Medical Physics Market Size & Share, by Modality {Diagnostics (Radiographic X-Ray Systems, Computed Tomography, Ultrasound, SPECT, PET), Therapeutics (LINAC, Brachytherapy)}; Service (Physics Testing, Radiation Dose Monitoring, Safety Surveys, Performance Testing); End-user (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers, Academic & Research Institutes) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4257
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Medical Physics Market size is estimated to surpass USD 8 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of medical physics was over USD 4 Billion.The market is estimated to grow on the back of increasing investments in research and development in the healthcare sector along with a greater focus on improving human health. Additionally, the demand for medical physics goods and services is stoking the market's expansion because of the growing emphasis on providing high-quality healthcare at an affordable price. According to statistics, in 2020, the total investment in medical and health research and development (R&D) in the United States was approximately USD 243 billion.

The global medical physics market is also estimated to witness growth on account of the increasing prevalence of chronic diseases globally. In 2019, approximately 1,752,735 new cancer cases were diagnosed and approximately 599,589 citizens died of cancer in the United States, according to data from the Centers for Disease Control and Disease Prevention.  In addition, according to data from the World Health Organization (WHO), around 10 million people died of cancer in 2020, making cancer a leading cause of death globally. Moreover, the adoption of telemedicine in the healthcare industry is also anticipated to contribute to the growth of the global medical physics market in the coming years.


Medical Physics Market
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Medical Physics Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Growth of the Medical Tourism Industry – The market for medical tourism is driven by both the supply and demand of medical service providers and patient demand for medical services. Depending on patient needs and the availability of services in the patient's home country and the host country, the flow of medical tourism must be both inbound and outbound. As per data, around 695,000 foreign tourists visited India to seek medical care.
  • Increased Research & Development Expenditure – Governments all around the globe are making investments in the progress of medical physics, which is generating new market expansion potential. As per data from the World Bank, global research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Rising Number of Medical Physicists Globally – Medical physicists are essential to the conceptualization, creation, and application of medical physics methods and technology. The need for medical physicists rises along with the demand for medical physics applications. According to recent statistics, there were over 10,000 medical physicists in the United States.
  • Increasing Adoption of Nuclear Medicine Procedures – The industry is expanding because of the tendency toward less invasive methods including radiation therapy and image-guided surgery. According to statistics, about 18 million citizens of the United States each year benefit from nuclear medicine methods, which are widely used to diagnose and treat various diseases.
  • Benefits of Healthcare Outsourcing – Outsourcing medical services helps businesses access to the knowledge and tools they need, while simultaneously cutting costs and raising the standard of treatment. According to studies, outsourcing healthcare services potentially helps businesses save expenses by up to 25–65%.

Challenges

  • Dearth of Skilled Professionals - Medical physicists and researchers in this field assessed the applicability of AI and its effect on the daily activities and clinical practice of professionals in this sector. Over 85% of respondents feel that AI is fundamental to medical physicists' work.
  • Absence of Developed Healthcare Infrastructure
  • Continuous Technical Challenges

Medical Physics Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 4 Billion

Forecast Year Market Size (2035)

~ USD 8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Medical Physics Segmentation

End-user (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers, Academic & Research Institutes)

The global medical physics market is segmented and analyzed for demand and supply by the end user into hospitals, ambulatory surgical centers, diagnostic imaging centers, and academic & research institutes. Out of these segments, the hospital segment is anticipated to garner the largest market share by the end of 2035, owing to the increasing adoption of MRI and medical imaging and visualization system technologies in hospitals worldwide, as well as an increase in research activities related to medical physics. In particular, advances in digital radiography are likely to drive growth across all segments of the medical physics market during this period. As per recent data, there were around 6,000 hospitals in the United States in 2020.  Further, increasing government support through various policies along with rising investment in the hospital industry is expected to boost the growth of this segment in the coming years.

Modality {Diagnostics (Radiographic X-Ray Systems, Computed Tomography, Ultrasound, SPECT, PET), Therapeutics (LINAC, Brachytherapy)}

The global medical physics market is also segmented and analyzed for demand and supply by modality into two major segments – diagnostics and therapeutics. The segments themselves can be sub-segmented into many unique applications. Out of these segments, the diagnostics segment is anticipated to garner the largest market share by the end of the forecast period. This can be attributed to the fact that many people require X-rays, CT, PET, MRI, and other scans to effectively diagnose their medical conditions. For instance, it is calculated that around 4 billion medical diagnostic procedures such as ultrasounds and X-rays are conducted every year.

Our in-depth analysis of the global market includes the following segments:

            By Modality

  • Diagnostics
    • Radiographic X-Ray Systems
    • Fluoroscopic X-Ray Systems
    • Dental X-Ray Systems
    • Mammography X-Ray Systems
    • Computed Tomography
    • Magnetic Resonance Imaging
    • Ultrasound
    • SPECT
    • PET
    • Others
  • Therapeutics
    • LINAC
    • Brachytherapy
    • Others

             By Service

  • Performance Testing
  • Physics Testing
  • Radiation Dose Monitoring
  • Safety Surveys
  • Others

             By End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Imaging Centers
  • Academic & Research Institutes

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Medical Physics Industry - Regional Synopsis

North American Market Forecast

The North American medical physics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, owing to the increasing use of medical imaging and computed tomography (CT) scans for diagnosis and treatment across many sectors such as industrial, pharmaceuticals, natural resources, healthcare, food & beverage industries in the region. According to statistics, in 2020, the total health expenditure of the United States was approximately USD 3.5 trillion, which is projected to reach ~USD 6 trillion by the end of 2028. Moreover, the presence of leading medical physics service providers is also contributing to the growth of the market in this region.

Europe Market Forecast

Further, the market in Europe is estimated to gain significant growth during the forecast period, owing to the rising popularity of telemedicine in the region. Moreover, the market for medical physics is also anticipated to be driven by increasing investments in the healthcare industry. Hence such factors are expected to drive the growth of the global medical physics market in the region during the forecast period.

Research Nester
Medical Physics Market Size
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Companies Dominating the Medical Physics Landscape

top-features-companies
    • MPSi Medical Physics Services Intl., Limited
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Medical Physics Consultants, Inc.
    • Krueger-Gilbert Health Physics, Inc.
    • Radiation Safety & Control Services, Inc
    • Alyzen Medical Physics
    • Versant Medical Physics & Radiation Safety
    • Alliance Medical Physics LLC
    • West Physics Consulting, LLC
    • Radiation Services, Inc.
    • Jaeger Corporation
    • Apex Physics Partners 

In the News

  • West Physics Consulting, LLC, a market leader in providing integrative medicine and health physics services, today announced the successful acquisition of Radiological Physics Consultants ("RPC"), a regional medical physics company. This acquisition will combine the resources of the two companies to strengthen West Physics and RPC's customer base in the Southeast.

  • Apex Physics Partners, a leading medical physics business services support organization, today announced a new partnership with INphysics, Indiana's market leader for therapeutic medical physics. This partnership will strengthen the Apex Physics Partners’ diagnostic medical physics portfolio.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4257
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising growth of medical tourism and increasing investments in research and development of healthcare industry are estimated to majorly boost the market growth.

The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023-2035.

A dearth of skilled professionals is estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Medical Physics Consultants, Inc., Alyzen Medical Physics, Versant Medical Physics & Radiation Safety, Alliance Medical Physics LLC, Radiation Services, Inc., Jaeger Corporation, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by modality, service, end user, and by region.

The hospital segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Medical Physics Market Report Scope
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