Medical Digital Imaging System Market

Market Overview

The global medical digital imaging system market size was valued at USD 15.32 billion in 2021 and is projected to reach USD 31.45 billion by 2030 at a CAGR of 8.32% 2022 to 2030.

A medical digital imaging system refers to the use of a variety of imaging techniques to obtain visual representations of the interior of the human body for therapeutic and diagnostic purposes. Medical digital imaging systems include a variety of modalities for scanning the human body in order to diagnose and treat various diseases. Consequently, it is vital to the improvement of health. From bedside observation to high-end digital imaging systems, the market for medical digital imaging systems is modernized.

Market Dynamics

Drivers for the Global Medical Digital Imaging System Market

• Government Initiatives Are Driving the Market

Governments of nations such as the United States, the United Kingdom, India, and Canada are implementing measures to stimulate the market. These initiatives include the reduction of import duties on medical devices, the implementation of favourable policies, and the training of physicians and medical imaging device operators. In recent years, the demand for diagnostic techniques has increased due to technological advancements in the field of diagnostics and a greater public awareness of the importance of early disease diagnosis.

• A Rise In Geriatric Population And Sedentary Lifestyle Is Driving The Market

Unhealthy diets, sedentary lifestyles, the use of tobacco and alcohol, and biological factors such as dyslipidemia, hypertension, obesity, and hyperinsulinemia contribute to the development of chronic diseases. During the forecast period, the increasing prevalence of a variety of chronic diseases is anticipated to boost the market for medical digital imaging. The market has been propelled by the expanding base of the ageing population and the rising demand for effective early diagnostic methods. New imaging techniques provide accurate anatomical detail in most diagnostic radiology procedures. This has contributed to the growth of the use of digital imaging in exploratory surgery.

Restraints for the Global Medical Digital Imaging System Market

• Higher Cost Involved Acts As The Major Restraint For The Market

The setup required for medical digital imaging system doesn’t come in handy and there is the high cost involved in setting up the same. This makes the Digital Imaging System quite a costly process. So, places with higher disposable income can easily afford it but not everyone can take benefit of these facilities. To mark its universal acceptance this process needs to be more cost-effective.

Opportunities for the Global Medical Digital Imaging System Market

• A Need for Developed Medical Imaging Systems Will Bring In New Opportunities

In the coming years, rising demand for a refined medical digital imaging system with fewer errors and faster results is anticipated to stimulate the market. The growing adoption of medical digital imaging systems in hospitals and clinics is anticipated to contribute to the expansion of the market. Additionally, alcohol consumption, unhealthy diets, smoking, and sedentary lifestyles are a few causes of chronic disorders. In addition, some biological factors, such as hyperinsulinemia, dyslipidemia, obesity, and hypertension, are driving market growth. In the coming years, the market for medical digital imaging systems is anticipated to be bolstered by the rising incidence of chronic diseases.

In addition, advancements in digital imaging provide numerous clinical and economic benefits, such as immediate access to radiology studies and a reduced risk of data corruption and theft. Automation of processes reduces waiting time, thereby increasing productivity and return on investment. These benefits assist in offsetting the expense of equipment and infrastructure.

Regional Analysis

Geographically, the market has been broken down into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

The market for medical digital imaging systems is led by North America, which is expected to contribute 34.6% of the global market's revenue in the coming years. The escalating prevalence of chronic diseases is the leading contributor to this economy's high demand. This increasing incidence necessitates medical digital imaging systems for the treatment and diagnosis of patients. The United States is projected to lead the regional medical digital imaging systems market with the largest revenue share in the coming years, as the market is expected to expand in the future. This is primarily attributable to the increasing number of private medical digital imaging systems centres and the rising prevalence of chronic diseases in the United States.

Asia-Pacific is projected to have the highest CAGR during the forecast period, at 10.3 percent, primarily due to increasing government incentives and lower clinical trial costs. Private healthcare service providers dominate the healthcare industry in the region. It is anticipated that the presence of international service providers such as Wockhardt Hospitals, Columbia Asia, and Fortis Healthcare will increase competition in the private sector. In this highly competitive market, the rapid expansion of medical tourism is anticipated to fuel the demand for advanced diagnostic techniques.

Segmental Analysis

This market can be segmented on the basis of Type, Technology, Regions and Competitors. The market has been segmented into X-ray, ultrasound systems, CT, MRI, and nuclear imaging based on the types. With a market share of 25.2% in 2021, CT commanded the largest market share. During the projected time period, nuclear imaging is anticipated to experience the highest growth rate. The development of new radiotracers, the rising incidence of cancers and cardiovascular diseases, and the introduction of new products as a result of technological advances are all factors that benefit the market as a whole.

According to the American Cancer Society, there were 1,762,450 newly diagnosed cases of cancer in the United States in 2019. It is anticipated that the development of radiotracers, such as Single Photon Emission Computed Tomography (SPECT) with technetium 99m radiotracers, which optimizes image quality while reducing radiation exposure, will contribute to the growth of the CT segment over the forecast period.

On the basis of technology, the global market for medical digital imaging systems has been divided into 2D and 3D/4D segments. 2D has been subdivided into black-and-white (BnW) and colour representations. In 2021, 2D technology held the largest market share. The most rapid adoption of 3D technology is anticipated in both developed and developing regions.

The advancements in 3D/4D imaging technology allow for the accurate and efficient visualisation of the human body in real-time, thereby minimizing distortion for patients. 4D imaging is 3D with movement in real time. Due to the increasing adoption of these technologies for foetal monitoring, the global market for 3D and 4D devices is expected to expand at a lucrative rate over the forecast period.

Recent Developments

• Hologic partnered with RadNet, Inc., a national leader in the provision of high-quality, cost-effective, fixed-site outpatient diagnostic imaging services, in August 2020. The collaboration aimed to advance the application of artificial intelligence (AI) to breast health. Hologic would contribute capabilities and insights behind its market-leading hardware and software and would benefit from access to data produced by RadNet's fleet of high-resolution mammography systems, the nation's largest, to train and refine current and future A.I.-based products.
• Royal Philips signed an agreement with the Department of Veterans Affairs of the United States in July of 2020. The former company assisted the VA in expanding its telecritical care programme in accordance with this agreement. The agreement calls for investments in care tools like diagnostic imaging, sleep solutions, and patient monitoring.
• Hitachi and HOYA Corporation signed a contract in July of 2020 for Endoscopic Ultrasound Systems [EUS]. Under the terms of this agreement, the companies strengthened their technical collaboration, with Hitachi supplying diagnostic ultrasound systems and ultrasound sensor-related components for use in endoscopic ultrasound (EUS).
• Siemens Healthineers announced a partnership with regional healthcare provider Geisinger in June of 2020. The companies intended to advance and support digital healthcare for providers, patients, and communities as a result of their partnership. Siemens Healthineers would grant Geisinger access to its most up-to-date digital health innovations, diagnostic imaging equipment, and on-site personnel to aid in the implementation of enhancements.
• Canon Medical Systems and R-Pharm Holdings, LLC signed a contract in June of 2020. Canon Medical-manufactured diagnostic imaging equipment will be sold and maintained by the joint venture. The purpose of the joint venture is to handle the sales and maintenance of Canon Medical's advanced products.
• Shimadzu Medical Systems incorporated SMS subsidiary Core Medical Imaging in April of 2020. CMI is launching its new operation as the SMS Northwest branch in Kenmore, Washington. The acquisition bolstered its business development for Interventional X-ray systems used in vascular diagnostic treatments and for the continuous expansion of our service business by capitalising on the company's stellar reputation.