Minimally Invasive Imaging Market - Forecasts from 2022 to 2027
The global minimally invasive imaging market is projected to grow at a CAGR of 4.56% during the forecast period to reach US$56.464 billion by 2027, from US$41.325 billion in 2020.
The global minimally invasive imaging market is thriving on the back of technological advancements in the field of medical devices, which are resulting in greater efficiency, faster disease detection times, improved diagnostic processes, and greater productivity in patient monitoring, combined with factors such as strict autoclaving regulations, the growing demand for minimally invasive medical imaging systems, and increasing cases of chronic disorders. Furthermore, rising investments in the healthcare industry by both public and private entities, as well as an increasing trend to take early action for disease prevention as a step toward preventive healthcare, will propel the market.
The market is boosted by the growing prevalence of chronic diseases and the increasing geriatric population. With age, the chance of getting illnesses rises correspondingly. Nearly 80% of the elderly in the US have at least one chronic illness, according to the Centers for Disease Control and Prevention. Furthermore, the American Medical Association predicts that by 2030, at least 60% of people aged 65 and up will have more than one chronic illness. According to the National Brain Tumor Society, 700,000 persons in the United States will be living with a brain tumor in 2020, with an additional 87,000 projected to be diagnosed. The prevalence of age-related disorders such as Alzheimer's disease, arthritis, Parkinson's disease, dementia, cancer, as well as cardiovascular diseases is predicted to rise as the worldwide geriatric population grows. The demand for new treatment choices, better healthcare facilities, and drugs will rise as the population ages.
The high cost of minimally invasive imaging systems, scarcity of skilled technicians, and strict government policies for complicated testing regimes are major factors limiting the market for minimally invasive imaging systems. Furthermore, due to certain technical restrictions associated with solitary imaging modalities, researchers are hesitant to purchase them, limiting their market expansion. For instance, CT has poor soft-tissue contrast; therefore, it provides less information on functional qualities and exposes doctors and patients to radiation.
Siemens Healthineers released the Acuson Redwood ultrasound system in October 2019, providing an imaging solution for clinical departments such as radiology, cardiology, and gynecology. The introduction of Al-enabled equipment is expected to boost demand, resulting in market expansion. Allengers unveiled the first domestically produced 32 slice CT scanner in India in January 2020 with the help of Canon Medical Systems. Samsung NeuroLogica increased manufacturing of their 32-slice CT scanner, mobile BodyTom, in February 2020.
By system, the global minimally invasive imaging market can be segmented into ultrasound, CT, X-ray, MRI, and others. The X-ray sector is expected to dominate the global minimally invasive imaging industry owing to the increasing use of direct radiography. The ultrasound segment is also expected to grow in the projected period.
By end-users, the global minimally invasive imaging market can be segmented into diagnostic centers, hospitals, and others, including specialty clinics and research centers. The hospital segment is expected to account for the most significant proportion. Owing to the increased demand for medical imaging modalities such as MRI systems and CT scanners in hospital settings for precise diagnosis during procedures will help propel the market forward. Furthermore, hospitals are well-equipped with medical imaging technology and competent healthcare experts to correctly treat and diagnose the bodily parts of patients.
By geography, the global minimally invasive imaging market can be segmented into the Asia Pacific, North America, the Middle East and Africa, South America, and Europe. Over the projected period, North America is expected to have a significant market share due to improved healthcare infrastructure and higher R&D investment in the healthcare industry, as well as the U.S. government's rising measures to update the healthcare system. The Asia Pacific region is expected to grow rapidly due to developing medical tourism in Asia Pacific countries such as India and the growing geriatric population in the region.
During the epidemic, demand for MRI and molecular imaging equipment has decreased. During the first quarter of 2020, key companies such as GE, Philips, and Siemens saw a decrease in demand for these modalities. New recommendations advised by radiology departments to decrease cross-sectional imaging, interventional radiology, and ultrasound to prevent COVID-19 transmission to staff and patients due to the COVID-19 pandemic are another factor influencing the market. However, because of multiple studies demonstrating the clinical efficacy of X-rays in diagnosing COVID-19 patients through chest scans, digital X-rays and CTs are in extremely high demand. Market companies have increased production of these modalities in response to rising demand, attempting to close the supply-demand imbalance. For instance, according to Koninklijke Philips N.V.'s Q1 results during the outbreak, the business saw an increase in demand for x-ray and CT equipment. The firm increased its medical imaging equipment output.
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