The medical imaging market has been thriving of late as medical imaging has become increasingly utilized in the diagnosis as well as the treatment of many medical conditions. With the new developments in digital medical imaging and the rising use of more advanced technologies in medical care it is no wonder that analysts have predicted a 5 percent CAGR growth in the medical imaging market by the year 2020. High quality medical imaging that can help improve diagnosis and treatment for diseases has led to an increased global demand for medical imaging technology and has prompted an increased focus on the development of better, more accurate technology in this field.
Innovations in medical imaging technology
The predicted market growth is mainly due to the recent advances in medical imaging technology which have helped and continue to help improve the diagnosis and treatment of patients. Several new technologies are being developed in order to facilitate these processes for doctors and patients alike and the promise the new projects show has contributed to the anticipated market spur. With 4D medical imaging technology under development, doctors are expected to soon be able to create a 3D image in real time. The technology could also provide valuable contributions in the field of ultrasound systems.
Other new technologies such as tele imaging are also expected to be in increased demand as significant advancements have already been made to perfect them. Tele imaging is already allowing doctors and medical centers to share, create and access ultrasound videos and images remotely via the Internet, by using specialized remote access software and an IP camera. Not only does this advanced medical image technology help the doctors and consultant provide a diagnosis or review digital patient files remotely, it can also allow physicians to remotely aid a medical center struggling with staff shortages and enable medical center associates to continue doing their jobs even when they are away from their centers. In other words, a physician can now provide additional insight on a case from across the world and reach patients in remote areas in a matter of minutes via the internet. Beyond these obvious improvements, the technology can also help teaching hospitals by allowing medical university students to study a wider range of medical cases remotely.
Current status of the medical imaging technology market
A Global Medical Imaging Market 2016-2020 report predicting the 5 percent CAGR growth has also thoroughly analyzed the current status of the medical imaging technology market at the present moment noting that high-tech innovations are gaining ground at the moment. Analysts working on the report have also observed an increase in the number of mandatory regulatory approvals that are enforced worldwide for medical imaging systems and equipment, which has created a more competitive market and will provide buyers with a wide range of options because of that fact, driving the market to grow significantly within the next four years.
X-ray imaging technology is still the largest market segment in medical imaging technology at the moment and its growth is expected to be 3 percent by CAGR. Aside from the massive development efforts for innovative high-quality imaging technologies, companies are also expected to boost research initiatives for X-ray imaging technologies leading to a more diversified market and improved X-ray imaging equipment and technologies as well.
Predicted changes in the medical imaging market
Although traditional X-ray imaging technology is currently still encompassing the dominating segment of the medical imaging market and corporations, LLCs and companies involved in this segment are also facing increased regulatory approvals for their imaging systems so the X-ray imaging technology fraction of the market is also expected to grow at a CAGR of 3 percent between 2016 and 2020. While the 3 percent growth anticipated for X-ray imaging technology is lower than the overall expected growth of the medical imaging technology market and this can worry smaller medical imaging companies operating mainly in the Americas such as Toms River Atlantic Medical Imaging, multinational corporations will probably not have to worry about salary cuts. It seems that leading vendors such as Siemens, Phillips or Toshiba will have new expansion options available in the APAC region where the forecasted medical imaging technology market growth is expected to be as high as 8 percent by the year 2020.
The market in the APAC region will grow in size mainly due to the introduction of many government initiatives that focus on improving healthcare systems and technologies in an effort to create a better healthcare infrastructure in several countries with developing economies. These initiatives will increase the demand for medical imaging technologies and equipment which will in turn prompt big, multinational corporations to boost their Research and Development departments’ efforts in an attempt to dominate a larger market share. The global medical imaging market has become highly competitive mainly due to the presence of such massive multinational companies that possess the resources necessary for a consistent focus on research and development initiatives for product innovations. Because these companies have both the financial power and the human resources needed to develop new high-quality imaging technologies, analysts have predicted a wider range of innovative high-quality technologies available to buyers appearing within the next four years.
How medical imaging technologies impact diagnosis and treatment
The main existing market segments in medical imaging technologies currently consist of X-ray imaging technologies, Ultrasound imaging technologies, MRI technologies, SPECT/PET imaging technologies and CT scans. These technologies have been helping improve health care systems around the world for the last few decades and continue to play a vital part in the early detection of diseases as well as in establishing targeted treatment courses for patients. The predicted 5 percent growth of the medical imaging market will lead to the development of new high-quality medical imaging technologies that will improve the accuracy of diagnosis and treatment courses for patients. Early diagnosis will increase the survival rates for patients battling a wide range of diseases such as cancer.