The size of the worldwide medical imaging market is projected to reach USD 65 billion by 2030, expanding at a CAGR of 6% from 2023 to 2030. Age increases the likelihood of developing diseases proportionally. According to the Centers for Disease Control and Prevention (CDC), around 80% of senior citizens in the United States suffer from at least one chronic illness. In addition, the American Medical Association (AMA) anticipates that by 2030, at least 60 percent of adults aged 65 and older will have multiple chronic conditions. This increase in the elderly population will raise the demand for advanced healthcare facilities, treatment alternatives, and medicines. The prevalence of age-associated disorders such as Alzheimer's disease, Parkinson's disease, arthritis, and dementia, along with CVDs and cancer, is predicted to rise as the world geriatric population grows rapidly.
Teaching hospitals and universities' increasing demand for advanced imaging modalities to provide training for advanced technologies is anticipated to have a substantial impact on market growth over the next several years. In addition, the introduction of AI to automate the picture quantification and identification process is anticipated to fuel market expansion. To ensure early identification of age-related macular degeneration, Google's AI platform, Deepmind, teamed with Moorfields Eye Hospital to analyze all eye scans performed with an optical CT scanner. In addition, the emergence of 3D MRI and CT scans enables radiologists to evaluate scans quickly, hence lowering analysis time and enhancing efficacy.
In addition, computer vision is utilized to diagnose problems not evident to the human eye. The market experienced a downturn due to the outbreak of the COVID-19 pandemic, despite technological advancements and greater adoption of advanced imaging techniques. Decreases in imaging volumes, economic setbacks resulting in decreased use of modern imaging equipment, decreased staff at radiology facilities and hospitals, and greater acceptance of teleradiology services are factors contributing to the market decline.
For market leaders in diagnostic imaging, developing economies such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa have significant growth prospects. Although cost is a concern in many emerging nations, their enormous populations, particularly in India and China, provide a sustainable market for diagnostic imaging technologies. The greater prevalence of chronic diseases, such as cancer, stroke, neurological, and cardiovascular disorders, and the higher mortality rates in these nations demonstrate the necessity for early detection. GLOBOCAN 2020 forecasts that around fifty percent of the worldwide cancer population resides in emerging regions. To establish their footing in this region, the leading market participants are employing various growth tactics. Siemens Healthineers, for example, said that China is one of their largest markets and an important contributor to their growth. In addition, in 2019, as part of its India expansion plan, Siemens Healthcare constructed a manufacturing facility in India with two production lines: one for its Cios Fit mobile C-arm for surgery and one for its Somatom-based CT systems. Go vertical.
Acute Market Reports specializes in market research and consulting for the medical imaging market. Our clients benefit from Acute Market Reports' futuristic research model, which enables them to make timely, well-considered business decisions. We work with a wide range of industry stakeholders to give cutting-edge strategic research solutions to our global clients.
