Global Biomedical Imaging Technologies Market Size By Product Type (Magnetic Resonance Imaging, Computed Tomography Imaging), By Application (Hospitals, Clinics, Cancer Centers), By Geographic Scope And Forecast

Biomedical Imaging Technologies Market Size And Forecast

Biomedical Imaging Technologies Market size was valued at USD 35201.28 Million in 2022 and is projected to reach USD 50251.08 Million by 2030, growing at a CAGR of 4.59% from 2023 to 2030.

Rising minimally invasive diagnostic and increasing prevalence of chronic diseases are some of the factors anticipated for driving the market growth during the forecast period. The Global Biomedical Imaging Technologies Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Biomedical Imaging Technologies Market Definition

The focus of biomedical imaging is on the acquisition of pictures for both therapeutic and diagnostic reasons. Biomedical imaging technologies can monitor a patient over time for diagnostic and therapeutic evaluation. They can examine the current state of an organ or tissue using X-ray, sound (ultrasound), magnetism (MRI), radioactive pharmaceuticals, or light (endoscopy). With the invention of the x-ray in 1895, the science and engineering underlying the sensors, instrumentation, and software used to get biomedical imaging have been advancing steadily.

The x-ray dose initially required for recording on film cassettes has been significantly reduced by modern x-rays using solid-state electronics, which only require milliseconds of exposure time. The image quality has improved, with enhanced resolution and contrast detail providing more reliable and accurate diagnoses. Digital Imaging has invented the CT scanner and allows the physician to watch real-time X-rays on a monitor this technique is known as x-ray fluoroscopy to help guide invasive procedures such as angiograms and biopsies.

The blood profusion of tissue is measured by biomedical engineers using MRI and CT scans, which is crucial after a heart attack. PET scans use a radioactive tracer to measure metabolic changes, blood flow, and oxygen. Microbubbles are used together with the power of ultrasound. The microbubbles are injected directly into a specific location and then burst via ultrasound to emit localized contrast agents for imaging. Invasive medical and diagnostic procedures can be avoided thanks to the development of new imaging techniques that provide humans with new methods for peering into the human body.

Global Biomedical Imaging Technologies Market Overview

Increasing early-stage diagnoses of chronic disease, growing aging population, and an increasing number of biomedical imaging procedures are driving the growth of the Biomedical Imaging Technologies Market. The increase in the number of chronic and acute diseases including cancer, cardiovascular diseases, and orthopedic disorder among the general population is presenting a large patient pool undergoing diagnostic imaging procedures globally for example according to WHO, an estimated 3.6 billion diagnostic examinations are performed each year globally.

Out of these 350 million examinations are performed on pediatric patients. Moreover, increasing product development and technological advancements, increasing awareness and favorable FDI policies are providing growth opportunities to the market. The introduction of technologically advanced devices coupled with investment in healthcare infrastructure, especially in developing countries such as India and China.

For example, In 2020 Allengers, in collaboration with Canon Medical System launched India’s first locally manufactured 32-slice CT scanner. However, frequent product recall and a lack of skilled professionals can hamper the growth of the market. Product recall is one of the major restrain elements of biomedical imaging technologies for example in 2018, GE healthcare recalled Millennium MG, Millennium MC, and Millennium Myosight nuclear medicine system total of 996 systems were recalled due to improper functioning which can adversely affect the growth of the market.

Global Biomedical Imaging Technologies MarketSegmentation Analysis

The Global Biomedical Imaging Technologies Market is segmented on the basis of Product Type, Application, and Geography.

Biomedical Imaging Technologies Market, By Product Type

• Magnetic Resonance Imaging
• Computed Tomography Imaging
• Nuclear & Ultrasonic Imaging
• Others

Based on Product Type, the market is bifurcated into Magnetic Resonance Imaging, Computed Tomography Imaging, Nuclear & Ultrasound Imaging, and Others. The Magnetic Resonance Imaging segment accounted for the largest market share due to increasing the prevalence of chronic diseases such as cancer and cardiovascular diseases. MRI provides detailed images, especially looking for cancer, the cause of dementia, and for places where bones might interfere.

Biomedical Imaging Technologies Market, By Application

• Hospitals
• Clinics
• Cancer Centers
• Others

Based on Application, the market is bifurcated into Hospitals, Clinics, Cancer Centers, and Others. The Hospitals segment dominated the highest market share due to rising demand for advanced imaging technologies, increasing the number of biomedical imaging procedures performed in hospitals, and the growing inclination of hospitals towards automation and digitization of radiology patient flow work.

Biomedical Imaging Technologies Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

On the basis of Regional Analysis, the Global Biomedical Imaging Technologies Market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and the Middle East & Africa. The Asia Pacific held the largest revenue share and is expected to maintain the lead throughout the forecast period owing to improving healthcare infrastructure, growing investments and increasing product development, and improving reimbursement scenario.

Key Players

The “Global Biomedical Imaging Technologies Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are GE Healthcare, Siemens, Philips Healthcare, Advanced Medical, Agfa Healthcare, Carestream Health, Mckesson, Techniscan Medical, Hitachi Ltd, and Canon Medical Systems Corp. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Biomedical Imaging Technologies Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Biomedical Imaging Technologies Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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