USD 15.32 billion
Medical Digital Imaging System Market Size, Share, Growth Analysis, By Type(MRI, X-ray, Ultrasound, CT), By Technology(2D (BnW, Color), 3D/4D), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2161 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
65
|Figures:
75
Medical Digital Imaging System Market Insights
Medical Digital Imaging System Market size was valued at USD 15.32 billion in 2019 and is poised to grow from USD 16.57 billion in 2023 to USD 31.45 billion by 2031, growing at a CAGR of 8.32% in the forecast period (2024-2031).
In driving the market, surging demand for effective early diagnostic methods, and widening the base of the aging population has been instrumental. Developing countries such as India and China, are poised to stoke the growth of the market over the coming years because of technological advancement and increasing investments and funds by the government.
In developing countries, the market growth is also boosted by the Increasing prevalence of lifestyle related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased investment & reimbursement initiatives undertaken by the government and expansion of new facilities by market players.
The market is augmented by advancement in digital and communication technologies. In most diagnostic radiology procedures, the accurate anatomical detail is provided by New Imaging technique.
US Medical Digital Imaging System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Ultrasound
Fastest Growth
Ultrasound
Growth Rate
8.32% CAGR
Global Medical Digital Imaging System Market ($ Bn)
Country Share for North America Region (%)
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Medical Digital Imaging System Market Segmental Analysis
Medical Digital Imaging System Market is segmented based on Type, Technology, and region. Based on Type, it is segmented as MRI, X-ray, Ultrasound, CT, Nuclear Imaging. Based on Technology the segment is divided into2D (BnW, Color) 3D/4D. Based on the Region it is segmented as North America (USA, Canada), Europe (UK, Germany), Asia Pacific (China, Japan), Middle East and Africa (South Africa, Saudi Arabia), Latin America (Brazil, Mexico, Chile).
Medical Digital Imaging System Market Analysis by Type
Based on Type, it is segmented as MRI, X-ray, Ultrasound, CT, Nuclear Imaging. Among all the ultrasound segments dominated the global market. In 2021, ultrasound accounted for more than 28%share of global revenue. In 2021, CT accounted for the largest share in the market with a 25.2% share. During the forecast period nuclear imaging is anticipated to be the fastest-growing segment. The overall market growth is increasing due to Development of new radiotracers, increasing prevalence of cancers and cardiovascular diseases, and the introduction of new products through advancement are working in favor.
Medical Digital Imaging System Market Analysis by Technology
Based on Technology the segment is divided into 2D (BnW, Color), 3D/4D. In the early years 2D technology captured the largest share whereas in developed as well as developing countries 3D technology is expected to witness the highest adoption rate. There is accurate and efficient real-time visualization of the human body, which minimizes distortion for patients, due to technological advancement in 3D/4D imaging technology. 4D imaging is 3D with real-time movement. Increasing adoption of these technologies for fetal monitoring will experience lucrative growth for 3D and 4D devices.
Global Medical Digital Imaging System Market By Type
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Medical Digital Imaging System Market Regional Insights
North America accounted for the largest market share and is expected to maintain its dominance over the forecast period, it accounts for the largest share of more than 33% in 2021, of the global revenue. North America dominance is contributed by factors such as High adoption of advanced technology and improved healthcare infrastructure, high purchasing power, favourable reimbursement framework, high frequency of new product launches. In 2021, in terms of GDP, North America accounts for the highest spending on healthcare, with the U.S spending nearly 19.7% GDP. The regional market is also driven by these factors, coupled with the increasing aging population, a rise in the cases of chronic diseases, and the growing trend of preventive diagnostic practices.
The second largest medical imaging systems market is held by Europe. The demand for early disease diagnosis is also increasing, due to the presence of high-quality health care facilities specifically among the elder generation. Market growth is also stimulated by an increasing number of different chronic diseases such as cardiovascular and neurological disorders.
Global Medical Digital Imaging System Market By Region
- Largest
- Fastest
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Medical Digital Imaging System Market Dynamics
Medical Digital Imaging System Market Drivers
Launch of Novel Products to Bolster Market Growth
- In the medical digital imaging system market, the prime development is due to expanding the number of product introductions by major enterprises to increase their consumer base and footprint. Mostly the market focuses on giving the best imaging products to patients and physicians. Due to the several innovations made in MRI, ultrasound, mammography, 3D imaging and nuclear imaging, most of the prominent partners in the medical digital imaging market are shifting their focus towards value-based radiology and imaging. The factors which contribute to the development of chronic diseases are Unhealthy diet, sedentary lifestyles, the use of tobacco and alcohol, and biological factors such as dyslipidaemias, hypertension, obesity, and hyperinsulinemia. The market growth is boosted due to chronic diseases.
Medical Digital Imaging System Market Restraints
High Cost to Hinder Market Growth
- The high cost of the medical digital imaging system is the major restraint. The setup required for the medical digital system is very high, it is a very costly process. So, the region with high income will easily afford it but is not beneficial to everyone. Low market value is also caused by the lack of skilled workers and staff. To the patients, workers, and staff there is a high risk of radiation exposure which may create significant health issues due to the daily exposure to radiation. The market is also restricted due to the severe shortage of helium recorded in many countries in recent times, and the stringent regulations for approval. The repeated quality check and control of medical devices is hard to process.
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Medical Digital Imaging System Market Competitive Landscape
The Medical Digital Imaging System Market competitive landscape provides details by competitor. The global Medical Digital Imaging System Market is fragmented, with a few large and medium-sized players accounting for the majority of market revenue. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies in the Medical Digital Imaging System Market.
Medical Digital Imaging System Market Top Player's Company Profiles
- Siemens Healthineers
- GE Healthcare
- Philips Healthcare
- Canon Medical Systems Corporation
- Fujifilm Holdings Corporation
- Koninklijke Philips N.V.
- Hologic, Inc.
- Shimadzu Corporation
- Carestream Health
- Hitachi Medical Corporation
- Esaote SpA
- Samsung Medison Co., Ltd.
- Agfa-Gevaert Group
- Mindray Medical International Limited
- Toshiba Medical Systems Corporation
- Analogic Corporation
- Planmed Oy
- Imaging Dynamics Company Ltd.
- OrthoScan Inc.
- Medtronic plc.
Medical Digital Imaging System Market Recent Developments
- In March 2022, Nordisk Rntgen Teknik will be acquired by Canon Medical Systems, according to the announcement. One of the top manufacturers of diagnostic X-ray equipment is Nordisk Rntgen Teknik. The company's ability to operate globally in the X-ray industry has been aided by this acquisition.
- In March 2022, Siemens Healthiness debuted its new products, MAGNETOM Free Star and NAEOTOM Alpha in MRI and CT pipeline, at the 74th National Conference, IRIA 2022, Bengaluru. By offering cutting-edge medical imaging technology, these product introductions assisted the business in growing its customer base.
Medical Digital Imaging System Key Market Trends
- The market growth is impacted by factors such as Increasing demand for state-of-the-art imaging modalities by teaching hospitals and universities to provide training for advanced technology, the market is also expected to boost by, the adoption of AI to automate image quantification and identification process. For instance, to read all eye scans performed using an optical CT scanner, to ensure early detection of age-related macular degeneration, Google’s AI platform, named, Google’s Deepmind collaborated with Moorfields Eye Hospitals.
- The market growth is boosted by the introduction of 3D MRI and CT scans enabling radiologists to quickly analyse scans, reducing analysis time and improving efficacy. The factors on which the growth of the medical digital imaging systems depends on are a rise in the early disease diagnosis, an increased capacity of clinical applications, a quickly geriatric population, followed by an increased number of related diseases, Technological development in the diagnostic imaging industry, Increased investment and funds by the government and private organization.
Medical Digital Imaging System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global medical digital imaging system market analysis, The Medical digital imaging systems market has built some major developments during the current years. And the reason behind the development is the constant advancement in technology and the focus of the developing countries towards the more advanced and better medical imaging system has played a major role.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.32 billion |
| Market size value in 2031 | USD 31.45 billion |
| Growth Rate | 8.32% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Digital Imaging System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Digital Imaging System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Digital Imaging System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Digital Imaging System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Digital Imaging System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Digital Imaging System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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