Published Date: 2020-12-04
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According to the Graphical Research new growth forecast report titled “North America Medical Imaging Market Size By Product (X-ray Devices, {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook (U.S., Canada)”, Estimated to Exceed USD 17.2 Billion By 2026
Rising expenditure in healthcare sector, particularly in developed countries including the U.S. will offer significant growth opportunities for the medical imaging market growth. The healthcare expenditure can be evaluated based on three aspects that include, the providers of healthcare, healthcare functions that are financed, and the source of financing. According to a study, the U.S. spends twice as much on healthcare as any other high-income country across the globe. Similarly, surging utilization of medical imaging technology is one of the major factors, propelling the industry growth. Thus, increased spending on healthcare sector will escalate the medical imaging market growth over the forecast period.
Based on product, the North America medical imaging market is segmented into X-ray devices, magnetic resonance imaging, nuclear imaging, ultrasound, computed tomography, and mammography. Amongst them, the magnetic resonance imaging segment held more than USD 2 billion market size in 2019. MRI systems are widely applicable in brain, spinal cord and interior ligament. Wide application of MRI devices such as magnetic field gradients, strong magnetic fields as well as radio waves that generate specific pictures of the organs in the body will thereby, augment the segmental growth. MRI contrasting agent is less likely to produce allergic reaction unlike CT scan or X-ray, leading to increased adoption of MRI imaging devices. Numerous manufacturers are focusing on increasing patient output by enhancing speed and accuracy to increase affordability compared to the CT scanners. For instance, GE launched magnetic resonance image compilation software that reduces the imaging time by two third compared to previous generations. Increased technological advancements in MRI scanners for enhanced patient care and support will foster the segment growth.
Based on end-use, the North America medical imaging market is classified into hospitals, diagnostic centers and others. The diagnostic centers segment captured over 29% market share in 2019. Diagnostic centers are well equipped with medical imaging devices such as MRI scanners, CT scanners and X-ray devices. Several acute surgeries and emergency surgeries are performed in diagnostic centers owing to increased treatment facilities thus, diagnostic centers segment will show lucrative growth over the forecast period. In addition, rising healthcare expenditure coupled with government funding for diagnostic centers will augment the segmental progression.
The U.S. medical imaging market is projected to experience around 5.5% CAGR during the analysis period. Presence of sophisticated healthcare facilities in hospitals and clinics has improved accurate diagnosis of diseases that will be beneficial for the country growth. The U.S. elderly population is growing rapidly over the last decade and the trend is expected to continue over the forecast timeframe. As per the Population Reference Bureau, individuals of age 65 and above were 16% in 2018 and may rise to 23% by 2020 across the U.S. The aging population prone to several chronic diseases such as diabetes, cardiovascular and neurological diseases are expected to surge the demand for various medical imaging devices.
Some of the well-known business players operating in the North America medical imaging market are Esaoate SpA, Fujifilm Corporation, Carestream Health Inc., Hologic Inc., GE Healthcare, Siemens Healthineers, Konica Minolta, Inc., Canon Medical Systems Corporation, Samsung Medison Co.Ltd, and Koninklijke Philips N.V. These eminent industry players have undertaken growth strategies for maintaining strong foothold in medical imaging market. For instance, in December 2019, Konica Minolta collaborated with Shimadzu Medical Systems to accelerate the digital radiography system across the U.S. This strategy assisted the company in enhancing its overall market share.
North America medical imaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
North America Medical Imaging Market, By Product, 2015 - 2026 (USD Million)
North America Medical Imaging Market, By End-use, 2015 - 2026 (USD Million)
The above information is provided for the following region and countries:
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