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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 4 Billion |
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Forecast Year Market Size (2035) |
~ USD 8 Billion |
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Regional Scope |
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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:
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By Modality |
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By Service |
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By End User |
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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.
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
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