According to The Insight Partners latest research study on “Medical Imaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and End User,” the market was valued at US$ 23,901.88 million in 2020 and it is projected to reach US$ 33,002.52 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028. The report highlights trends prevailing in the market and the factors driving and restraining the market growth.

Strategic Insights:

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Medical imaging refers to techniques and processes used to create images of various parts of the human body for diagnosis and treatment purposes within digital health. The term, medical imaging, includes various radiological imaging techniques such as X-ray radiography, fluoroscopy, magnetic resonance imaging (MRI), medical ultrasonography or ultrasound, endoscopy, elastography, tactile imaging, thermography, medical photography and nuclear medicine functional imaging techniques—e.g. positron emission tomography (PET). Medical imaging is crucial in every medical setting and at all levels of healthcare. The use of medical imaging helps physicians arrive at more accurate diagnoses and appropriate treatment decisions. Without medical imaging, both diagnosis and treatment in digital health can be very difficult to achieve with any level of accuracy. The factors such as the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry drive the growth of the medical imaging market.

Introduction Of Technologically Advanced Systems

Medical imaging is an integral part of the diagnostic process. From ultrasounds to MRIs and CT scans, radiologists utilize medical imaging to properly diagnose and treat diseases. Also, doctors use medical imaging technologies to determine if a particular therapy has been effective in patient’s treatment method.

Over the past couple of decades, the capabilities of medical imaging have radially increased. There have been numerous advancements in medical imaging technology owing to essential research and technological evolution. This progress is crucial in providing accurate diagnoses and improving patient care. These advancements, along with the power of IT and digital technology, promotes greater procedural efficiency in the provision and execution of patient care. Artificial intelligence (AI) helps improve numerous aspects of the healthcare industry, and medical imaging technology is one of the fields that has benefited greatly. AI is being used to make advanced imaging devices, which can detect diseases earlier and guide diagnosis and early treatment.

In September 2018, Nvidia, a technology company, unveiled the Nvidia Clara platform, which is a combination of software and hardware working together to bring AI to future medical instruments. The Clara software development kit will enable developers to apply a wide range of AI-powered applications to existing medical imaging equipment. On February 20, 2018, Aidoc, a deep learning start-up, revealed what it referred to as the world’s first comprehensive full body technology that can use AI to analyze computed tomography (CT) scans. Aidoc’s AI-powered medical imaging technology can highlight any abnormal findings on a patient’s medical scan, which can be further reviewed by radiologists.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Based on product, the medical imaging market is categorized into CT systems, X-ray systems, PET systems, MRI systems, ultrasound systems, and others. The X-ray segment held the largest share of the market in 2020 and is also anticipated to register the highest CAGR in the market during the forecast period.

Based on end user, the medical imaging market is segmented into hospitals, OP centers, clinicians’ offices, and emergency care centers. The hospitals segment held the largest share of the market in 2020 and is also estimated to register the highest CAGR in the market during the forecast period.

Medical Imaging Market: Competitive Landscape and Key Developments

General Electric Company; Siemens AG; Koninklijke Philips N.V.; SHIMADZU CORPORATION; Hitachi, Ltd.; Canon Inc.; Hologic, Inc.; Carestream Health Inc.; ESAOTE SP; and Samsung Group are among the major companies operating in the global medical imaging market.

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