Medical Imaging Market Trends

Growth Drivers

• Growing Prevalence of Chronic Diseases in Senior Citizens Owing to Reduced Immunity-Around 18 million individuals every year die of cardiovascular disease (CVD) as per the statistics of the World Health Organization. CVD is one of the primary causes of global fatalities.
• Rise in Surgical Procedures with the Growing Adoption of Surgical Procedures such as C-Sections-Over 2 million surgeries were performed by surgeons in 2018 as reported by the World Health Organization and out of 100%, about 11% of all diseases and injuries require surgical treatment.
• Higher Requirement for Organ Donation owing to Rise in End-Stage Organ Failures-Every 9 minutes a new name is added to the list of organ transplantation occupied by around 100,000 people worldwide. In 2021, more than 40,000 organs are transplanted.
• Increased Expenditure on the Healthcare Sector with a Lack of Awareness or No Insurance Coverage-The health needs of people attributed to the rise in health charges universally to by approximately 4% and can hold around USD 10 trillion by the last of 2024.
• Increasing Preliminary Diagnosis Examinations During Pregnancy to Prevent Birth Complications -At least one birth defect was discovered out of 33 babies diagnosed in the U.S as of 2022 which can occur at any stage of pregnancy through ultrasound imaging technology.
• Rapidly Growing Technological Advancement Owing to FDA Approval -‘Computed tomography’ received U.S Food and Administration (FDA) approval after ten years of its arrival on the medical imaging market. That was the first major progression of imaging devices to reach the effort of the FDA to promote innovation in the field of scientific and diagnostic evolution.

Challenges

• Risk of Getting Exposed to Harmful Penetrating Radiation
• The radiation from X-rays, nuclear imaging, and CT scans are of high energy wavelength rays; it quickly enters our tissues and, if exposed for an extended period of time, can even disrupt our organs and protein structures. Radiation has the potential to harm DNA and cells. As a result, the risk of radiation exposure is anticipated to impede market expansion.
• Higher Cost of the Medical Imaging Machine
• Unavailability of Equipment in Underdeveloped Regions