Medical Imaging Market Size in APAC to Worth $15 Billion by 2023

Jan 04, 2018

The nuclear imaging is the fastest growing product segment in the global medical imaging market, growing at a CAGR of 7.73% during 2017-2023 .

Arizton’s recent market research report on the medical imaging market segments the market by product (X-ray equipment, ultrasound imaging equipment, MRI equipment, CT scanners, and nuclear imaging equipment), end-users (hospitals, diagnostic centers, and others), and geography (North America, APAC, Europe, Latin America, and MEA).

The global medical imaging market is projected to grow  to $46.65 billion by 2023, growing at a CAGR of 5.47% during the forecast period.

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The medical imaging market is divided into three major segments by product, end-users, and geography.

Nuclear imaging product segment to grow at the fastest CAGR in the medical imaging market during forecast period

The nuclear imaging is the fastest growing product segment in the global medical imaging market, growing at a CAGR of 7.73% during the forecast period.Nuclear imaging’s unique and non-invasive method to attain detailed information at the molecular and cellular level that helps in early disease diagnosis and treatment planning will drive the growth of the market segment. The emergence of new PET/MRI systems, especially for soft tissue imaging, hypoxia imaging for cancer screening and diagnosis, and the innovation in radiotracers will help nuclear imaging players to occupy a large share in the global medical imaging market during the forecast period.

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Hospitals segment to grow at a higher CAGR in the medical imaging market during the forecast period

The end-user segment in the global medical imaging market is divided into hospitals, diagnostic centers, and others.

The hospital end-user segment is expected to grow the fastest in the medical imaging market, at a CAGR of 6.54% by 2023.

The introduction of POC testing that features rapid results and prompt treatment planning, especially in emergency and critical care settings will propel the growth of this market segment during the forecast period. The growing demand for low-cost portable imaging devices and the introduction of modern medical imaging devices will help the prominent players occupy a large market share during the forecast period.

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APAC’s fast-paced development to help the region grow at an impressive CAGR during the forecast period

The APAC market was the second-largest market for medical imaging devices in 2017 and will be the fastest-growing geographical segment at a CAGR of 6.87% during the forecast period. Japan and China predominantly occupy the largest market share in the medical imaging market in APAC. The rapid adoption of digital imaging technologies, cloud-based imaging, and multimodality trends will contribute to the development of the medical imaging market in the region over the next few years. The growing awareness about diagnostic imaging and preventive treatments will help vendors to expand their market share in the APAC region during the forecast period.

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Toshiba Medical, GE Healthcare, Siemens Healthineers, Koninklijke Philips, and Fujifilm are the leading vendors in the medical imaging market.

The complete overview of the latest market research report on medical imaging market by Arizton is now available.

The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.

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