Medical Imaging Market - 38% of Growth to Originate from North America| X-Ray Imaging Segment to be Significant for Revenue Generation| Technavio
NEW YORK , May 12, 2022 /PRNewswire/ -- The Medical imaging market size is expected to grow by USD 13.49 billion from 2020 to 2025, progressing at a CAGR of 6.71% as per the latest market research report by Technavio. 38% of the market's growth will originate from North America during the forecast period. The US is the key market for medical imaging in North America. Market growth in this region will be slower than the growth of the market in other regions. Factors such as the rising prevalence of chronic diseases, technological advances, product launches, the growing number of awareness programs regarding the early diagnosis of diseases, and the high healthcare spending by people will facilitate the medical imaging market growth in North America over the forecast period
For more insights on the market share of various regions - Download a Sample Report
Medical Imaging Market - Segmentation Analysis
The market research report segments the medical imaging market by Product (X-ray imaging, ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging) and Geography (North America, Europe, Asia, and ROW).
The medical imaging market share growth in the x-ray imaging segment will be significant for revenue generation. The demand for X-ray systems is likely to grow at a moderate rate during the forecast period, owing to technological advances and increased adoption of portable and mobile X-ray systems. The new generation of mobile X-ray units offers more advantages in terms of efficiency and cost savings than standalone X-ray systems. Wireless mobile X-ray systems offer flexibility to healthcare facilities, enabling them to share medical images between mobile systems or between fixed-room and mobile systems. Vendors are investing in the development of innovative mobile and portable X-ray systems.
To gain further insights into the market contribution of various segments - Request a sample report
Medical Imaging Market: Increasing prevalence of chronic conditions to drive growth
The key factor driving growth in the medical imaging market increasing prevalence of chronic conditions. Medical imaging equipment is used for diagnosing severe and chronic conditions. In line with this, the increasing prevalence of chronic conditions, such as cancer, cardiovascular diseases, and neurological diseases, is expected to trigger the demand for diagnostic products, including medical imaging systems, and subsequently drive the growth of the global medical imaging market. The incidence of cancer and cardiovascular diseases is growing across the world. The high incidence of cancer is increasing the demand for cancer screening and diagnoses, which is expected to drive the growth of the global medical imaging market. Similarly, the increasing prevalence of other chronic conditions, such as cardiovascular diseases and neurological disorders, will augment the demand for medical imaging systems.
Medical Imaging Market: High costs associated with medical imaging hamper growth
The high costs associated with medical imaging will be a major challenge for the medical imaging market during the forecast period. The high cost of medical imaging equipment and procedures can increase the cost burden on end-users and patients, respectively. For instance, the average cost of an MRI machine is in the range of $150,000-$300,000. Also, additional costs are needed for remodeling, installation, and maintenance. Additionally, medical imaging equipment requires annual service maintenance. The service maintenance cost includes the cost of preventative maintenance, parts, labor charges, and technicians' allowance. This further increases the cost for end-users, such as hospitals, diagnostic centers, and clinics. The high costs associated with medical imaging procedures can reduce their adoption, especially in developing countries. This is expected to limit the growth of the market.
To know about other drivers & challenges - Request a Sample Now!
Don't wait, Make a strategic approach & boost your business goals with our Medical Imaging Market Forecast Report - Buy Now!
- The vascular graft market share is expected to increase by USD 1.55 billion by 2026, and the market's growth momentum will progress at a CAGR of 7.22%. Download a sample now!
- The predicted growth for the breast imaging technologies market share from 2021 to 2026 is USD 2.30 billion at a progressing CAGR of 8.73%. Download a sample now!
Medical Imaging Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.71%
Market growth 2021-2025
USD 13.49 billion
YoY growth (%)
Performing market contribution
North America at 38%
Leading companies, competitive strategies, consumer engagement scope
Canon Inc., Carestream Dental LLC, FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shimadzu Corp., and Siemens Healthineers AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Content
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 - 2025
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Ultrasound imaging - Market size and forecast 2020-2025
- MRI - Market size and forecast 2020-2025
- CT scanner imaging - Market size and forecast 2020-2025
- SPECT/PET imaging - Market size and forecast 2020-2025
- Market opportunity by Product
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- Asia - Market size and forecast 2020-2025
- ROW - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Canon Inc.
- Carestream Dental LLC
- FUJIFILM Holdings Corp.
- General Electric Co.
- Hitachi Ltd.
- Hologic Inc.
- Koninklijke Philips NV
- Samsung Electronics Co. Ltd.
- Shimadzu Corp.
- Siemens Healthineers AG
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports, covering 800 technologies spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View original content to download multimedia:https://www.prnewswire.com/news-releases/medical-imaging-market---38-of-growth-to-originate-from-north-america-x-ray-imaging-segment-to-be-significant-for-revenue-generation-technavio-301545093.html
Upcoming Life Sciences Events
- July 2022
- Piscataway: Bio-Manufacturing Innovation Summit
- BIO Asia-Taiwan
- August 2022
- Biotechgate Digital Partnering August 2022