Summary –
A new market study, “Global 3D Medical Imaging Market - Global Demand, Sales, Consumption and Forecasts to 2020-2025” has been featured on WiseGuyReports.
3D Medical Imaging Global Market Report 2020: Covid 19 Growth And Change from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global 3d medical imaging market.
This report focuses on 3d medical imaging market which is experiencing strong growth. The report gives a guide to the 3d medical imaging market which will be shaping and changing our lives over the next ten years and beyond, including the market's response to the challenge of the global pandemic.
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Description:
Where is the largest and fastest growing market for the 3d medical imaging? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 3D Medical Imaging global market report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider 3d medical imaging market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the Covid 19 virus and forecasting its growth.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of Covid 19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The 3d medical imaging market section of the report gives context. It compares the 3d medical imaging market with other segments of the 3d medical imaging market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, 3d medical imaging indicators comparison.
Scope
Markets Covered: 1) By Type: Ultrasound; X-ray; CT Scan; Others
2) By End User: Diagnostic Centers; Hospitals; Research Centers
3) By Application: Gynecology and Obstetrics; Cardiology; Neurology; Orthopedics; Oncology
Companies Mentioned: GE Healthcare; Royal Philips; Siemens AG; The Esaote Group; Intrasense SA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Major players in the 3D medical imaging market are GE Healthcare, Royal Philips, Siemens AG, The Esaote Group, and Intrasense SA.
The global 3D medical imaging market is expected decline from $14.3 billion in 2019 and to $13.67 billion in 2020 at a compound annual growth rate (CAGR) of -4.4%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $16.93 billion in 2023 at CAGR of 7.4%.
The 3D medical imaging market consists of sales of 3D Ultrasound, X-Ray, CT scan, MRI, Hybrid Imaging equipment and related services. 3D medical imaging is used to create three dimensions’ visual representation of interior body parts for medical analysis with the help of computer-aided design (CAD) or a Magnetic Resonance Image (MRI).
3D medical imaging device manufacturers are increasingly investing in Artificial Intelligence (AI) to improve the diagnosis by giving accurate, hard-number measurements. AI provides efficiency in medical imaging, particularly when it comes to detecting organs or anomalies. For instance, by combining image visualization and AI, cardiologists can measure ejection fraction with high precision and in a much shorter period of time. Ejection fraction is a measurement of the percentage of blood leaving the heart each time when it contracts. According to a report by Signify Research, in January 2019, capital investments in startup companies developing 3D medical imaging AI solutions reached almost $580 million in 2018 from $270 million in 2017.
The 3D medical imaging market covered in this report is segmented by type into ultrasound, X-ray, CT scan, others. It is also segmented by end user into diagnostic centers, hospitals, research centers and by application into gynecology and obstetrics, cardiology, neurology, orthopedics, oncology.
The difficulties faced by the medical device industry owing to the COVID-19 outbreak such as the slowdown in orders and supply chain disruptions are likely to restraint the growth of the 3D medical imaging market over the next coming years. According to Medical Products Outsourcing (MPO) magazine published in April 2020, financial strains and supply chain disruptions are the major challenges faced by the medical devices industry. The manufactures are experiencing a modest slowdown in orders attributing to tight management of inventories due to fear of the spread of the virus and slow pace of reorders owing to the impact of the virus on businesses. Moreover, the managers are also hesitant in overseeing the new product launches in uncertain times. This scenario is predicted to act as a major factor restraining the growth of the market in the near future.
In June 2018, Philips acquired EPD solutions Ltd. for $0.29 billion. With this acquisition, EPD Solutions Ltd., operates as a subsidiary of Philips. This acquisition helped Philips to improve the image-guided treatment of cardiac arrhythmias by pinpointing the location and orientation of catheters during the diagnostic and therapeutic procedures. EPD Solutions Ltd. develops cardiac imaging and navigation systems for patients with heart rhythm disorders.
Increasing cases of injuries such as sports-related injuries contribute to the growth of the 3D medical imaging market. The increase in sports-related injuries is due to increasing participation of individuals in organized and unorganized sports activities. Moreover, the training of athletes with high strength and high load also results in more and more serious injuries. Sports injuries are mainly characterized by soft tissue injury. The use of 3D medical imaging devices such as ultrasound diagnosis, X-ray radiography, MRI imaging provides an accurate and objective basis for the diagnosis. The 3D medical imaging devices help in the examination of muscle fascia injury, tendon injury, ligament injury, meniscus injury, articular cartilage, and bone fracture. According to the Centre for the Disease Control and Prevention, in 2017, it is estimated that there are 775,000 emergency room visits due to the injuries in children who are participating in the unorganized and organized sports activities. Thus, increase in demand for 3D medical imaging devices, favoring the market growth.
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Detecting diseases at earlier stages can positively impact the further clinical procedures and shorten the recovery span for patients. Global healthcare organizations as well as independent clinical bodies have intensified the processes of adopting optimal medical imaging equipment. The prime benefit of using efficient diagnostic imaging equipment is that it enables medical practitioners in identifying abnormalities at a stage where the disorder hasn’t matured to incurable or fatal levels. At present, medical imaging equipment can be regarded as a viable method for diagnosis of malignant ailments such as cancer and other tumor-related diseases. As cardiovascular diseases and cancer are among the most dominant disorders inciting use of advanced diagnostics, the global medical imaging equipment market was valued at US$ 29.4 Bn in 2015 and is projected to reach US$ 45.3 Bn by 2023, expanding at a CAGR of 5.6% during the forecast period from 2015 to 2023.
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Improving the imaging accuracy will remain the key aspect that will determine the trajectory of developing medical imaging equipment for future. Anticipating disorders that are more likely to hamper human health in the upcoming decades has an equally influencing effect on such developments. The most recent technological advancement in diagnostic imaging is the use of electromagnetic radiation for producing images of internal human anatomy. Implementing tomography or similar 3D imaging techniques can be observed as the first step towards manufacturing futuristic medical imaging equipment. Crucial prospects that will shape up the future of medical imaging equipment include,
Miniaturization: The size of medical imaging equipment has been a predominant challenge in diagnostic operations. Replacing the large MRI and CT scanners with miniaturized devices will be a major achievement, not only for diagnostic purposes but also for boosting the revenues from detection procedures. Without curbing the efficiency, miniaturized medical imaging equipment will gain traction over existing ones. The competitive production costs and affordable diagnosis charges will promote the use of miniaturized imaging devices in the future.
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Portability: Reducing the equipment dimensions will invite opportunities for developing portable imaging devices. Stationary medical imaging equipment are generally preferred by surgeons as they are connected to ample power supply and prevent imaging implications due to mechanical shocks. Nevertheless, the advent of portable imaging devices will not only increase access to diagnostic technologies among rural areas, but also shorten the working time for clinical procedures. Using portable imaging equipment for diagnostic purposes in untapped regions will increase awareness of detecting diseases at initial stages. And, the operational hours of tedious diagnostic procedures may get abridged when images of the affected anatomical area are produced with such conveniently moving imaging equipment; unlike immovable imaging equipment that consume a lot of precious time.
Impact of Digitization: Calibrating the images is likely to get simpler in the years to come. Digitization can augment measurement processes and boost the accuracy. Calibrating molecular mutations in a tumor can help incision of antibodies in such molecules. The outbreak of tumorous pathogens can be curtailed when produced images are available in digitized measurements that identify even the subatomic alterations during diagnosis of living tissues.
Hybridization of Technologies: It is relatively possible for future imaging equipment to have an alternative of shifting among technologies. For example, an equipment developed with tomographic technology can amalgamate other contemporary technologies. Successful clinical adoption of non-ionizing imaging modalities such as ultrasound or optical is anticipated to be the forthcoming advancement in imaging technologies. Such hybrid imaging technologies will increase the revenues due to lack of radiation exposure, compared to tomographic and radiographic medical imaging technologies.
Key participants in global imaging equipment market include, GE Healthcare, Shimadzu Corporation, Philips Healthcare, Genesis Medical Imaging inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Hitachi Medical Corporation, Fujifilm Holdings Corporation, Toshiba Corporation and Fonar Corporation. The medical imaging equipment market is highly capital.
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