Medical Imaging Instrument Market Report
Medical Imaging Instrument Market, By Modality (MRI, Computed Tomography, Ultrasound, X-Ray, Nuclear Imaging, Others), By Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Others), By End-Use (Hospital, Diagnostic Centers, Others) and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global medical imaging instrument market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Medical Imaging Instrument Market, By Modality (MRI, Computed Tomography, Ultrasound, X-Ray, Nuclear Imaging, Others), By Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Others), By End-Use (Hospital, Diagnostic Centers, Others) and Region -...
Impact of COVID-19 on Medical Imaging Instrument Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Medical Imaging Instrument Market is estimated to grow from USD 15.8 billion in 2020 to USD 21.4 billion by 2026 at a healthy CAGR of 5.3% during the forecast period.
Medical imaging instrument refers to the use of different imaging modalities to get visual representations of the interior of a body for therapeutic and diagnostic purposes. Medical imaging includes different types of modalities that are used to image the human body for diagnosis and treatment of a variety of diseases, and thus plays a key role in improving health.
Key players operating in the medical imaging instrument market are-
The rising prevalence of various diseases, demographics shift, and increasing awareness for disease detection & diagnosis are some of the key factors augmenting the market growth. As per WHO, between 2015 and 2050, the percentage of the world’s population over 60 years is likely to double from around 12% to 22%. The speed of the aging population is anticipated much faster in the future decades. All countries will be witnessing major challenges to ensure their health thereby creating a lucrative opportunity for the industry players.
Based on modality, the market has been classified into MRI, computed tomography, ultrasound, X-ray, nuclear imaging, and others. The ultrasound segment accounted for a substantial market share in 2020. This is mainly attributed to the increasing number of ultrasound applications. Recent innovations of advanced ultrasound transducers have opened new opportunities for ultrasound devices into biomedical & cardiovascular imaging. In addition, a strong focus on the development of portable ultrasound devices is anticipated to expand the applications of this modality in ambulatory as well as emergency care.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly attributed to the large presence of advanced healthcare infrastructure as well as the presence of major market participants. In addition, the rising adoption of advanced, high-priced medical imaging modalities because of the factors, such as high patient awareness and favorable reimbursement scenarios, further proliferates regional growth.
The COVID-19 outbreak positively influenced the growth of the medical imaging instrument market. Portable CT and X-ray systems witnessed high demand during 2020 for faster assessment of COVID-19. Ultrasound devices were extensively used to differentiate COVID-19 and other respiratory diseases. The rising need for frequent chest imaging to monitor the long-term effects of COVID is likely to spur the demand for imaging modalities, especially in primary health centers.
Here is the list of the group of customers that the medical imaging instrument market hopes to have the greatest opportunity to convert-
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The medical imaging instrument market size is expected to reach USD 21.4 billion in the foreseeable future.
GE Healthcare (US), Shimadzu Corporation (Japan), Philips Healthcare (Netherlands), Genesis Medical Imaging inc. (US), Hologic Inc. (US), Siemens Healthcare (Germany), Samsung Medison Co. Ltd (South Korea), Carestream Health Inc. (US), Hitachi Medical Corporation (Japan), and Fu-jifilm Holdings Corporation (Japan) are among the key players in the medical imaging instrument market.
The medical imaging instrument market is expected to witness an impressive growth of 5.3% CAGR in the coming years.
The ultrasound segment accounted for a substantial CAGR in the medical imaging instrument market in 2020.
North America is expected to remain dominant in the medical imaging instrument market in the next five years.
Medical Imaging Instrument distributors, Medical Imaging Instrument suppliers, Medical Imaging Instrument manufacturers, Hospitals, Government bodies are the target audience in the medical imaging instrument market.