Asia-Pacific Medical Imaging Market (By Product Type: Ultrasound, X-ray, Computed Tomography, Magnetic Resonance Imaging, Nuclear Imaging. By End-User Type: Diagnostic Imaging Centers, Hospitals & Others. By Region: Asia-Pacific - India, China, Japan, South Korea, Australia & Rest of Asian-Pacific Countries) - Analysis, Growth, Trends & Forecast, 2022-2032

The Asia-Pacific medical imaging market was valued at $15.4 billion in 2021 and it is expected to reach $34.2 billion at a CAGR of 7.4% between 2022 and 2032. The market is expected to grow because of factors such as the growing prevalence of lifestyle-related diseases, the rising demand for early detection tools, technological advancements to speed up turnaround times, increased government investment & reimbursement initiatives, and the expansion of new facilities by market players in developing countries.

By region, Japan has led the Asia-Pacific medical imaging market over the past few years.

Source: SAI Research

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To accurately diagnose, monitor, or treat medical disorders, the term "medical imaging" refers to several various technologies that are used to observe the human body. X-rays, CT scans, computed tomography, ultrasonography, and MRI (magnetic resonance imaging) are examples of medical imaging. In another way, medical imaging is the procedure of looking at the human body using technology to identify, track, and treat medical issues. Most of the several types of medical imaging that are employed are undoubtedly familiar to you. Among other diagnostic methods, X-rays are the most common and widely available procedure in the clinical market. Electroencephalography (EEG) and electrocardiography (ECG) are two reliable medical imaging procedures that use surface-mounted sensors to record electrical activity. However, these procedures provide a change over time graph rather than a graphical image. Technological advancement is also driving the market over the past few years due to the increasing usage of developed medical instruments. Artificial intelligence (AI) is improving the capability to interpret and evaluate results in a range of medical imaging systems. Visually diagnosing diseases that are not yet obvious to the human eye is now possible using computer vision. 

Several benefits of medical imaging are also estimated to accelerate market growth. For instance, through non-invasive methods, medical imaging enables clinicians to evaluate patients’ bones, organs, tissue, and blood vessels more accurately. The procedures guide doctors performing joint replacements or the treatment of fractures, assist other procedures involving the placement of devices such as stents or catheters inside the body, locate tumors for treatment and removal, find blood clots or other blockages, and determine whether surgery would be an effective treatment option. A much-improved perspective makes it possible to comprehend any clinical issue better. Additionally, medical imaging enables doctors to precisely forecast the risk of contracting diseases like cancer. The benefits of outstanding soft tissue contrast and resolution, the ability to image on any plane, and the lack of ionizing radiation are all contributing to the market's recent expansion. Patients in the modern era are more aware of and concerned about the side effects of the treatments they must undergo. Thus, they are willing to trust the clinical center with their health because they can see that the machinery considers their well-being. Therefore, these rising factors are also anticipated to propel the growth of the Asia-Pacific medical imaging market during the forecast period from 2022 to 2032.

In the upcoming years, the demand for innovative imaging modalities by academic hospitals and universities to offer training for advanced technology is anticipated to expand significantly. Additionally, the deployment of AI to automate the process of picture quantification and identification is also anticipated to accelerate market expansion. To ensure the early detection of age-related macular degeneration, Google's AI platform, known as Google's Deep mind, worked with Moorfields Eye Hospital to read all eye scans produced using an optical CT scanner. The development of 3D MRI and CT scans also makes it possible for radiologists to examine scans fast, diminishing analysis time and increasing efficacy.

Therefore, these advanced technologies are estimated to create more growth opportunities for the Asia-Pacific medical imaging market during the forecast period. Moreover, cancer and cardiovascular diseases, technological advancements, the creation of medical imaging reagents, and the high anticipated demand for medical and diagnostic imaging procedures are some of the other factors driving the Asia-Pacific medical imaging reagents market. For instance, cardiovascular diseases are one of the leading causes of death globally. Furthermore, the growing geriatric population is also anticipated to increase demand for medical imaging reagents since older people are more likely to suffer chronic diseases.

However, several primary factors are likely to be obstacles to market growth in the future. For instance, future market challenges include a lack of providers of imaging solutions, high equipment costs, a shortage of skilled medical professionals, and strict government regulations are anticipated to hamper the market growth in the future across multiple under-developing countries. Furthermore, over the past two and a half years, COVID-19 has harmed the volume of imaging procedures in the medical field. Additionally, the security of the market for medical imaging software could be a problem. The integrity of the data saved on these devices could be jeopardized by security vulnerabilities. Additionally, if the incorrect software is purchased, there might be problems with using it. Depending on the type of device one uses the software for; the costs associated with these products are also high. Therefore, these factors could be an issue for the market. However, key players from the Asia-Pacific region are trying to make some business strategies to enhance their market growth.

Based on product type, the Asia-Pacific medical imaging market is segmented into ultrasound, x-ray, computed tomography or CT, magnetic resonance imaging, and nuclear imaging. The ultrasound segment held the largest share of the market and is anticipated to accelerate market growth during the forecast period. The growth in ultrasonic applications is the cause of segment growth. Advanced ultrasound transducers have recently developed, opening new applications for ultrasound devices in biomedical and cardiovascular imaging. Additionally, this segment is also anticipated to have an impact on market expansion due to the increasing incorporation of Artificial Intelligence (AI) into ultrasound equipment to automate the process of picture quantification and selection. Besides this, the CT segment is also estimated to become the largest category in the future as this is a major diagnostic procedure for several illnesses. The category is primarily being driven by the growing demand for Point of Care (POC) CT devices and the creation of a high-precision CT scanner through the integration of AI & ML and enhanced visualization technologies. Hence, these two categories are anticipated to accelerate market growth during the forecast period.

In terms of end-user, the market is categorized into diagnostic imaging centers, hospitals, and others. The hospital category is expected to dominate the market during the forecast period. The market is anticipated to see growth opportunities in the approaching years because of the increasing demand for sophisticated imaging modalities and the integration of surgical suites with imaging technology. Thus, these are a few of the variables influencing the segment's growth. Compared to general or specialty hospitals, teaching hospitals in several affluent nations have seen a dramatic increase in demand for various treatment modalities. On the other hand, the diagnostic imaging center category also accounted for the largest share of the market and is expected to dominate the market over the forecast period due to its rising benefits in some Asian countries. In a wide range of medical settings and at all significant levels of health care, medical imaging is essential. Diagnostic imaging services are crucial for validating, evaluating, and recording the evolution of various diseases and the effectiveness of treatment.

Geographically, Japan holds the largest share of the medical imaging market and is expected to dominate the Asia-Pacific region in the upcoming years. Most of the key manufacturers are in this country, which is a plus point for the regional market. The presence of numerous industry leaders and the frequent introduction of new products in the region are the primary drivers of regional market expansion. Moreover, due to attractive reimbursement conditions and funding from market players, the region shows strong adoption of innovative, high-end medical imaging equipment. Furthermore, the prevalence of chronic diseases, the growing use of innovative medical imaging technologies, and an increase in the elderly population are the main drivers boosting the growth of the medical imaging market in Japan. However, the Indian market is also expected to witness several significant growths during the upcoming years due to the presence of the considerable number of manufacturing companies associated with the medical imaging market. In addition, the development of health checkup packages and alluring deals, particularly around holidays like Women's Day, World Cancer Day, and Breast Cancer Awareness Month, among others, is also anticipated to fuel market expansion over the coming years.

According to the study, key players such as Akumin Inc (U.S), CareStream Health (U.S), Canon (Japan), Esaote (Italy), Fujifilm Holdings (Japan), GE (U.S), Hitachi Medical Corp (Japan), Hologic (U.S), Koning Corporation (U.S), Mindray (China), PerkinElmer (U.S), Pediatrix Medical Group (U.S), Philips (Netherlands), Ramnsoft Inc (Canada), Sonic Healthcare Limited (Australia), Shimadzu (Japan), Shanghai United Imaging (China), Samsung (South Korea), Siemens (Germany), Toshiba (Japan), Unilabs (Switzerland), among others are leading the Asia-Pacific medical imaging market.                          

Scope of the Report:

The Asia-Pacific Medical Imaging Market Has Been Segmented Into:

The Asia-Pacific Medical Imaging Market – by Product Type:

• Ultrasound
• X-ray
• Computed Tomography
• Magnetic Resonance Imaging
• Nuclear Imaging

 The Asia-Pacific Medical Imaging Market – by End-User Type:

• Diagnostic Imaging Centers
• Hospitals
• Others

The Asia-Pacific Medical Imaging Market – by regions:

Asia-Pacific

• India
• China
• Japan
• South Korea
• Australia
• Rest of Asian-Pacific Countries

Our report’s key propositions:

• Tracked from both demand and supply side
• Twenty interviews and B2C surveys are done to know the key trends and demands
• B2C Surveys sample size varies from 2000 to 5000 per country
• All data verified from trustable secondary and primary sources
• Delivery of reports in 4 to 5 days due to stringent quality parameters