Smart Medical Imaging Solutions Market: Introduction
- Integrating smart technology with medical imaging devices to detect various diseases by monitoring vital signs are known as smart imaging devices. These types of medical devices can collect invaluable additional data, provide extra insight into symptoms and trends, enable remote care, and offer patients more control over their lives and treatment.
- Internet-connected medical imaging devices monitor and diagnose patients in various ways. Companies are continuously investing in R&D to develop and launch new products with advanced technologies.
- In 2018, Koninklijke Philips N.V. and Innovative Imaging Technologies (ITT) announced the development of their new product “tele-ultrasound” to allow clinicians to conduct two-way audio-video calls while streaming live ultrasound imaging. The tele-ultrasound system can be used by a smartphone or similar device. On a call, users have the option to speak directly with the physician by using the face camera, show the position of the ultrasound probe using the front-facing camera, or switch to a live stream of the ultrasound that both can view simultaneously.
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Key Drivers and Restraints of Global Smart Medical Imaging Solutions Market
- Continuous advancement in medical technology is driving the global smart medical imaging solutions market growth. The concept of connecting and monitoring medical imaging equipment via remote servers over the Internet offers various advantages. This remote connectivity has also allowed vendors to gain tremendous efficiencies in their maintenance and support functions by moving from an after-the-fact, break-and-fix service model to a proactive, preventative service model. Medical data can also be accessed from remote area for further diagnosis or treatment of diseases.
- Major factor restraining the smart medical imaging solutions market growth is high deployment cost of connected medical devices and associated infrastructure
Magnetic Resonance Imaging (MRI) Modality Segment to Witness High Demand
- Based on modality, the global smart medical imaging solutions market can be segmented into ultrasound, X-ray radiography, computed tomography, fluoroscopy & C arms, Magnetic Resonance Imaging (MRI), and others
- Among modalities, the Magnetic Resonance Imaging (MRI) segment held the maximum share in 2018. The high growth of this modality segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of MRI systems by hospitals and diagnostic centers across the globe, and advancements in technology.
- Companies are also developing new technologies and products in all modality segments. In 2018, Esaote SPA launched Smart and Fast Ultrasound Systems for making better, faster, and more reliable decisions even during difficult situations.
General Imaging Application Segment to Witness Steady Growth
- Based on application, the global smart medical imaging solutions market can be divided into: cardiology, general imaging, vascular, oncology, neurology, and others
- General imaging application segment will grow at a steady pace during the forecast period. In October 2019, Turner Imaging Systems received FDA 510(k) clearance for its Smart-C Mini-C Arm Portable Fluoroscopy and X-Ray Imaging Device.
- Neurology segment held the maximum share of the global smart medical imaging solutions market in 2018. Rising cases of neuro diseases and advancements in diagnosis of these diseases are factors driving the neurology segment.
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Smart Medical Imaging Solutions Market in Asia Pacific to Expand Rapidly
- In terms of region, the global smart medical imaging solutions market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounted for the largest share of the global smart medical imaging solutions market in 2018. However, this market in Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due to the improving health care infrastructure, rising investments in diagnostic imaging, improving reimbursement policies, and growing insurance coverage in several APAC countries.
- Growth of the smart medical imaging solutions market in North America is majorly due to the rise in geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and technological advancements
Key Manufacturers Operating in Global Market
The global smart medical imaging solutions market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- GE Healthcare
- Koninklijke Philips N.V
- Siemens Healthineers
- Shimadzu Corporation
- Esaote SPA
- FUJIFILM Holdings Corporation
- Turner Imaging Systems
- Infinitt Healthcare Co, Ltd
Smart Medical Imaging Solutions Market: Research Scope
Smart Medical Imaging Solutions Market, by Modality
- X-ray Radiography
- Computed Tomography
- Fluoroscopy & C Arms
- Magnetic Resonance Imaging (MRI)
Smart Medical Imaging Solutions Market, by Application
- General Imaging
Smart Medical Imaging Solutions Market, by Connectivity
Smart Medical Imaging Solutions Market, by End-user
- Diagnostic Centers
Smart Medical Imaging Solutions Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.