Medical Physics Market Size, Share & Trends Analysis Report By Modality (Linear particle accelerator- LINAC, Brachytherapy, Diagnostics, Therapeutics), By Service (Accreditation Assistance, Performance Testing, Physics Testing, Radiation Dose Monitoring, Radiation Safety Training, Treatment Commissioning Services, Safety Surveys, Regulatory & Auditing Services, Others), By End User (Hospitals, Academic and Research Institutes, Ambulatory surgery centers, Diagnostic imaging centers, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

Medical Physics a branch of applied physics—uses physics principles, techniques, and methods to perform extensive research for the prevention, diagnosis, and treatment of human diseases. The central idea of the field is to improve human health and well-being. In the last several years, physics has facilitated the development of various breakthrough technology in the field of medicine and biomedical research, including radiology, radiotherapy, and nuclear medicine. Innovations, such as computed tomography, magnetic resonance imaging (MRI), and linear particle accelerators, have collectively improved the healthcare outcomes for millions of people and raised the quality of life.

Market Dynamics

Increasing Mergers and Acquisition among the Healthcare System Manufacturers And Hospitals

The global medical physics market is characterized by the predominance of small independent enterprises and the general absence of large-scale operators. The widely fragmented market, stringent regulatory guidelines, and rising merger and acquisition activities among the healthcare system manufacturers and hospitals are driving the market growth. Similarly, the increasing affordability to procure major diagnostic and therapeutic modalities, surging levels of specialization, and the ability to deal with more sophisticated technologies are driving the market growth to some extent. Recently, Bon Secours Health System merged with Mercy Health to update its healthcare systems with sophisticated healthcare technologies, such as radiation therapeutics. Similarly, West Physics merged with Phoenix Technology Corporation to expand its customer base in the Southeast region and to provide easy access to a variety of enhanced service offerings in the field of medical imaging.

Outsourcing of Medical Physics Services

Local healthcare facilities are looking to reduce the costs by outsourcing several services, including radiation imaging systems and medical physics due to high costs associated with training, skill upgradations, and mandatory certification requirement, which is further boosting the market growth to some extent.

Factors Influencing the Medical Physics Market

In the last few years, the medical physics market has been witnessing considerable growth and is projected to continue the same during the forecast period. Following are the factors responsible for market growth,

Rising Demand for Earlier Diagnosis of Chronic Diseases

Globally, the rising prevalence of chronic respiratory and cardiovascular diseases, rising incidences of orthopedic injuries and accidents, growing geriatric population, and technological advancements are driving the market growth. As per the WHO, in 2018, around 35% of the global population suffered from cardiovascular diseases, which is further driving the demand for diagnostic imaging systems for the early detection of the diseases.  

Technological Advancement in the Medical and Diagnostic Imaging Devices

Rapid advancement in scanning technology has now enabled the Magnetic Resonance Imaging (MRI) systems to get sharp, accurate, and precise images within less than 20 minutes. Thereby, technological advancements, along with supportive investments by various corporations, especially in emerging economies, are expected to drive the market growth to some extent. For instance, Shimadzu Corporation announced a new division in the Asian and Indian subcontinent to improve its business operations in the field of medical physics. Similarly, in the U.S., the government passed a new act, named the Medicare Diagnostic Payment Equity Act to increase access to high tech diagnostics for the treatment of severe neurological diseases, which is further boosting the market growth.

Increasing Acceptance of Nuclear Medicine in Developing Economies

The rapid developments in information technology, instrumentation, and radiopharmacy, and the emergence of new technology, such as SPECT-CT and PET-CT, is boosting the market growth. Similarly, the development in radiopharmaceuticals and MRI techniques is expected to drive the new therapeutic and diagnostic applications. For instance, Nuclear medicines are extensively used in radiotherapy for the treatment and diagnosis of various diseases, including thyroid-related diseases, respiratory diseases, bone diseases, and neurological diseases. In June 2019, French researchers reported using hafnium oxide nanoparticles as nuclear medicine to improve the response of radiotherapy for the treatment of soft tissue cancers.  

Growing Medical Tourism in Emerging Countries  

Rising medical tourism in countries, such as Brazil, Thailand, Malaysia, and China, for cancer therapy is likely to drive the medical physics markets to some extent. Moreover, medical physics services are expensive and are not covered under insurance policies in developing and under-developed countries, which is further surging medical tourism. For instance, Thailand is witnessing huge medical tourism for bariatric surgeries and mammographic diagnosis.

Regional Analysis

North America and Europe to Capture Major Market Share

North America is dominating the medical physics market and is likely to continue the same during the forecast period on account of the increasing investments in R&D activities and rising support from the government towards the use of medical physics devices. Additionally, favorable reimbursement policies, insurance, early diagnosis of chronic illness, rising population, and technological advancements are driving the market growth.

Europe is witnessing considerable growth in the medical physics market. In the last few years, medical imaging technology has seamlessly transformed the whole patient care in Europe by providing more personalized services to the patients. In the U.K., medical imaging technology is making tremendous leaps in the cardiovascular imaging services and brain imaging segment due to the National Cancer Strategy implemented by the government. Whereas, in Germany, telemedicine has been witnessing huge popularity as it aids in providing medical imaging services to remote diagnostic medical care centers. Furthermore, the region is also backed with the presence of leading market players that are heavily investing in the R&D activities to develop sophisticated medical physics services, which is further driving the market growth.

The Asia Pacific is expected to be the fastest-growing medical physics market on account of the increasing demand for advanced imaging services and the presence of local market players in the region. China, India, South Korea, Thailand, and Malaysia are some of the major contributors to the medical physics market. This can be attributed to the expanding healthcare sector, development of imaging centers and clinics, increasing healthcare expenditure, and rising funding by public and private players. Moreover, the X-ray imaging system is expected to capture major market share during the forecast period.

South America is grabbing the largest shares in the medical physics market.  The region is backed with the presence of leading market players, rising prevalence of breast cancer, increasing adoption of mammographic diagnostic, and surging technological advancements.  

In the Middle East and Africa, South Africa and UAE are the major contributors to the medical physical market growth. This can be attributed to the growing medical tourism and rising prevalence of cardiovascular diseases and cancer in the countries.

Segmental Analysis

Diagnostic Imaging to Dominate the Market

The global medical physics market is bifurcated into modalities and end-users. By modalities, the market is divided into diagnostic modality and therapeutic modality. The diagnostic modality segment is further segmented into radiographic x-ray systems, fluoroscopic x-ray systems, mammographic systems, computed tomography, magnetic resonance imaging, single-photon emission computed tomography (SPECT), and positron emission tomography (PET). By therapeutic modality, the market is further trifurcated into linear particle accelerator- linear, brachytherapy, and others.

The diagnostics segment is dominating the medical physics market on account of the increasing adoption of diagnostic devices, such as PET, SPECT, mammography, computed tomography (CT), magnetic resonance imaging (MRI), and PET-CT and SPECT-CT across the globe. The computed tomography (CT) is grabbing the highest share in the medical physics market as it helps to determine the course of treatment, reduces hospital stay, and improves patient convenience. The MRI segment is majorly driven by its ability to provide 3D images using a magnetic field and radio waves, eliminating the need for any invasive procedures. It also eliminates radiation exposure and related side effects.

Lastly, mammography and ultrasound segments significant growth during the forecast period. For the record, the single-photon emission computed tomography (SPECT) and positron emission tomography (PET) are some of the techniques used for imaging nuclear medicine to provide metabolic and functional information in contrast to CT and MRI.  

Hospitals are Gaining Significant Market Share

By end-users, the market is segmented into hospitals, academic and research institutes, ambulatory surgery centers, diagnostic imaging centers, and others. The hospitals and diagnostic imaging centers are expected to acquire substantial market share during the forecast period. This can be attributed to the increasing adoption of advanced medical technologies in hospitals. Today, a number of hospitals and diagnostic centers are deploying advanced imaging devices to enhance diagnostic and therapeutic benefits. Lastly, the increasing number of hospital visits by patients suffering from chronic diseases and the rising adoption of new biomedical technologies is driving the market growth.

Impact of covid-19

Various vendors in the market have used the pandemic situation to offer their solutions to the healthcare industry users to expand their positions in the market. For instance, in October 2020, Medialogix started working with the Royal Preston Hospital to reduce patient contact while still delivering media imagery across all departments. The company's focus is to be the leader in offering DAM solutions in law enforcement and healthcare.

Similarly, in October 2020, FotoWare's DAM software was used to increase the impact of infection control measures without compromising patient care and safety at Royal Preston Hospital. Such trends were observed worldwide, where DAM solutions were used to tackle the pandemic effectively.

During the pandemic, the closing of businesses induced by the lockdown had led to a significant slump in the market; however, digital consumption businesses are shifting to digital-first strategies, owing to which the demand for DAM solutions is expected to have a positive outlook.

Recent Developments

• In 2018: GE Healthcare (US) dominated the global medical physics market in the diagnostic imaging segment. The company is also engaging in various organic growth strategies, including new product launches, to sustain in the raging competition. Recently, it introduced the SIGNA Premier 3.0T MRI system, CardioGraphe CT Scanner, and Vivid IQ high-end portable cardiovascular ultrasound imaging system in its product portfolio.
• In June 2019: ClariPi received USFDA Approval for commercializing an artificial intelligence-enabled CT scanner, named ClariCT.AI.
• In May 2019: Blue Sea Capital acquired Krueger Gilbert Health Physics to expand its geographical reach
• Newmarket entrants like Hitachi Aloka Medical and Fujifilm SonoSite formed a strategic alliance and launched new products, named Aloka ProSound SSD-5500 Ultrasound Machine and SonoSite NanoMaxx Ultrasound Machine to increase their product portfolio
• On 31^st May 2019: West Physics acquired Phoenix Technology Corporation to increase the consumer base along with highly experienced and trained technical and administrative human resources