Medical Imaging Market: Top trends promoting the industry growth through 2026
The global medical imaging market size is poised to expand at substantial CAGR during the forecast period. Novel ideas with strong potential and new developments in areas such as radiography, magnetic resonance imaging (MRI), nuclear imaging, ultrasound, computed tomography and mammography are changing the face of medical imaging market.
The demand for accurate and efficient medical imaging technologies in both developed countries and emerging economies is growing as minimally invasive procedures gain popularity. These procedures are safe, cost effective, patient friendly, highly efficient, and involve lower risk, making them a preferred option among a vast majority of people.
High disease burden and an aging global population are among the other major factors contributing to the demand for rapid diagnostic technologies. In the U.S. alone, the number of people aged 65 or more is estimated to hit 98 million by 2060, according to the Department of Health and Human Services.
In addition to these factors, highlighted below are some of the key global trends augmenting medical imaging market forecast.
Budding demand for MRI technology in North America
The use of MRI technology in North American countries is gaining momentum with the growing occurrence of various chronic conditions. MRI systems are generally used for scanning the brain, spinal cord, or interior ligaments. MRI devices such make use of radio waves, strong magnetic fields, and magnetic field gradients to generate specific pictures of the organs in the body.
The North America MRI market was estimated to be worth USD 2 billion during 2019 and will grow substantially in the forthcoming years. Leading biotechnology players in the U.S. are working on enhancing the speed and accuracy of MRI technology.
For example, General Electric had introduced a new magnetic resonance image compilation software that minimizes imaging time by up to two third. Similar technological innovations will certainly improve the diagnostic accuracy of MRI scanners and help healthcare providers deliver enhanced patient care.
High chronic disease occurrence in the U.S.
The medical imaging market in the U.S. is likely to expand at a CAGR of nearly 5.5% in the coming years. The country is home to several leading imaging solutions providers who are constantly working on bringing novel rapid diagnostic solutions to the market.
The occurrence of chronic diseases in the country has increased significantly over the years. Chronic conditions such as diabetes, heart disease, and cancer are among the leading cause of death or disability in the U.S., according to the CDC. In addition, the region has a large number of elderly people who are at a greater risk of cardiovascular, neurological, and heart diseases.
The U.S. Population Reference Bureau had estimated that the percentage of people aged 65 or more in the country would rise from 16% in 2018 to about 23% by 2020. An aging population and the growing occurrence of different chronic and infectious diseases will certainly complement the regional outlook.
Emergence of digital mammography in Asia Pacific
The incidence of breast cancer in Asia Pacific countries has increased considerably over the past decade or so, creating a need for accurate rapid diagnostic and screening technologies such as mammography. The technology is highly effective in the early detection of breast cancer, particularly among women showing minimal symptoms.
The Asia Pacific mammography market had generated around USD 690 million in revenue in 2019 and is expected to witness notable growth in the future. The emergence of digital mammography and its widespread adoption in the region will be a key factor driving this growth.
Today, digital mammography is used in a wide range of diagnostic applications including breast tomosynthesis, contrast-enhanced mammography, and dual modality mammographic fusion. It is faster compared to conventional film mammography technology and provides digital mammogram results immediately.
Rising healthcare expenditure In Japan and India
Japan medical imaging market is set to grow at a heathy CAGR of over 6.4% over 2020-2026 led by the increased occurrence of chronic diseases in the country. In order to address the growing disease burden and provide quality patient care to the population, including a massive geriatric patient pool, the Japanese government is actively investing in the healthcare sector. Ongoing healthcare expenditure is expected to boost the adoption of novel imaging solutions among healthcare providers.
Meanwhile in India, the government is undertaking new initiatives to provide people with improved access to healthcare technologies such as MRI, x-rays, and CT scans. The regional manufacturers are focusing on training and educating healthcare workers to provide improved care. India had captured around 15% revenue share of Asia Pacific medical imaging market in 2019 and will witness substantial growth in the near future.
Ongoing advances in medical imaging techniques and the integration of advanced technologies such as AI could improve diagnostic accuracy significantly. AI enabled imaging systems are capable of detecting minute anomalies that cannot be identified using conventional techniques. Leading biotech firms in developed as well as developing countries are exploring ways to leverage the power of AI to bring greater accuracy in medical diagnostic imaging and improve patient outcomes.
Demand for ultrasound and nuclear imaging in Europe
The ultrasound imaging industry in Europe is projected to grow at a robust CAGR of around 5.5% in the next few years. Ultrasound devices generate visual images of internal organs and are generally used for the examination of soft tissues. 2D ultrasound and 3D ultrasound are among the common types of ultrasound technologies.
With constant technological developments over the years the quality of ultrasound imaging has improved significantly. Manufacturers are currently focusing on reducing the size of ultrasound devices and implementing software tools that could enable real-time image fusion and real-time 3D image reconstruction.
Meanwhile, the adoption of nuclear imaging technology in European countries will grow at a CAGR of around 6.5% through 2026. The technology finds use in a range of therapeutic applications including the treatment of thyroid cancer, blood imbalances, hyperthyroidism, and others.
