The global medical physics market is estimated to garner a revenue of ~USD 8 billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 4 billion in the year 2021. The market is estimated to grow on the back of increasing investments in research and development in the healthcare sector along with greater focus on improving human health. 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 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 healthcare industry is also anticipated to contribute to the growth of the global medical physics market in the coming years.
The global medical physics market is segmented and analyzed for demand and supply by 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 2031, owing to the presence of increasing number of hospitals globally. As per data, there were around 6,000 hospitals in 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.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global medical physics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the presence of vast healthcare industry 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.
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.
The global medical physics market is further classified on the basis of region as follows:
Our in-depth analysis of the global medical physics market includes the following segments:
By End User
FREQUENTLY ASKED QUESTIONS
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., 2022 – 2031.
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 2031 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, geographical presence of the company which determine 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 2031 and display significant growth opportunities.
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