As digital technologies continue to improve in terms of accuracy, versatility, and reliability, many industries are welcoming the transformations they bring. The healthcare industry is one of the forerunners in terms of adopting modern innovations to improve healthcare delivery and efficiency. Diagnosis is a key element of good healthcare as it can significantly mitigate the risks involved. Besides, the increasing occurrence of lifestyle disorders, the high geriatric population, and favorable government and healthcare organization initiatives are collectively creating a sound milieu for advanced healthcare tech innovation and adoption. In this regard, the global medical imaging market is projected to thrive throughout the study period. The technology is particularly useful in cardiovascular diseases, cancer, and neurology disorders. The demand for medical imaging is poised to reach greater heights due to the integration of artificial intelligence, 3D imaging, and virtual reality methodologies.
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Increasing Chronic Illnesses and High Geriatric Population to Prolong Market Growth Trajectory
The incidence of chronic illnesses has increased at an alarming pace recently. This phenomenon is particularly commonplace among the geriatric population sections. Several healthcare organisations have taken cognizance of the growing healthcare challenge due to the increasing proportion of people above the age of 65. Health conditions such as cardiovascular diseases, cancer, stroke, and injuries are increasing which require medical imaging equipment for diagnosis. Many developed and developing economies are paying close attention to this healthcare challenge and they are funding to improve medical imaging technologies. These developments are expected to enable long-term growth of the global medical imaging market in the forecast period.
Medical Tech Breakthroughs to Unlock Novel Growth Outcomes
The recent digital technology innovations have had a positive impact on the demand for medical imaging devices. The healthcare industry stakeholders are actively researching to employ cutting-edge advancements to improve the diagnosis of diseases before they reach critical stages. Artificial Intelligence (AI), augmented intelligence, virtual reality, and 3D imaging are some of the most notable breakthroughs in the medical imaging domain. The growing usage of medical imaging is allowing healthcare professionals to conduct timely diagnoses and guide treatments for patients. The neuroscience field is utilising technology to the fullest to map the neural network architecture. To this end, the sustained growth of the medical imaging market is imminent.
North America to Dominate Medical Imaging Market Owing to High Healthcare Spendings
North America is set to dominate the medical imaging market in revenue share metrics. The key contributing factors include the high concentration of major market players, paced healthcare tech innovations, and relatively high healthcare expenditure at both macro and micro levels. Besides, the number of patients who undergo diagnostic imagining procedures is growing steadily in the region. The market entities are actively conducting focused RD activities to further improve medical imaging capabilities. Elsewhere, Asia Pacific is forecasted to post the fastest growth rate owing to the establishment of advanced medical facilities and government healthcare funding.
Leading Market Players
The most active participants in the global medical imaging market include Samsung (Seoul, South Korea), Hitachi, Ltd. (Tokyo, Japan), General Electric Company (Massachusetts, U.S.), Siemens Healthcare GmbH (Erlangen, Germany), Shimadzu Corporation (Kyoto, Japan), Hologic, Inc. (Massachusetts, U.S.), Koninklijke Philips N.V. (Amsterdam, Netherlands), and Fujifilm Holdings Corporation (Tokyo, Japan).
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