Major players in the 3D medical imaging market are GE Healthcare, Royal Philips, Siemens AG, The Esaote Group, and Intrasense SA.
The global
3D medical imaging market is expected decline from USD 14.3 billion
in 2019 and to USD 13.67 billion in 2020 at a compound annual growth rate
(CAGR) of -4.4%. The decline is mainly due to economic slowdown across
countries owing to the COVID-19 outbreak and the measures to contain it. The
market is then expected to recover and reach USD 16.93 billion in 2023 at CAGR
of 7.4%.
The 3D medical imaging market consists of sales of 3D Ultrasound, X-Ray,
CT scan, MRI, Hybrid Imaging equipment and related services. 3D medical imaging
is used to create three dimensions' visual representation of interior body
parts for medical analysis with the help of computer-aided design (CAD) or a
Magnetic Resonance Image (MRI).
3D medical imaging device manufacturers are increasingly investing in
Artificial Intelligence (AI) to improve the diagnosis by giving accurate,
hard-number measurements. AI provides efficiency in medical imaging,
particularly when it comes to detecting organs or anomalies. For instance, by
combining image visualization and AI, cardiologists can measure ejection
fraction with high precision and in a much shorter period of time. Ejection
fraction is a measurement of the percentage of blood leaving the heart each
time when it contracts. According to a report by Signify Research, in January
2019, capital investments in startup companies developing 3D medical imaging AI
solutions reached almost USD 580 million in 2018 from USD 270 million in 2017.
The 3D medical imaging market covered in this report is segmented by type into ultrasound, X-ray, CT scan, others. It is also segmented by end user into diagnostic centers, hospitals, research centers and by application into gynecology and obstetrics, cardiology, neurology, orthopedics, oncology.
The difficulties faced by the medical device industry owing to the
COVID-19 outbreak such as the slowdown in orders and supply chain disruptions
are likely to restraint the growth of the 3D medical imaging market over the
next coming years. According to Medical Products Outsourcing (MPO) magazine
published in April 2020, financial strains and supply chain disruptions are the
major challenges faced by the medical devices industry. The manufactures are
experiencing a modest slowdown in orders attributing to tight management of
inventories due to fear of the spread of the virus and slow pace of reorders
owing to the impact of the virus on businesses. Moreover, the managers are also
hesitant in overseeing the new product launches in uncertain times. This
scenario is predicted to act as a major factor restraining the growth of the
market in the near future.
In June 2018, Philips acquired EPD solutions Ltd. for USD 0.29 billion.
With this acquisition, EPD Solutions Ltd., operates as a subsidiary of Philips.
This acquisition helped Philips to improve the image-guided treatment of
cardiac arrhythmias by pinpointing the location and orientation of catheters
during the diagnostic and therapeutic procedures. EPD Solutions Ltd. develops
cardiac imaging and navigation systems for patients with heart rhythm
disorders.
Increasing cases of injuries such as sports-related injuries contribute to the growth of the 3D medical imaging market. The increase in sports-related injuries is due to increasing participation of individuals in organized and unorganized sports activities. Moreover, the training of athletes with high strength and high load also results in more and more serious injuries. Sports injuries are mainly characterized by soft tissue injury. The use of 3D medical imaging devices such as ultrasound diagnosis, X-ray radiography, MRI imaging provides an accurate and objective basis for the diagnosis. The 3D medical imaging devices help in the examination of muscle fascia injury, tendon injury, ligament injury, meniscus injury, articular cartilage, and bone fracture. According to the Centre for the Disease Control and Prevention, in 2017, it is estimated that there are 775,000 emergency room visits due to the injuries in children who are participating in the unorganized and organized sports activities. Thus, increase in demand for 3D medical imaging devices, favoring the market growth.
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Global
3D Medical Imaging Market
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