According to a market report, published by Sheer Analytics and Insights, the total 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% through the forecast period. The number of imaging operations has increased dramatically in developing nations across the Asia-Pacific region over the last few years. These developing nations are anticipated to have great growth potential due to the low density of existing imaging systems. In addition, the market is expanding due to several factors such as the rise in surgical procedures, the prevalence of targeted diseases, the rise in chronic diseases, and the prevalence of neurological disorders.
There are various kinds of diseases such as cancer, cardiovascular disease, and pediatric illnesses, among others are growing in countries such as India, China, South Korea, and others. Due to a rise in awareness of early cancer screening, the Asia-Pacific market is predicted to expand its market growth at the quickest rate. Huge patient populations and an increase in healthcare spending in the area are further factors supporting market expansion. Japan is one of the main markets in this region for medical imaging. Aging is aggravating the growing population. A few years ago, the overall density of MRI per million persons was approximately 46%. The medical imaging market in Asia-Pacific is expanding quickly. The growth of the market has been fueled by strengthening economies, the rise of the middle class, and growing concerns about personal healthcare. These major factors are expected to drive market growth during the forecast period from 2022 to 2032.
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Technological advancement is another driver for the Asia-Pacific medical imaging market. Additionally, a lifestyle of a wide number of aging populations is changing over the past decade. This would support accurate and timely disease diagnosis. Investment in such technology is also significantly influenced by the government's emphasis on population management. Investments in R&D activities have increased tremendously because of the desire for new, innovative technologies. Hence, medical imaging is one of these fields that have experienced such expansion. A variety of different technologies are used in medical imaging to see the human body to diagnose, track, or treat medical disorders.
Each technology type supplies distinct information regarding the part of the body being investigated or treated, concerning potential illness, damage, or the efficacy of medical care. These are the primary factors that are rising over the few years and are expected to accelerate the market growth over the upcoming years. Hospitals, research centers, and other industries make up the market segments. Since hospitals execute most of the procedures, NIR imaging systems account for a sizable part of the market for this technology. A 4.3% CAGR is expected for the hospital market. Additionally, the widespread presence of hospitals is another element promoting the expansion of this market in the Asia-Pacific region.
The COVID-19 pandemic had a favorable effect on the area a couple of years ago, and it gave stakeholders the chance to realign their course for the future under their strategic goals and focus. Additionally, many economies have heavily used medical imaging equipment to diagnose, analyze, track, and planned the treatment of individuals with COVID-19. Moreover, the World Health Organization (WHO) reports that in some nations like India, China, Japan, and others in the region, imaging has also been considered to supplement clinical evaluation, and studies have been seen in the care of individuals previously identified with COVID-19. These factors have driven the market growth of medical imaging across the Asia-Pacific region.
India's healthcare industry is also the largest in terms of both employment and revenue. To meet the needs of the expanding population, the healthcare industry is seeing increased investment. The market is growing because of the increased usage of advanced technology due to rising healthcare costs. Additionally, government programmers such as Digital India are helping the Indian market flourish. The rising incidence of cardiovascular illness, the rising elderly population, and advances made by private companies in operating rooms all contribute to market growth in nations like Japan. To deliver the latest technological training, teaching, hospitals, and universities are projected to raise their requirement for innovative imaging modalities. This will have a significant impact on market growth in the coming years. This pattern, which was formerly exclusive to wealthy nations, is now becoming prevalent in developing nations. Key players are focusing on developing innovative technologies with the help of manufacturing industries. For instance, 7T Magnetic Resonance Imaging (MRI) equipment, and Siemens Healthineers' MAGNETOM Terra is two essential technologies that are widely adopted by clinical sectors and hospitals for treatments across several Asia-Pacific countries due to their increasing demand. These rising factors and the increasing use of innovative technologies would propel the market growth during the forecast period from 2022 to 2032.
Moreover, several key players are focusing on developing their market growth by implementing new business strategies such as mergers and acquisitions. For instance, The CHIRON Group acquired HSTEC as of August 2, 2022. The CHIRON Group is boosting three areas of competence with the acquisition, including the complete development, production, and assembly of the essential parts, motor spindles, and turning spindles, for the group's machining centers.
The enCAGE Coil Precision Ablation System for Prostate Cancer and a New $7.25M Convertible Note were both launched by Imaging Medical on August 22, 2022. Prostate cancer is treated with a treatment called prostate ablation. Energy is employed during prostate ablation surgery to eliminate cancer cells. Some of the normal prostate tissue in the area may also be destroyed by the energy.
The acquisition of Sharps Compliance Corp. by Aurora Capital Partners is completed on August 24, 2022. A long-standing commitment to providing great customer service and repeat business has helped the company's strong management team supervise continuous growth over several decades. Additionally, Sharps created and oversees a unique, national program for the responsible treatment of unwanted medication, which over the past few years has increased its clientele and reach.
On August 29, 2022, Ossur acquired Naked Prosthetics, a market leader in functional, durable finger prosthetics for those who have lost a finger or part of a hand. This acquisition fulfills a crucial need for patients who have lost some or all their fingers and hands, a previously underserved but expanding demographic.
However, some other new developments are also expected to drive the market in the future. For instance, Siemens Healthineers unveiled the newest advancements in medical imaging on March 25, 2022. The business unveiled its innovative MRI and CT systems, MAGNETOM Free. Star and NAEOTOM Alpha. These artificial intelligence-powered solutions are advantageous for nations such as India where there is a requirement to bridge the gap between the demand for innovative gadgets and the availability of qualified personnel managing the operations.
In March 2022, Care stream Health India introduced two innovative new imaging products. The state-of-the-art DRX Compass DR system, Care stream’s mid-tier product specially crafted for the Indian market, was on display at the company's exhibit, where visitors could engage in an immersive and engaging experience. The right features and options are provided by DRX Compass, a Personalized, and Powerful Partner, to bolster workflow efficiency to a new level.
In March 2022, at HIMSS, Intelerad launched a new imaging software suite. According to Intelerad, the Enterprise Imaging and Informatics Suite promotes increased interoperability, higher efficiency, and improved communication across providers by incorporating elements from acquired businesses such as Ambra Health and HeartIT.
In April 2022, to provide access to high-quality healthcare throughout India, Wipro GE Healthcare introduced the "Made in India" CT system. At the recently opened Wipro GE Medical Devices Manufacturing facility in India, Revolution Aspire is an advanced imaging solution created and produced end-to-end under the "Atmanirbhar Bharat" mission. Higher imaging intelligence is included in the CT system to increase clinical confidence in illness and anomaly diagnosis.
These new developments including mergers and acquisitions from various key players are expected to drive market growth during the forecast period from 2022 to 2032.
Some new developments in the Asia-Pacific medical imaging market:
- On 25th March 2022, Siemens Healthineers launched the newest advancements in medical imaging. This would help the hospitals and patients in the future.
- In March 2022, Care stream Health India introduced two innovative imaging products in India. This would provide engaging experience for their visitors.
- On March 2022, Intelerad launched a new imaging software suite at HIMSS. This would improve communication between providers by incorporating elements from acquired businesses.
- On April 2022, Wipro GE Healthcare launched the "Made in India" CT system. This would provide high-quality healthcare facility allover India.
According to the study, key players dominating the Asia-Pacific medical imaging market are 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.
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
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