Report : Asia Pacific Medical Imaging Informatics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Digital Radiography, Ultrasound, MRI, CT, Nuclear Imaging, and Mammography), Application (Hospital, Ambulatory Healthcare Settings, Diagnostic and Imaging Centers, and Others), and Component (Software, Hardware, and Services)
At 5.4% CAGR, the Asia Pacific Medical Imaging Informatics Market is speculated to be worth US$ 1,156.37 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacifc medical imaging informatics market was valued at US$ 802.47 million in 2021 and is expected to reach US$ 1,156.37 million by 2028, registering an annual growth rate of 5.4% from 2021 to 2028. The technological advancements in medical imaging informatics and surge in geriatric population and prevalence of chronic diseases are the critical factors attributed to the market expansion.
Japan, China, India, and South Korea, among other economies, have considerably modernized healthcare facilities and services. As a result, the life expectancy of people in these countries has increased, leading to the growth in their geriatric population base. According to the data by the WHO, in 2019, the number of people aged 60 years and older was 1 billion, and this number is likely to rise to 1.4 billion by 2030 and 2.1 billion by 2050. The elderly population majorly suffers from various chronic diseases, such as cardiovascular diseases (CVD), due to structural and functional changes in their cardiovascular systems associated with aging. Aging leads to the stiffening of the heart and blood vessels. Thus, arrhythmias, as well as coronary artery disease and heart failure, are common risk factors in people of age Thus, the rising geriatric population worldwide increases the demand for various disease diagnoses procedures, as well as medical imaging informatics, thereby fueling the market growth.
On the contrary, a lack of expertise in operating medical imaging informatics systems hurdles the growth of Asia Pacific medical imaging informatics market.
Based on type, the market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. The ultrasound segment held 31.2% market share in 2021, amassing US$ 250.73 million. It is projected to garner US$ 356.13 million by 2028 to expand at 5.1% CAGR during 2021–2028.
Based on application, the market is categorized into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. With 64.5% share of the domain, the hospitals segment dominated the market in 2021. It accrued US$ 517.42 million in 2021 and is estimated to generate US$ 751.06 million by 2028 to grow at a CAGR of 5.5% over the forecast period.
Based on component, the market is segmented into software, hardware, and services. The software segment held 63.1% market share in 2021, amassing US$ 506.42 million. It is projected to garner US$ 735.13 million by 2028 to expand at 5.5% CAGR during 2021–2028.
Based on country, the Asia Pacific medical imaging informatics market is categorizsed into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 38.7% market share in 2021. It was assessed at US$ 310.44 million in 2021 and is likely to hit US$ 440.60 million by 2028, exhibiting a CAGR of 5.1% during the forecast period.
Key players dominating the Asia Pacific medical imaging informatics market are Agfa-Gevaert Group; Carestream Health; ESAOTE SPA; GENERAL ELECTRIC; Koninklijke Philips N.V.; Siemens Healthcare GmbH; Hologic, Inc.; Konica Minolta, Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; and FUJIFILM Holdings Corporation among others.
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