Medical Imaging Market Anticipated to Touch a CAGR of 16.3% During the Forecast Period (2022-2027).
Medical imaging scans the whole body or specific body parts for diagnosing medical conditions or disorders. The medical imaging equipment comes in two types namely portable and standalone and are used in the hospital, diagnostic centers, and home care settings.
With the rising prevalence of chronic diseases and increasing awareness regarding the importance of early diagnosis are driving the global medical imaging market. For instance, according to the World Health Organization (WHO), more than 31% of the global population was suffering from cardiovascular diseases in 2015. The market growth is further supported by the growing number of hospital and diagnostic centers and rising per capita spending on healthcare in developing regions.
The global medical imaging market is segmented into product, application, clinical specialty, and region.
By product, the global medical imaging market is segmented into computed tomography (CT) scanners, X-ray imaging systems, and magnetic resonance imaging (MRI) systems. Computed tomography (CT) scanners are further segmented into a high-end slice, mid end slice, and low-end slice. X-ray imaging systems are segregated into modality and technology. Furthermore, the modality is segmented into portable devices and stationary devices. The technology is further divided into analog imaging and digital imaging. Magnetic resonance imaging (MRI) systems are further divided into MRI Architecture, MRI Field Strength, Ultrasound Imaging Systems, Doppler Imaging, Nuclear Imaging Systems, and Mammography Systems. The MRI field strength is further segmented into field systems, low to midfield systems, high field systems, and very high field systems. The Ultrasound Imaging Systems is categorized into Doppler imaging, 2D imaging systems, 3D & 4D imaging systems, extracorporeal shock wave lithotripsy (ESWL), and high-intensity focused ultrasound (HIFU). MRI Architecture is further segmented into open MRI systems and closed MRI systems. Nuclear imaging systems are segregated into single-photon emission computed tomography (SPECT) and positron emission tomography (PET).
By application, the medical imaging market is segmented into diagnostic imaging, clinical review, and advanced imaging. Amongst application, diagnostic imaging segment is expected to hold the major market share owing to the rising incidences of the chronic diseases. Clinical review and advanced imaging segments are expected to grow significantly, owing to the ongoing research & development activities.
Based on clinical specialty, the market is segregated into oncology, cardiology, general imaging/radiology, obstetrics & gynecology, orthopedics, mammography, urology, and other clinical specialties. The cardiology segment is expected to account for the prime share of the market during the forecast period 2019–2026. The oncology segment is expected to grow significantly at a healthy CAGR due to increasing prevalence of numerous cancers across the globe.
By region, the global medical imaging market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America is expected to dominate the global medical imaging market, owing to the developed healthcare infrastructure and services and increased prevalence of chronic diseases.
Europe is expected to account for a significant share of the market based on strong presence of major players in the region and highly aware population regarding early diagnosis of severe diseases including cancer and cardiovascular diseases.
Asia Pacific is the fastest growing market for medical imaging due to huge population suffering from chronic diseases, strong presence of geriatric population in the region, increasing prevalence of cardiovascular disease, and developing healthcare and diagnostic infrastructure.
The Middle East & Africa is expected to grow significantly, owing to rising per capita income and healthcare expenditure.
Latin America is expected to account for the least share of the global medical imaging market owing to the poor healthcare infrastructure and lack of awareness regarding the severity of chronic diseases being diagnosed late.
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