The Global Medical Imaging Services Market size is estimated to be USD 341.17 billion in 2019 and is predicted to reach USD 508.79 billion by 2030 with a CAGR of 3.7% from 2020-2030. Medical Imaging Services plays a major role in healthcare industry as it helps in the proper diagnosis of the disease but also helps in the therapy selection with follow-ups mainly in chronic diseases. Medical imaging is an integral part of medical practices and done to enhance the treatment and planning for better patient recovery.
Market Dynamics and Trends
The improving and modernizing healthcare infrastructure as well as huge burden of chronic disorders in developing nations has proliferated the medical imaging services market growth. Furthermore, increase in the intervention procedures due to the increased demand of minimally invasive surgeries is expected to enhance the growth of medical imaging services market.
The factors including favorable reimbursement policies coupled with expansion of product portfolio and increasing awareness are further expected to fuel the market growth. However, stringent regulations for the approval coupled with side effects with the radiation produced by the system are expected to impede the market growth. On the other hand increase in research and development activities coupled with increase in technological advancements are expected to create ample opportunities in the medical imaging services market over the forecast period.
Market Segmentations and Scope of the Study:
The global medical imaging services market share is analyzed on the basis of imaging modality, application, end user, and geography. On the basis of imaging modality, the market is segmented into X-ray, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography, Nuclear Imaging, and Others. On the basis of Application, the market is divided into Cardiology, Gynecology/OBS, Orthopedics & Musculoskeletal, Oncology, Neurology and Spine, and General Imaging. On the basis of end user, the market is divided into Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America denotes a higher adoption of the medical imaging services and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including presence of well-established healthcare amenities, increased prevalence of chronic disorders, and technological advancements.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increasing accessibility to healthcare facilities in the region, increasing medical tourism, and increasing disposable income with favorable reimbursement policies.
The medical imaging services market, which is highly competitive, consists of various market players. Some of the major market players include Hitachi, Ltd., Siemens Healthcare GmbH, TOSHIBA CORPORATION, Carestream Health, GE Healthcare, Koninklijke Philips N.V., Fujifilm Corporation, Shimadzu Corporation, Hologic, Inc. and Esaote SpA, among others.
Over the past few years there have been various developments taken place and will further takes place in the near future which are expected to contribute the overall market size. For instance, in March 2019, Royal Philips has announced that it is expanding its radiology solutions portfolio with innovative teleradiology services, aimed at addressing the increasing shortage of radiologists, as well as the pressing need to improve access to precision diagnoses. Philips’ new telehealth services will build on its cloud-based radiology informatics portfolio of Picture Archiving and Communication Systems (PACS) and Vendor Neutral Archive (VNA) solutions, combined with advanced analytics, visualization and workflow applications, to now also include advanced teleradiology viewing and reporting capabilities, on-call radiologist services, and related exam workflow enhancement applications.
- The medical imaging services market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
- The study comprises a deep dive analysis of the medical imaging services market trend including the current and future trends for depicting the prevalent investment pockets in the market.
- The information related to key drivers, restraints and opportunities and their impact on the medical imaging services market is provided in the report.
- The competitive analysis of the market players along with their market share in the global medical imaging services market.
- The SWOT analysis and Porters Five Forces model is elaborated in the study.
- Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
- Global Medical Imaging Services market – By Imaging Modality
- Magnetic Resonance Imaging (MRI)
- Computed Tomography
- Nuclear Imaging
- Global Medical Imaging Services market – By Application
- Orthopaedics & Musculoskeletal
- Neurology and Spine
- General Imaging
- Global Medical Imaging Services market – By End User
- Ambulatory Surgical Centres
- Diagnostic Imaging Centres
- Global Medical Imaging Services market –By Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of RoW
- North America