Medical Imaging Market Size Worth $46.48 Billion by 2024 | CAGR: 6.50%: Infinium Global Research

The Medical Imaging Market is Projected to Grow at a CAGR of 6.50% During the Forecast Period to Reach USD 46.48 Billion By 2024

PUNE, MAHARASHTRA, INDIA, September 18, 2019 /EINPresswire.com/ -- According to the new market research report " Medical Imaging Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024,” The medical imaging market is projected to reach approximately USD 46.48 billion by 2024 from USD 29.3 billion in 2017, with a CAGR of 6.5% over the forecast period.

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Medical imaging is the technique and process used to create visual representations of the interior of a body for diagnostic and treatment purposes. Medical imaging pursues to expose internal structures covered by the skin and bones, as well as to diagnose and treat disease. It is used to image the human body for diagnosis and treatment of a variety of diseases and hence plays a vital role in improving health. The medical imaging industry has been developed from bed-side monitoring to high-end digital scanning.

Increasing Awareness for Early Stage Chronic Disease Detection

Increasing incidences of diseases such as cardiovascular and orthopedic are primary reasons that drive the growth of the medical imaging market. The factors such as rising age demographics and increasing awareness for early-stage chronic disease detection and diagnosis are driving the medical imaging market. However factors such as exposure to ionizing radiation, MRI safety issues are restraining the growth of the market. Furthermore, the introduction of new and innovative technology such as CT, MRI, Ultrasound, and PET will generate new investment opportunities for leading companies in the medical imaging market.

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Portable Medical Imaging Devices is Anticipated to Hold a Large Market Share

The medical imaging is segmented on the basis of product, product type, and end-user. On the basis of the product, the global medical imaging market is categorized into radiography (X-ray), ultrasound, computed tomography scans, magnetic resonance imaging (MRI) scans, and nuclear medicine scans. The MRI segment held the largest market share of the global medical imaging market owing to the high adoption of MRI systems by hospitals and diagnostic centers through the globe. On the basis of product type, the global medical imaging market is segmented into portable and stationary. The portable medical imaging devices is anticipated to hold a large market share than stationary due to its technically feasible, with good image quality. On the basis of end-user, the global medical imaging market is segmented into hospitals and imaging centers.

North America Dominates the Medical Imaging Market

Among the geographic regions, North America dominates the medical imaging market followed by Europe. Factors such as the rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and high adoption of technological advancements drive the growth of the market in this region. Asia-pacific is the fastest-growing region due to rising cardiovascular diseases and the need for better diagnostic devices in this region.

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Medical Imaging Market: Competitive Analysis

Some of the industry participants of the global medical imaging market are GE Healthcare, Siemens Healthcare, Shimadzu Corporation, Koninklijke Philips N.V, Carestream Health, Toshiba Medical Systems Ltd., Ziehm Imaging Inc., Aribex, Inc., and Varian Medical Systems among the others.

Kishor
Infinium Global Research
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