The increased demand for early-stage diagnosis of various chronic diseases and the ageing demographics, which are projected to drive demand in the global medical imaging market in the years to come. Technological improvements, together with increasing government investments and funding, are projected to contribute to the expansion of the market, particularly in developing countries like China and India. Likewise, the growing demand for sophisticated imaging modalities by universities and teaching hospitals to provide advanced technological training is likely to have a substantial influence on market growth in the future years. This tendency, which was previously exclusive to wealthy countries, is increasingly spreading to underdeveloped countries as well.
Thailand, South Korea, and India have all lately seen an increase in the number of installed 3.5T MRI equipment. Favorable FDI rules, increased knowledge of sophisticated imaging technologies, and augmented ease of doing business are all likely to contribute to the overall growth of the global medical imaging market in the forthcoming years. Teleradiology services have made it possible to connect experts from all around the world. This is anticipated to solve the issues in these countries caused by a scarcity of qualified radiologists.
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Demand for Enhanced Patient Outcome to Drive Growth of the Market
Developments in the medical imaging technology and growing demand for sophisticated imaging systems to enhance operational effectiveness and patient outcomes is likely to drive growth of the global medical imaging market. The market is likely to increase due to favorable regulatory conditions for medical imaging modalities for better patient management and the increasing use of medical imaging in digital health. The medical imaging industry has changed dramatically in recent years and saves millions of lives each year all around the world. It assists healthcare professionals in diagnosing a wide range of illnesses, from appendicitis to cancer, and from heart disease to stroke. The global medical imaging market is always focusing on bringing in new technologies to physicians and patients. Developments in diagnostic imaging system, as well as their increased demand to enhance patient outcomes, are likely to have a favorable influence on the industry’s growth.
Leading market participants are refocusing their efforts on patient-centric imaging and value-based radiology. Several imaging modalities have seen technological breakthroughs, including nuclear imaging, MRI, 3D imaging, mammography, and ultrasound to name a few. Higher prices connected with medical imaging technologies, on the other hand, may limit the industry’s expansion to some extent.
Ultrasound Medical Imaging Equipment to Observe High Demand in Biomedical Imaging
In 2020, the ultrasound sector has been one of the leading sectors in the market, and this is projected to continue in the years to come. The increasing number of ultrasound applications is responsible for the rise of this category. Advanced ultrasonic transducers have recently been developed, opening up new applications for ultrasound devices in cardiovascular as well as biomedical imaging. In addition to that, a strong attention on the development of portable ultrasound equipment is projected to broaden the scope of this modality’s uses in both ambulatory as well as emergency care.
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Beneficial Reimbursement Scenarios to Drive Demand in the North America Market
Expansion of the market in North America is fueled by the existence of a large number of industry participants and frequent releases of new product within the territory. Because of variables such as strong patient awareness and advantageous reimbursement scenarios, the region has a high uptake of expensive and sophisticated medical imaging modalities. In addition to that, in developed parts of the world, service prices are more than several times greater than in poor countries. This means that high-priced diagnostic systems will yield a faster return on investment.