The global specific imaging solution market enjoys a valuation of USD 380.8 Million in 2023, and it is further projected to expand at a CAGR of 6.5% over the forecasted years. According to a recent study by Future Market Insights, app-based solutions are leading the market with a share of about 57.7% in the year 2022, within the global market.
Market Outlook
| Data Points | Market Insights |
|---|---|
| Market Value 2023 | USD 380.8 Million |
| Market Value 2033 | USD 756.3 Million |
| CAGR 2023 to 2033 | 6.5% |
| Market Share of Top 5 Countries | 60.1% |
| Key Market Players | Kent Imaging Inc, WoundVision, HyperMed Imaging, Inc., Perceptive Solutions (WoundZoom), eKare Inc., Spectral MD USA, MolecuLight Inc., ARANZ Medical Limited, Net Health Company, WoundMatrix, Inc., Swift Medical Inc., MetaOptima Technology Inc., Carestream Health, Barco, Canfield Scientific Inc. |
Deprived of the proper medical image analysis software, healthcare organisations that install sophisticated medical imaging technologies to produce more detailed pictures may struggle to quickly evaluate images or identify important information. By reducing the need for radiologists to scrutinise every image in search of abnormalities, automated image analysis will relieve the strain on radiologists everywhere. Instead, therapists will just need to pay attention to photos flagged by deep learning systems.
The growing technologies like AI-powered image analysis technologies will alter the responsibilities of radiologists and other practitioners alike. Radiologists will be able to spend less time screening pictures and more time diagnosing and making decisions. The same technology will let non-radiologist physicians evaluate medical pictures digitally, reducing their reliance on hospital radiology departments.
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The global sales of the market are anticipated to rise at a CAGR of 6.5% between 2023 and 2033, owing to the rising orthopaedic and neurological disease diagnosis.
The global market holds around 1.1% share of the overall global medical imaging market with a value of around USD 35.01 Billion, in 2022.
Growing awareness and benefits regarding technologically advanced imaging solutions is the kay factor propelling the market. These advanced imaging devices, which have a wide range of applications such as wound care, dermatology, neurology, and orthopaedics, are demanding more imaging solutions for better care.
Similarly, key manufacturers are providing seamless solutions that allow clinicians to connect with artificial intelligence (AI) discoveries in a straightforward manner which provides an optimized images for better analysis. Such developments in the products are in demand by the clinicians, thereby aiding the market's growth.
Increasing prevalence of severe diseases such as osteoarthritis, Knee ligament injuries, cerebral aneurysm, Spinal Cord Injury and other has increased the demand for the diagnosis and diagnostic equipment across the globe.
It is projected that the usage of software-based value-added services driven by Internet of Things (IoT) and data analytics would automate and streamline the imaging process, which can present manufacturers with a profitable market opportunity. It may help with things like large-scale screening programs, computer-aided diagnostics, and data integration systems that provide a unified view of a patient's health.
However, worries over the privacy and security of imaging data may contribute to the market's downfall. Furthermore, the high cost of data transport during a change in the system or software utilised may lead to a decrease in demand.
Owing to the above-mentioned factors, the global market is expected to grow at a prominent pace, and reach a valuation of around USD 756.3 Million during the year 2033.
The market is anticipated to expand due to a surge in early disease detection among people and rapid research and development activities by the manufacturers.
Imaging technology like 3D scans may provide doctors a full anatomical view of the patient, which can help them make a precise diagnosis. This method has helped in the study and detection of a wide range of illnesses, such as cancer, heart disease, and strokes.
The benefits associated with these technologies involve early detection of chronic diseases, which can lower death rates. 3D imaging solutions provide a more detailed information and body view than traditional method which can help in the early detection.
Further, when used in conjunction with cloud services and 3D printing, 3D imaging enables numerous medical specialists to observe the patient's anatomy clearly. It is one of the factors that is causing 3D imaging to revolutionise medicine and enhance patient lives all around the world.
The quick growth of the global market is also owing to constant R&D effort in manufacturing procedures for these imaging equipment.
Hence, rising adoption of medical imaging equipment for early detection and rapid research and development activities are aiding the market growth.
The market is expected to slow down owed to the growing cyber-attacks.
The primary constraint limiting market expansion, particularly in countries where the reimbursement situation is poor, is the high cost of imaging equipment along with the high licencing and implementation costs of software. For example, because to their expensive installation and maintenance costs, healthcare facilities, namely hospitals and diagnostic centres, in developing countries cannot afford these systems.
Healthcare providers in underdeveloped countries are hesitant to make investments in cutting-edge technical systems because of the limited financial resources and high cost of systems.
Cyber assaults on medical equipment that use software and real-time monitoring are possible and may result in data breaches. In recent years, hospitals and health institutions have grown in popularity as targets for cybersecurity assaults.
As a result, rising implementation cost and cyber-attack in healthcare industry are restraining the market growth.
The USA dominates the global market with a total market share of around 41.9% in 2022 and is expected to continue to experience the same growth throughout the forecast period.
AI based image solutions may increase the repeatability of technical processes, improve picture quality and minimise radiation dosage, shorten MRI scanning time, and optimise manpower and scanner utilization, all of which save costs.
AI has shown to be a useful tool for radiologists, pathologists, and doctors for quicker diagnosis, risk assessment, and treatment because to its capacity for accurate and speedy picture analysis. Despite the fact that in the USA, medical imaging automation has advanced recently.
According to the American College of Radiology (ACR) Data Science Institute's 2020 study, 30% of radiologists presently use AI in their practices, and 20% want to buy AI products in the next one to five years.
Due to the introduction of AI in imaging solutions for the accuracy of the images and to eliminate false-positive results, there is a high demand for specific imaging solutions in the country.
Poland holds a market share of 4.4% in 2022 in the global specific imaging solution market, owing to the growing oncological clinical research in the country.
The use of cloud-based image management in oncological studies aims to improve the accuracy of cancer classification and detection, and it also facilitates the assessment of cancer image data among broadly dispersed reviewers, by fostering greater collaboration and thus improving the uniformity of interpreting the results.
Hence, with the increasing demand for increased convenience, scalability, and image processing abilities in oncological clinical studies, the usage of cloud-based image solutions is rising.
China has a market share of 3.8% in the global specific imaging solution market in 2022 due to the upsurge in the digitalisation in the healthcare industry by the government.
The Chinese government has been pushing hard for the digital transformation of its health-care system. As per the review called the healthcare framework in China in Lexology, hundreds of rules have been created since 2017 to assist the digitalization of medical facilities' information systems. The endeavour is known as "medical digitalisation."
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Increasing products launches and technologically developed products by the manufacturer’s is being rising. The competitors are involved in the product development activities and business expansions with the collaborations and partnerships.
Similarly, recent developments related to companies providing specific imaging solution have been tracked by the team at Future Market Insights. These are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2017 to 2022 |
| Historical Data Available for | 2023 to 2033 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Argentina, the United kingdom, Germany, Italy, Russia, Spain, France, Benelux, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Poland, Australia, New Zealand, Türkiye, GCC Countries and South Africa |
| Key Market Segments Covered | Solution, Modality, Application, End User, and Region |
| Key Companies Profiled | Kent Imaging Inc; WoundVision; HyperMed Imaging, Inc.; Perceptive Solutions (WoundZoom); eKare Inc.; Spectral MD USA; MolecuLight Inc.; ARANZ Medical Limited; Net Health Company; WoundMatrix, Inc.; Swift Medical Inc.; MetaOptima Technology Inc.; Carestream Health; Barco; Canfield Scientific Inc. |
| Pricing | Available upon Request |
Kent Imaging Inc, WoundVision, and HyperMed Imaging are key players in the market.
The market is predicted to progress at a CAGR of 6.5% through 2033.
Rapid research and development activities by the manufacturers is the key opportunity in the market.
China has a market share of 3.8% in the global specific imaging solution market in 2022.
Hospitals held a market share of 32.9% during the year 2022.
| Market Value for 2024 | USD 18.82 billion |
|---|---|
| Market Value for 2034 | USD 34.34 billion |
| Market CAGR (2024 to 2034) | 6.20% |
| Market CAGR (2023 to 2033) | 11% |
|---|---|
| Market Size (2023) | USD 5437.2 million |
| Market Size (2033) | USD 15,457.48 million |
| Market Size (2023) | USD 13.69 billion |
|---|---|
| Market Size (2033) | USD 22.41 billion |
| Market CAGR (2023 to 2033) | 5.1% |
| Market Share (2023) | USD 144.0 million |
|---|---|
| Market Share (2033) | USD 263.9 million |
| Market Share (2023 to 2033) | 6.2% |
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Specific Imaging Solution Market
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