Medical Imaging Market in North America to exceed USD 17.2 Bn till 2026

North America medical imaging market size is certain to proliferate continuously over the span of the next few years, as the need for both emergency diagnosis and regular health check-ups has been rising through the COVID-19 pandemic. With a large percentage of the North American population being susceptible to the virus and hundreds of residents being diagnosed with it, the demand for X-rays, CT scans, MRI scans, ultrasounds, mammography, and nuclear imaging has been spiraling.

By 2026, the North America medical imaging market size is expected to reach $17.2 billion. As the pandemic has induced the governments of the countries in the region to expand their healthcare expenditures, abundant opportunities for expansion await the market. As per some studies, the healthcare expenditure of the U.S. is amounts to twice as much as other high-income nations across the world.

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The magnetic resonance imaging (MRI) technology in the medical imaging market in North America share is expected to gain traction through 2026, promoted by the widespread utilization of this technique for assessing the brain, interior ligaments, and spinal cord. During 2019, the MRI segment accounted for more than $2 billion and is slated to seize a larger sum by 2026.

Since MRI contrasting agent is less probable to cause allergic reactions when compared with X-rays and CT scans, the technique is expected to gain more adoption. The development of more accurate MRI scans with higher speeds at reduced costs is expected to accelerate North America medical imaging market outlook. For instance, GE recently introduced MRI compilation software for cutting down on imaging time by nearly two third as compared to the previous versions.

Thus, the increasing technological breakthroughs in MRI technology for improved patient care will boost the North America medical imaging industry forecast. Additionally, several industry participants have been concentrating on boosting patient outcomes through investments in R&D activities.

In terms of end-use, the North America medical imaging market outlook has been categorized into hospitals and diagnostic centers, amongst others. The hospitals segment is likely to command a substantial share and during 2019 it accounted for nearly 44% of the overall market share. The use of portable CT scanners and portable ultrasound devices has been rising due to the convenience offered by them.

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The escalating frequency of patient hospitalizations owing to the COVID-19 pandemic has been spurring the need for CT scanners and other imaging modalities. The use of imaging systems for emergency medicine, obstetrics, cardiology, and gynecology is particularly picking pace. The availability of a robust healthcare sector equipped with advanced medical devices as well as highly skilled and experienced professionals has been boosting the North America medical imaging market forecast.

Konica Minolta, Canon Medical System, Hologic, Carestream Health, Siemens Healthineers, Fujifilm, Samsung Medison, GE Healthcare, Philips, and Esaote are some leading manufacturers of medical imaging devices and equipment in North America. They have been seeking to strengthen their market presence through strategic product launches, partnerships, collaborations, and acquisitions.

Table of Contents (ToC) of the report:

Chapter 1   Methodology

1.1    Definition and forecast parameters

1.1.1    Definitions

1.1.2    Methodology and forecast parameters

1.2    Data sources

1.3    References & sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Executive Summary

2.1    North America medical imaging market summary, 2015 – 2026

2.1.1    Country trends

2.1.2    Product trends

2.1.3    End-use trends

Chapter 3   Industry Insights

3.1    Industry segmentation

3.2    Industry outlook, 2015 – 2026

3.3    Major factor analysis

3.3.1    Drivers    Incremental innovations and advancements in medical imaging technology    Rise in healthcare expenditure    Increasing disease burden along with rapidly growing geriatric population base    Emergence of artificial intelligence (AI) in radiology

3.3.2    Restraints & challenges    Irregular reimbursement policies    High cost of imaging devices

3.4    COVID-19 impact analysis

3.5    Porter’s analysis

3.6    Competitive review, 2019

3.7    PEST analysis

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