Medical Imaging MarketSynopsis
According to Market Research Future (MRFR), the global medical imaging market is estimated to acquire a significant valuation of USD 45,719.65 million and thrive at a CAGR of 6.52% by 2025. Medical imaging is the technique of producing a visual representation of the interior body for a better diagnosis.
The medical imaging market 2020 is projected to grow owing to its non-invasive and painless procedure, boosting its demand in the healthcare sector. The increasing incidence of chronic illness and the growing geriatric population across the globe is predicted to push the market growth during the review period. Further, the healthcare sector is predicted to develop exponentially owing to the increasing investment and incorporation of latest technologies.
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On the contrary, the lack of expertise and funds can hamper the market growth. However, rising number of diagnostic centers and extensive R&D, along with above-stated factors, are likely to counter hampering causes and enhance its demand in the market.
Medical Imaging Market Segmentation
The segment analysis of the global medical imaging market is done by application, end-user, and modality
The application-based segments of the global medical imaging market are oncology, cardiology, neurology, and others.
The end-user based segments of the global medical imaging market are diagnostic centers, hospitals and clinics, academic institutes, and research organizations.
The modality-based segments of the global medical imaging market are magnetic resonance imaging (MRI), computed tomography (CT), x-ray systems, ultrasound systems, and nuclear imaging
Medical Imaging Market Regional Analysis
Based on the region, the global medical imaging market is segmented into the Americas, Europe, APAC, and the Middle East & Africa.
According to the research by MRFR, the global medical imaging market is projected to be controlled by the Americas during the review period. The region is estimated to expand owing to the increasing incidence of chronic illness with growing adoption of diagnostic tests. Further, the presence of developed healthcare infrastructure in the region is likely to propel the demand for medical imaging in the region.
Europe is likely to acquire substantial market value during the review period due to the increasing governmental initiatives. Further, the increased adoption of a sedentary lifestyle has resulted in various health conditions, propelling the demand for medical imaging in the region. Also, there has been a rise in the adoption of medical imaging in the region to procure better diagnosis, substantially boosting the market growth.
The APAC region is likely to be the fastest-growing market during the forecast period. The region is projected to develop owing to the growing development in the healthcare sector. Further, the increasing geriatric population and growing disposable income are likely to significantly boost the regional market. In addition, the rapid development of the healthcare sector in India, China, and Australia are predicted to accelerate the market growth in the region.
The MEA region is likely to secure the least market share during the review period owing to the presence of sluggish economies. However, increasing awareness about health is predicted to expand the regional healthcare sector. Further, stable economies such as Saudi Arabia, Kuwait, and others are projected to play an important role in boosting the regional market by developing the healthcare sector.
Medical Imaging Market Key Players
The renowned players of the global medical imaging market are Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Analogic Corporation (US), Carestream Health (US), Canon Medical Systems Corporation (Japan), CMR Naviscan (US), Esaote S.p.A (Italy), General Electric Company (US), FUJIFILM Holdings Corporation (Japan), Hologic, Inc. (US), Hitachi Ltd (Japan), Medtronic PLC (Ireland), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung (South Korea), Shimadzu Corporation (Japan), and Koninklijke Philips N.V.
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