Medical imaging market size is expected to grow by USD 13.49 billion from 2020 to 2025, advancing to the CAGR of 6.71% according to a recent Technavio market research report.
38% of market growth will come from North America during the forecast period. The US is the largest market for medical imaging in North America. Market growth in this region will be slower than market growth in other regions.
Factors such as the increase in chronic diseases, technological advances, product launches, a growing number of early awareness programs, and high spending on human health care will facilitate the growth of the North American medical thinking market in the forecast period.
The market research report separates the medical thinking market by Product (X-ray imaging, imaging ultrasound, MRI, CT scanner, and SPECT / PET imaging) and Geography (North America, Europe, Asia, and ROW).
The growth of the market share of medical imaging in the field of x-ray imaging will be important for monetization. Demand for X-ray systems is likely to grow at an average rate during the forecast period, due to technological advances and increased acceptance of portable and mobile X-ray systems.
The new generation of mobile X-ray units offers more benefits in terms of efficiency and cost savings than stand-alone X-ray systems. Mobile X-ray systems provide flexibility in health care facilities, allowing them to share medical images between mobile systems or between a fixed room and mobile systems. Vendors invest in the development of mobile and portable X-ray systems.
A key factor in the growth of the medical thinking market is the proliferation of chronic conditions. Medical imaging equipment is used to diagnose serious and chronic conditions. In line with this, the increasing prevalence of chronic conditions, such as cancer, heart disease, and neurological disorders, is expected to result in the need for diagnostic products, including medical imaging programs, followed by the growth of the global medical thinking market. Cases of cancer and heart disease are on the rise worldwide.
The high rate of cancer increases the need for cancer screening and diagnosis, which is expected to further the growth of the global medical thinking market. Similarly, an increasing number of other chronic conditions, such as cardiovascular disease, will increase the need for meditation programs.
The high costs associated with medical imaging will be a major challenge in the medical thinking market during forecasting. The high cost of medical imaging equipment and procedures can increase the cost burden for end users and patients, respectively. For example, the average cost of an MRI machine is between $ 150,000- $ 300,000. Also, additional costs are required for repair, installation, and maintenance.
Additionally, medical imaging equipment requires annual service care. Cost of service coverage includes the cost of maintenance care, components, personnel costs, and specialist benefits. This greatly increases the cost of end users, such as hospitals, diagnostic centers, and clinics. The high costs associated with medical imaging procedures can reduce their availability, especially in developing countries. This is expected to slow market growth.
