Medical Imaging Market Will Expand Due to Increasing R&D Activities and Technological Advancements

The global medical power supply market was valued at USD 38.4 billion in 2021 and it is anticipated to grow up to USD 55.1 billion by 2031, at a CAGR of 3.7% during the forecast period.

Medical imaging forms an important component of healthcare industry for better diagnosis and treatment planning. Medical imaging techniques such as an ultrasound, X-ray, MRI, and CT scans help to visualize body organs internally allowing better care for the patients. Medical imaging, also known as radiology, is the field of medicine in which medical professionals recreate various images of parts of the body for diagnostic or treatment purposes. Medical imaging procedures include non-invasive tests that allow doctors to diagnose injuries and diseases without being intrusive.

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Market Trends and Drivers
Rising healthcare expenditure in developed as well as developing countries surge the demand for medical imaging. All these factors together will drive the medical imaging industry over the forecast period. Furthermore, increasing R&D activities coupled with rising healthcare infrastructure and adaptation of innovative medical imaging modalities are expected to drive market growth over the forthcoming years. Growing incidence of chronic diseases especially in geriatric population increases the demand for medical imaging in hospitals and diagnostic centers. Several technological advancements and innovations increase the reliability of medical imaging thereby increasing its demand in healthcare.

Major Players in the Global Medical Imaging Market
The key players in the medical power supply market are Siemens Healthineers, Canon Medical System Corporation, Samsung Medison, Koninklijke Philips, Carestream Health, Fujifilm, Esaote, GE Healthcare, Hologic, and Konica Minolta, among others.

COVID-19 Impact
The COVID-19 pandemic had a substantial impact on the medical imaging market. The medical imaging industry witness significant growth during the COVID-19 pandemic owing to the usefulness of medical imaging in the diagnosis and treatment guidance of severe COVID-19 infections. Medical imaging procedures are also used in the management of patients post COVID-19. Chest X-rays, ultrasound and CT are commonly used to gauge the severity of COVID-19 infections and detect spread of disease in the lungs. These factors help to surge the global market demand.

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Recent Developments
In March 2022, Canon Medical Systems announced an agreement to acquire Nordisk Røntgen Teknik. Nordisk Røntgen Teknik is a leading manufacturer of diagnostic X-ray systems. This acquisition has helped the company establish its global presence in the X-ray business.
In March 2022, at 74th National Conference, IRIA 2022, Bengaluru, Siemens Healthineers presented its new product MAGNETOM Free.Star and NAEOTOM Alpha in MRI and CT pipeline. These product launches helped the company widen its customer base by providing advanced medical imaging technology.
In November 2021, Philips announced the launch of an AI-enabled MR imaging portfolio, which is intended to improve the efficiency and sustainability of radiology operations by speeding up MR exams. Such technological advancements are said to boost the market growth exponentially.
In August 2020, Philips expanded its cardiovascular ultrasound portfolio by launching Affiniti CVx. The system is designed to help cardiology departments and provide better care to more patients while improving efficiency and throughput.

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