Selbyville, Delaware According to Market Study Report, Medical Imaging Market provides a comprehensive analysis of the Medical Imaging market segments, including their dynamics, size, growth, competitive landscape, and emerging opportunities of global industry. This report also provides market landscape and market share information in the Medical Imaging market.
The medical imaging market is likely to observe a remunerative growth phase over the coming years due to rising demand for early-stage diagnosis of chronic disease, growing geriatric population, wide scope of clinical applications, and technological advancements.
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Medical imaging refers to processes and techniques which are utilized for creating images of several parts of the human body for treatment and diagnostic means within digital health. The technology used in medical imaging basically provides different information regarding the area of the body, which is treated or studied, concerning effectiveness of medical treatment or possible injury or disease.
Since it is used for both therapeutic and diagnosis purposes, medical imaging is considered as one of most powerful resources that are available today for patient care. Likewise, proper usage of medical imaging generally needs a multidisciplinary approach.
The medical imaging market is bifurcated in terms of product, end-use, and regional landscape.
Based on product, the medical imaging market is classified into mammography, nuclear imaging, computed tomography, ultrasound, MRI, and X-ray devices. Among these MRI segment will witness around 5% CAGR over the forecast timeframe. Wide application of MRI systems in brain, spinal cord, and interior ligament imaging will enhance the segmental progression.
In terms of end-use, the overall medical imaging market is categorized into diagnostic centers, hospitals, and others. In 2019, diagnostic centers were valued at approximately $10 billion and is expected to continue to show promising growth in the coming years. Increasing use of medical imaging devices in the diagnostic centers will stimulate the market growth.
From a regional frame of reference, in 2019, Latin America registered a market share of around 11% and will continue to showcase similar growth trends over the coming years. Increasing incidence of several chronic diseases will attract larger manufactures to introduce innovative devices across the region for efficient patient care thereby fostering the regional growth. Citing an instance, Miroculus, introduced a new technology for early detection of cancer which is likely inexpensive, smarter and much better than other methods.
With the development of new technologies in the healthcare sector, which are far better than the existing ones, the Latin America medical imaging market will witness tremendous gains over the coming years. Additionally, this rapidly increasing demand for medical technologies across Latin America will create substantial growth opportunities for regional sector as well as foreign investment, wherein the regulations and policies enabling value creation and innovation are further being developed and executed.
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