientific, Inc.
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