This growing shift from traditional to image guided surgery is expected to be a shot-in-the-arm for the medical imaging devices market globally
A recent report on the Medical Imaging Market - Global Outlook and Forecast 2018-2023, released by Arizton Advisory & Intelligence says that the global medical imaging market is expected to witness a substantial growth during the next five years.
Analysts at Arizton expect the market to grow at an impressive CAGR of 5.47% over 2017–2023. The market is expected to cross $46 billion by 2023.
Increase in Aging Population and Prevalence of Chronic Diseases to Propel the Medical Imaging Devices Market Growth
The global elderly population is witnessing an increase in the prevalence of chronic diseases. This is increasing the uptake for healthcare services including medical imaging devices. Globally, this increase in the prevalence of chronic diseases, especially cancers, cardiovascular diseases, neurological, orthopedic, and metabolic disorders, is playing a key role in the growth of the medical imaging market. This trend is expected to push the demand for medical imaging devices worldwide and boost the growth of the medical imaging market over the next few years.
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Technological Advancements in Imaging Modalities to also Promote Market Growth
The global medical imaging industry has grown significantly due to advanced imaging technologies and sophisticated equipment that offer the highest quality images for diagnosis and minimally invasive treatments through image guided surgical interventions. These technological developments are expected to continue, thereby helping the market growth worldwide in the coming years.
High Focus on Preventive Healthcare and Early Diagnosis to Propel Market Growth
Medical imaging devices play a key role in preventive healthcare by identifying the chances of disease occurrence, even before the occurrence of the disease, through signs or symptoms of a condition or disease. Preventative healthcare measures are highly beneficial as costs associated with preventive healthcare measures is far less compared to costs of disease treatment and management for individual patients. In countries with well-established healthcare infrastructure such as the US and Europe, the government promotes and favors multiple preventive healthcare measures including diagnostic screening measures for the prevention of chronic diseases. This is also expected to propel the medical imaging devices market growth across geographies.
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Increase in Minimally-Invasive Image-Guided Surgeries to also Propel Market Growth
Medical imaging devices are an integral part of image-guided surgeries. Image-guided surgeries are now being considered as a standard of care in the management of a number of cranial, otorhinolaryngologic, spine, orthopedic, and cardiovascular disorders as they offer significant clinical advantages over standard surgical techniques. This growing shift from traditional to image guided surgery is expected to be a shot-in-the-arm for the market globally.
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