Medical Imaging Market to Reach $43.33 Billion by 2027; Increasing Number of Product Launches by Major Companies will have a Massive Impact on Market…

September 04, 2020 09:05 ET | Source: Fortune Business Insights

Pune, Sept. 04, 2020 (GLOBE NEWSWIRE) -- The global medical imaging market size is projected to reach USD 43.33 billion by the end of 2027. Recent technological advancements have played a massive role in the growth of the market in recent years. According to a report published by Fortune Business Insights, titled Medical Imaging Market Size, Share & COVID-19 Impact Analysis, Type (Magnetic Resonance Imaging, Computed Tomography, X-ray, Ultrasound and Molecular Imaging), By Application (Cardiology, Neurology, Orthopedics, Gynecology, Oncology and Others), By End User (Hospitals, Specialty Clinics, Diagnostic Imaging Centers, and Others), and Regional Forecast, 2020-2027, the market was worth USD 33.69 billion in 2019 and will exhibit a CAGR of 5.1% during the forecast period, 2020-2027.

Medical imaging is widely used for several applications in the healthcare industry. The increasing applications of medical imaging, driven by the massive investments in product R&D will have a huge impact on the growth of the overall market in the coming years. The presence of several large scale companies in the global market will provide impetus to the growth of the market in the coming years. This type of imaging is used to diagnose physical injuries as well as locate and identify tumors in the human body.

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Technological integration has played a huge part in the development of efficient medical imaging tools in recent years. Increasing regulatory approvals for advanced products, coupled with the focus on product innovations will have a massive impact on the growth of the overall medical imaging market in the forthcoming years.

Medical Imaging Manufacturers Hit Massively by the Covid-19 Pandemic

Although the recent coronavirus outbreak has provided a platform for several healthcare companies, the medical imaging market is among the worst affected by the pandemic. The demand for MRI equipment and molecular diagnostics has gone down drastically in the past few months. As more preference is given to the treatment of the Covid-19 patients, surgical procedures that are not categorized as essential are being delayed. Having said that, the demand for X-ray and CT scanners has risen considerably during the pandemic and this provide slight hope for the companies operating in the market.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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Increasing Number of Product Launches will have a Huge Impact on Market Growth

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product launches has made the highest impact on market growth. Accounting to the massive potential held by medical imaging across the world, companies are looking to invest heavily in the development of efficient products, with a view to acquiring a wider consumer base.

In April 2019, Canon Medical Systems announced the launch of a new ultrasound system that is said to deliver higher performance than its alternate counterparts. The company introduced Aplio-A series that is used for multiple clinical purposes and are available at an affordable price. The availability of such low cost products with high efficiency will bode well for the growth of the overall market in the coming years.

North America to Emerge Dominant; Presence of Several Diagnostic Centres to Aid Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several diagnostic centres, especially in the United States, will have a huge impact on the growth of the regional market.

The rising demand for advanced healthcare devices in the medical imaging sector will create several growth opportunities for the companies operating in the market. The market in Europe is likely to rise at a considerable CAGR in the coming years driven by the presence of several large scale companies in countries such as Germany, France, and the UK. As of 2019, the market in North America was worth USD 8.67 billion and this value is projected to increase further in the coming years.

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List of companies profiled in the report:

Industry Developments:

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Medical Imaging Market to Reach $43.33 Billion by 2027; Increasing Number of Product Launches by Major Companies will have a Massive Impact on Market...