Medical Imaging And Visualization Systems Market Overview
The growth of the global minimally invasive & non-invasive medical imaging and visualization systems market is thriving on the back of technological advancements in the field of medical devices which is resulting in the faster detection time of diseases, greater efficiency and improved diagnostic processes and greater productiveness in patient monitoring, coupled with factors such as strict autoclaving regulations, increasing cases of chronic disorders along with the growing geriatric population. Moreover, increasing trend to take early action for the prevention of diseases as a step towards preventive healthcare, coupled with the rising investments in the healthcare industry by both public and private entities are some of the factors anticipated to promote significantly towards the growth of the global minimally invasive & non-invasive medical imaging and visualization systems market.
The global minimally invasive & non-invasive medical imaging and visualization systems market reached USD 57.08 billion in 2018 and is expected to garner USD 88.88 billion by the end of 2027 by registering a CAGR of 5.20% across the globe over the forecast period 2020-2027.
Growth Highlights based on Region during 2018-2027
The global minimally invasive & non-invasive medical imaging and visualization systems market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America minimally invasive & non-invasive medical imaging and visualization systems is driven by U.S. and Canada, where U.S. held the dominant market share of around 83% during 2018 and is anticipated to grow by a CAGR of 4.85% during the forecast period.. Improved healthcare infrastructure and increased funds for R&D in the healthcare industry along with the growing initiatives taken by the U.S. government to upgrade healthcare system are some of the factors anticipated to drive the growth of the market in U.S. Apparently, the availability of universal healthcare systems in Canada which creates a highly conducive environment for the growth of the medical industry are some of the factors anticipated to drive the growth of the market in Canada. Additionally, North America is expected to expand by observing the growth rate of 1.52x and attain a CAGR of 4.96% over the forecast period, which in turn is estimated to have a positive effect on the demand for minimally invasive & non-invasive medical imaging and visualization systems in the long run.
Further, China, Japan and Rest of Asia Pacific are the nations that are driving the growth of the Asia Pacific minimally invasive & non-invasive medical imaging and visualization systems market, where China accounted for the largest market share of around 24% in 2018. The growing number of hospitals, ambulatory surgical centers and clinics backed by favorable government support are some of the factors anticipated to contribute towards the growth of the Asia Pacific minimally invasive & non-invasive medical imaging and visualization systems market.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Medical Imaging & Visualization Systems
The global minimally invasive & non-invasive medical imaging and visualization systems market has been segmented on the basis of medical imaging & visualization systems into endoscopes & visualization systems and imaging systems. The imaging systems segment is further sub-divided into ultrasound, CT imaging, X-ray imaging, MRI imaging, nuclear imaging and others. X-ray imaging segment with 38.13% share in 2018, occupies the largest market share of minimally invasive & non-invasive medical imaging and visualization systems across the globe. Additionally, x-ray imaging segment is anticipated to cross USD 20.03 billion by the end of 2027 by registering the highest CAGR of 5.56% over the forecast period. Further, the MRI imaging segment is anticipated to reach USD 9.93 billion by the end of 2027.
By Application
Global minimally invasive & non-invasive medical imaging and visualization systems market is also segmented on the basis of application into neurology, cardiology, gastrointestinal, orthopedic, gynecological, urological, dental and others. It is observed that there is a high demand for minimally invasive & non-invasive medical imaging and visualization systems in the gastrointestinal segment owing to the need for these devices amongst specialists for primary diagnosis of the GI tract. Moreover, numerous people are increasingly affected by digestive disorders worldwide which is raising the demand for treatment of gastritis disease, and in turn the growing need amongst gastroenterologists for minimally invasive & non-invasive medical imaging and visualization systems. The gastrointestinal segment captured 25.12% of the total market share in the global minimally invasive & non-invasive medical imaging and visualization systems market in 2018 and is expected to reach significant market valuation by 2027.
Market Drivers and Challenges
Growth Indicators
Backed by the growing prevalence of gastrointestinal, urological, gynecological and other medical disorders amongst the population around the globe, the number of endoscopic surgeries is also massively growing. Endoscopic surgeries require the use of minimally invasive medical imaging and visualization systems. These systems also allow healthcare specialists to optimize their clinical operations in hybrid operating rooms and achieve consistency across workflows. Moreover, rising prevalence for several neurological disorders, such as epilepsy, Alzheimer’s disease and cerebrovascular diseases are also contributing to the rising demand for minimally invasive imaging solutions around the globe. Additionally, advancements in visualization technology and increasing government expenditure on healthcare are some of the factors anticipated to drive the growth of the global minimally invasive & non-invasive medical imaging and visualization systems market.
Barriers
High cost of minimally invasive & non-invasive medical imaging and visualization systems, coupled with lack of skilled technicians and stringent government policies and regulations for complicated testing regimes are some of the major factors that are limiting the growth of the minimally invasive & non-invasive medical imaging and visualization systems market around the globe.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global minimally invasive & non-invasive medical imaging and visualization systems market are Smith & Nephew, Boston Scientific Corporation, Medtronic plc, Siemens Healthcare GmbH, CONMED Corporation, GE Healthcare, Stryker, Johnson and Johnson, B. Braun Melsungen AG, Koninklijke Philips N.V., Olympus Corporation, KARL STORZ SE & Co. KG and FUJIFILM Corporation.
