Artificial Intelligence
Medical Imaging Global Market Report 2023
New York, June 08, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Imaging Global Market Report 2023” – https://www.reportlinker.com/p06466631/?utm_source=GNW
, Koning Health, PerkinElmer Inc., Cubresa Inc., Hitachi Ltd., Medtronic PLC, and Analogic Corporation.
The global medical imaging market is expected to grow from $37.78 billion in 2022 to $40.35 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical imaging market is expected to reach $51.07 billion in 2027 at a CAGR of 6.1%.
The medical imaging market consists of sales of different kinds of medical imaging equipment like PET machines, fluoroscopy, electroencephalograms, and digital subtraction angiography machines.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Medical imaging comprises a variety of technologies and devices that are used to create images of body parts to identify, observe, or treat medical disorders. Each technology type provides distinct information on the part of the body being investigated or treated, concerning potential illness, damage, or the efficacy of medical care.
North America was the largest region in the medical device market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main medical imaging product types are X-ray devices, magnetic resonance imaging (MRI), ultrasound, computed tomography, nuclear imaging, and mammography. The various applications are obstetrics and gynecology health, orthopedics and musculoskeletal, neuro and spine, cardiovascular and thoracic, general imaging, oncology, urology, breast health, and others used in hospitals, specialty clinics, diagnostic imaging centers, and others.
The increasing prevalence of chronic illnesses is expected to propel the growth of the medical imaging market in the coming future.Chronic illness is a medical condition or illness that often lasts for three months or more and has the potential to get worse over time.
Older people are more likely to have chronic illnesses, which can often be managed but not cured.The increasing number of chronic illnesses boosts the medical imaging market as they are used in the diagnosis and detection of chronic ailments.
For instance, in March 2022, the Australian Bureau of Statistics, an Australia-based independent statutory body in charge of data gathering and analysis as well as providing federal, state, and territory governments with recommendations based on facts, 78.6% of Australian population had at least one long-term health issue and, about 46.6% or 11.6 million had at least one chronic illness in 2021. Further, in September 2022, according to World Health Organization, a Switzerland-based agency responsible for international public health, there were around 4.1 million deaths related to chronic respiratory diseases annually. Therefore, the increasing prevalence of chronic illnesses is driving the medical imaging market.
Technological advancement is the key trend gaining popularity in the medical imaging market.Major companies operating in the medical imaging market are focused on developing innovative technologies to strengthen their position in the market.
For instance, in November 2021, Koninklijke Philips N.V., a Netherlands-based manufacturer of medical imaging tools, electronics and electronic components, lighting, and computer equipment, launched its new AI (artificial intelligence)-enhanced MR product line, Philips SmartSpeed, MR 5300, and MR 7700 smart connected systems. Philips SmartSpeed is intended to accelerate the collection of images and enhance image quality and detection assurance for every patient, as well as the firm’s new MR Workspace with AI assistance, which provides a simple option that streamlines the procedure from image collection to diagnosis, thereby improving MR operations and staff expertise.
In February 2021, Koninklijke Philips N.V., a Netherlands-based manufacturer of medical imaging tools, electronics and electronic components, lighting, and computer equipment, acquired BioTelemetry Inc. for an undisclosed amount. Through the acquisition, Philips’s cardiac care portfolio aimed to use integrated solutions to change the way care is delivered throughout the health continuum and complement BioTelemetry Inc. effectively. BioTelemetry Inc. is a US-based manufacturer of cardiac monitoring and diagnostic devices.
The countries covered in the medical imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical imaging market research report is one of a series of new reports that provides medical imaging market statistics, including medical imaging industry global market size, regional shares, competitors with a medical imaging market share, detailed medical imaging market segments, market trends and opportunities, and any further data you may need to thrive in the medical imaging industry. This medical imaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466631/?utm_source=GNW
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