New York, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) -- A medical digital imaging system refers to the use of a variety of imaging techniques to obtain visual representations of the interior of the human body for therapeutic and diagnostic purposes. According to Straits Research, “The global medical digital imaging system market size was valued at USD 15.32 billion in 2021 and is projected to reach USD 31.45 billion by 2030 at a CAGR of 8.32% 2022 to 2030,”
Governments of nations such as the United States, the United Kingdom, India, and Canada are implementing measures to stimulate the market. These initiatives include the reduction of import duties on medical devices, the implementation of favorable policies, and the training of physicians and medical imaging device operators. In recent years, the demand for diagnostic techniques has increased due to technological advancements in the field of diagnostics and a greater public awareness of the importance of early disease diagnosis. During the forecast period, the increasing prevalence of a variety of chronic diseases is anticipated to boost the market for medical digital imaging. This has contributed to the growth of the use of digital imaging in exploratory surgery.
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GROWTH OPPORTUNITIES
In the coming years, rising demand for a refined medical digital imaging system with fewer errors and faster results is anticipated to stimulate the market. The growing adoption of medical digital imaging systems in hospitals and clinics is anticipated to contribute to the expansion of the market. In the coming years, the market for medical digital imaging systems is anticipated to be bolstered by the rising incidence of chronic diseases. Automation of processes reduces waiting time, thereby increasing productivity and return on investment. These benefits assist in offsetting the expense of equipment and infrastructure.
REGIONAL ANALYSIS
Geographically, the market has been broken down into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. The North America medical digital imaging systems market is projected to contribute 34.6% of the global market's revenue in the coming years. The United States is projected to lead the regional medical digital imaging systems market with the largest revenue share in the coming years, as the market is expected to expand in the future.
Asia-Pacific is projected to have the highest CAGR during the forecast period, at 10.3 percent, primarily due to increasing government incentives and lower clinical trial costs. It is anticipated that the presence of international service providers such as Wockhardt Hospitals, Columbia Asia, and Fortis Healthcare will increase competition in the private sector. In this highly competitive market, the rapid expansion of medical tourism is anticipated to fuel the demand for advanced diagnostic techniques.
COMPETITORS ANALYSIS
Regional and service portfolio expansions, as well as mergers and acquisitions, are among the most important strategies employed by these competitors in order to increase their market share. In March of 2017, Hitachi Ltd. introduced ECHELON Smart, a mid-field strength magnetic resonance imaging (MRI) system. This system incorporates Hitachi's silent scanning technology, allowing for greater patient safety and compliance. Following its display at the European Congress of Radiology, it was expected to be commercially available.
On the global digital medical imaging market, prominent companies include Koninklijke Philips N.V, GE Healthcare, Siemens Healthineers, Esaote SPA, Canon Medical Systems Corporation, Hologic, Hitachi, and Shizuoka.
RECENT DEVELOPMENTS
- Hologic partnered with RadNet, Inc., a national leader in the provision of high-quality, cost-effective, fixed-site outpatient diagnostic imaging services, in August 2020. The collaboration aimed to advance the application of artificial intelligence (AI) to breast health. Hologic would contribute capabilities and insights behind its market-leading hardware and software and would benefit from access to data produced by RadNet's fleet of high-resolution mammography systems, the nation's largest, to train and refine current and future A.I.-based products.
- Royal Philips signed an agreement with the Department of Veterans Affairs of the United States in July of 2020. The former company assisted the VA in expanding its telecritical care programme in accordance with this agreement. The agreement calls for investments in care tools like diagnostic imaging, sleep solutions, and patient monitoring.
- Hitachi and HOYA Corporation signed a contract in July of 2020 for Endoscopic Ultrasound Systems [EUS]. Under the terms of this agreement, the companies strengthened their technical collaboration, with Hitachi supplying diagnostic ultrasound systems and ultrasound sensor-related components for use in endoscopic ultrasound (EUS).
MARKET SEGMENTATION:
Type Outlook:
- MRI
- X-ray
- Ultrasound
- CT
- Nuclear Imaging
Technology Outlook:
- 2D (BnW, Color)
- 3D/4D
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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