Medical Imaging Devices Market will experience decent growth trends during 2022-2028. Rapidly rising aging population and the prevalence of cardiovascular, pulmonary, and chronic ailments like cancer across the globe will bolster the demand for medical imaging in the forthcoming years.
Medical imaging devices offer improved and precise diagnosis and treatment to predictive maintenance and streamlined processes, along with guiding procedures like injections or biopsies in hospitals and health clinics. This, in addition to the increasing instances of accidents leading to severe bone and traumatic injuries, will boost the medical imaging devices market share over the forecast period.
The growing pervasiveness of bone arthritis coupled with the emerging requirement to diagnose, monitor, and treat health conditions like pregnancy, pain, swelling, or infection in the internal organs, spinal injuries, dental issues, tendon/ligament tears, etc., will push the market outlook in the foreseeable future. Moreover, the integration of AI and escalating collaborations among key industry players will support the medical imaging devices industry forecast in the years to come. For instance, in January 2022, O2 Investment Partners entered into a partnership with Modular Devices, Inc. with an undisclosed investment amount to aid the company's expansion and offer better imaging modalities in the future.
With regards to the product segment, Magnetic Resonance Imaging Equipment (MRI) may gain considerable momentum driven by its non-invasive, non-radiative nature and better precision over other imaging techniques. Alongside, rising instances of cancer, skeletal disorders, and heart diseases coupled with accelerating technological advancement in imaging technology and growing public-private alliances will augment the segment expansion during the forecast period . In January 2022, Ohio State and Siemens collaborated to develop a low field MRI system. This system may help expand the MRI capabilities in obese patients, patients with implanted devices, patients who require lung imaging.
Regarding the application, orthopedics may drive significant revenue due to the rising concerns towards accurate and timely diagnosis and treatment and an upsurge in the examination procedures related to Lung and chest issues, cardiac conditions, organs in the abdomen and pelvis, blood vessels, soft tissue, and other internal structures. Additionally, the growing requirement for imaging modalities to determine foreign objects, mammography, and spinal conditions will further support the segment growth.
Owing to the improved healthcare infrastructure, better reimbursement policies, and robust economic growth in the region North America medical imaging devices market will observe significant progressive trends in the next few years.
Some of the promising players of the medical imaging devices market include Carestream Health Inc., Canon Medical Systems Corporation, Esaote SpA, GE Healthcare, Fujifilm Holdings Corporation, Hitachi Medical Systems, Philips Healthcare, Hologic Inc., Siemens Healthineers, and Samsung Medison. These players are indulging in several tactical alliances to improve their market position and expand their product portfolio.
For instance, Carestream Health Inc. was awarded 45 new patents in January 2021 for digital radiography workflow and detectors, global advances in AI, and other imaging technology with a commitment to meet the evolving needs of patients and providers.
The medical imaging devices industry registered a significant reduction in diagnostic imaging services during the first and second waves of the global pandemic. Severe infection anxiety and mobility restrictions, along with health center preparations to expand crisis capacity, diminished the number of medical imaging procedures. Furthermore, economic recession and decreased healthcare spending further hampered the market growth.
However, increasing government funding and declining severity and mortality rate of the subsequent COVID-19 variants are expected to stabilize the healthcare market in the years to come and help the medical imaging industry recoup its path to recovery.
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