Medical Imaging Market worth USD 59 billion by 2030, says Global Market Insights Inc.

Selbyville, Delaware, July 19, 2022 (GLOBE NEWSWIRE) —

The medical imaging market value is expected to reach USD 59 billion by 2030, according to a new research report by Global Market Insights Inc. Innovations and technological advances in medical imaging is one of the major factors that will drive the overall market expansion.

Medical imaging forms an integral part of medical diagnosis and treatment plan thus forming an essential component of healthcare expenditure. Moreover, improving healthcare infrastructure will have a good impact on the medical imaging industry. According to data published by the Department of Industrial Policy and Promotion (DIPP) and Foreign direct investment (FDI), India’s spending on diagnostic centers and hospitals has increased dramatically to efficiently manage patient health.

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Medical imaging market from ultrasound segment surpassed USD 6.4 billion in 2021. This is attributed to the wide applications of ultrasound that include, abdominal ultrasound, breast ultrasound, doppler fetal heart rate monitors, doppler ultrasound, echocardiogram, fetal ultrasound (to view the fetus in pregnancy), and ultrasound-guided biopsies. Additionally, other benefits, such as safety since there is no utilization of radiation, visualization of soft tissue, non-invasiveness, easy accessibility, and speed add to the popularity of ultrasound. For instance, Philips Healthcare introduced Lumify app-based ultrasound system. This app can turn an android smartphone or tablet into a hand-held, portable ultrasound system using Philips Lumify app.

Some of the key findings from the medical imaging market report include:

• Rising elderly population along with age-related chronic diseases will foster the business landscape.
• Increasing healthcare expenditure in developed as well as developing economies will spue the market revenue.
• High prevalence of cancer and other chronic diseases such as CVS diseases and chest disorders globally will propel the progression.
• However, the high cost of certain imaging modalities and side effects of exposure to high radiation may hamper the industry growth.

Browse key industry insights spread across 147 pages with 252 market data tables & 13 figures & charts from the report, “Medical Imaging Market Analysis By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/medical-imaging-market

Hospital segment accounted for more than 44.8% business share in 2021 and is projected to witness considerable CAGR during the forecast timeframe. This is owing to increased demand by patients and physicians for better diagnosis, wider availability of technology, favorable reimbursements, and availability of skilled radiologists in hospitals. Furthermore, rising number of hospitals will further increase the demand for advanced medical imaging modalities in hospitals thus spurring industry expansion.

Asia Pacific medical imaging market captured over 22% revenue share in 2021 and is likely to grow at 5.7% CAGR during the forthcoming years. This is driven by the growing number of medical imaging procedures performed in developing countries along with rising awareness about the availability of advanced technology. Other factors such as growing investment opportunities in the Asia Pacific region, increasing number of diagnostic imaging centers and hospitals, increasing number of image-guided procedures, and favorable reimbursement policies are primarily accelerating the market trends.

Some of the key market players operating in the medical imaging market include Canon Medical System Corporation, Carestream Health, Esaote, Fujifilm, GE Healthcare, Hologic, Konica Minolta, Koninklijke Philips, Samsung Medison and Siemens Healthineers. These players are heavily investing in R&D activities that enable them to innovate new products & capitalize on these products further help to garner maximum revenue in the industry.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.