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NEW YORK , May 12, 2022 /PRNewswire/ -- The Medical imaging market size is expected to grow by USD 13.49 billion from 2020 to 2025, progressing at a CAGR of 6.71% as per the latest market research report by Technavio. 38% of the market's growth will originate from North America during the forecast period. The US is the key market for medical imaging in North America . Market growth in this region will be slower than the growth of the market in other regions. Factors such as the rising prevalence of chronic diseases, technological advances, product launches, the growing number of awareness programs regarding the early diagnosis of diseases, and the high healthcare spending by people will facilitate the medical imaging market growth in North America over the forecast period
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Medical Imaging Market - Segmentation Analysis
The market research report segments the medical imaging market by Product (X-ray imaging, ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging) and Geography (North America , Europe , Asia , and ROW).
The medical imaging market share growth in the x-ray imaging segment will be significant for revenue generation. The demand for X-ray systems is likely to grow at a moderate rate during the forecast period, owing to technological advances and increased adoption of portable and mobile X-ray systems. The new generation of mobile X-ray units offers more advantages in terms of efficiency and cost savings than standalone X-ray systems. Wireless mobile X-ray systems offer flexibility to healthcare facilities, enabling them to share medical images between mobile systems or between fixed-room and mobile systems. Vendors are investing in the development of innovative mobile and portable X-ray systems.
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Medical Imaging Market: Increasing prevalence of chronic conditions to drive growth
The key factor driving growth in the medical imaging market increasing prevalence of chronic conditions. Medical imaging equipment is used for diagnosing severe and chronic conditions. In line with this, the increasing prevalence of chronic conditions, such as cancer, cardiovascular diseases, and neurological diseases, is expected to trigger the demand for diagnostic products, including medical imaging systems, and subsequently drive the growth of the global medical imaging market. The incidence of cancer and cardiovascular diseases is growing across the world. The high incidence of cancer is increasing the demand for cancer screening and diagnoses, which is expected to drive the growth of the global medical imaging market. Similarly, the increasing prevalence of other chronic conditions, such as cardiovascular diseases and neurological disorders, will augment the demand for medical imaging systems.
Medical Imaging Market: High costs associated with medical imaging hamper growth
The high costs associated with medical imaging will be a major challenge for the medical imaging market during the forecast period. The high cost of medical imaging equipment and procedures can increase the cost burden on end-users and patients, respectively. For instance, the average cost of an MRI machine is in the range of $150,000 -$300,000 . Also, additional costs are needed for remodeling, installation, and maintenance. Additionally, medical imaging equipment requires annual service maintenance. The service maintenance cost includes the cost of preventative maintenance, parts, labor charges, and technicians' allowance. This further increases the cost for end-users, such as hospitals, diagnostic centers, and clinics. The high costs associated with medical imaging procedures can reduce their adoption, especially in developing countries. This is expected to limit the growth of the market.
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Accelerate at a CAGR of 6.71%
Leading companies, competitive strategies, consumer engagement scope
Canon Inc., Carestream Dental LLC, FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shimadzu Corp., and Siemens Healthineers AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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