Medical Physics Market Trends

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