Medical Imaging Market is one of the fastest growing markets within the healthcare domain of the business. Recently there have been so many reports and articles published discussing the recent trends, growth patterns and the future of the industry in coming years. To begin with this blog post, let’s first understand what exactly Medical Imaging is?
Medical Imaging or as is generally referred to Diagnostic Imaging is a part of Biological Imaging which integrates with radiology to diagnose and treat the internal diseases of the body which are usually indiscoverable through human eye. The radiology uses various techniques to diagnose different parts and depth of the body. X-Ray radiography, Ultrasound, Ultrasonography, Magnetic Resonance Imaging (MRI), Endoscopy are some of the commonly known technologies used within the medical imaging. There are other technologies as well within this segment of clinical treatment, which are less popular or recently introduced. These are; Tactical Imaging, Thermography, Medical Photography, Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT). We would talk about these technologies in details in later segments of the blog.
We have tried our best to study various industry reports and present to you a comprehensive analysis of the Medical Imaging Market in context to present scenario and prospective future developments.
As per industry forecast, the market for the medical imaging is expected to grow at compounded annual growth rate (CAGR) of 6.2% by 2020. This predicted growth has been contributed to the increase in the incidences of chronic diseases and the need of diagnosing diseases at early stage for better treatment. The need for advanced imaging systems is also credited to the rising number of diagnostic imaging procedures in the industry. The major markets witnessing this growth are Australia, Brazil, China, India and South Africa. These countries have become the hotspot for the companies engaged in the manufacturing and marketing of imaging devices and products. This is due to the prevalence and increasing number of some of chronic diseases, need for early diagnosis and large population base. While in developed economies, the demand is set to slow down due to high risk of radiation exposure, expensive imaging products and technological limitations.