POC Medical Imaging Global Market Report 2024

The poc medical imaging market has grown steadily in recent years. It will grow from $1.34 billion in 2023 to $1.4 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth observed in the historic period can be credited to several factors. Accessibility to remote and underserved areas played a pivotal role, ensuring healthcare reached populations previously isolated. Additionally, the increased prevalence of chronic diseases drove the demand for accessible healthcare solutions. Improved connectivity and mobility, coupled with the rise in telemedicine and remote consultations, significantly contributed to this growth trend. Moreover, focused government initiatives played a key role in promoting and supporting these advancements in healthcare accessibility and delivery.

The poc medical imaging market is expected to see steady growth in the next few years. It will grow to $1.67 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. Anticipated growth in the forecast period is driven by several factors. The emergence of novel imaging modalities and substantial investments in research and development are expected to propel advancements in medical imaging technology. Moreover, the emphasis on personalized and precision medicine will likely contribute to this growth trajectory. The development of wireless connectivity is anticipated to revolutionize healthcare accessibility and delivery, fostering rapid diagnostics and improving overall patient care.

The escalating prevalence of chronic diseases stands as a driving force behind the anticipated growth in the point-of-care medical imaging market. This surge in chronic conditions, stemming from lifestyle choices, genetic factors, environmental influences, and aging populations, underscores the pivotal role of point-of-care medical imaging. This technology facilitates timely diagnostic insights and enables healthcare professionals to monitor disease progression, guiding effective treatment decisions. According to the World Health Organization's September 2022 report, chronic diseases accounted for 74% of global deaths, with around 17 million deaths annually before the age of 70, the majority occurring in low- and middle-income countries. By 2030, it's projected that chronic diseases will contribute to 70% of the global burden of disease. Thus, the increasing prevalence of chronic diseases acts as a primary driver fostering growth in the point-of-care medical imaging market.

The burgeoning geriatric population is anticipated to significantly impact the growth trajectory of point-of-care (POC) medical imaging. As the population aged 65 and older surges, POC medical imaging serves a critical role in addressing the distinctive healthcare needs of the elderly. It provides swift and accessible diagnostic assessments, aiding in timely interventions for age-related conditions. According to the World Health Organization's October 2022 projection, by 2030, one in six individuals globally will be aged 60 or older, accounting for 1.4 billion people, with an estimated doubling to 2.1 billion by 2050, including 426 million aged 80 and above. This demographic shift underscores the importance of POC medical imaging in catering to the evolving healthcare requirements of the aging population, thus driving the market's growth.

Advancements in artificial intelligence (AI) within healthcare represent a prominent trend reshaping the landscape of point-of-care medical imaging. Market players are actively integrating AI into POC medical imaging devices and tools to fortify their market positions. A case in point is the April 2021 launch of GE HealthCare Technologies Inc.'s AI-driven point-of-care ultrasound system, Venue Fit. This system offers cardiac imaging for point-of-care settings, integrating AI tools to provide clinicians with real-time insights and quality indicators, enhancing diagnostic precision.

Major players in the POC medical imaging market are intensifying their focus on introducing innovative products such as cloud-based platforms to gain a competitive edge. These cloud-based platforms, exemplified by Exo's April 2022 launch of Exo Works, offer streamlined ultrasound exam documentation, billing, and quality assurance. By simplifying workflow management, this platform allows physicians to concentrate on patient care. Compatible with various POC ultrasound devices and Electronic Medical Record (EMR) and Electronic Health Record (EHR) systems, Exo Works prioritizes security, compliance, and user-friendly functionality, addressing long-standing challenges in POC ultrasound workflow management.

In July 2022, Exo, a renowned US-based manufacturer specializing in health information and handheld ultrasound devices, successfully acquired Medo AI, a Canadian company recognized for its AI-driven ultrasound technology. The undisclosed acquisition marks a significant advancement for Exo, facilitating the integration of AI-enabled ultrasound image access technology. This integration aims to streamline point-of-care (POC) ultrasound procedures, simplifying the process for caregivers to acquire and interpret ultrasound images more seamlessly. Medo AI's advanced technology empowers clinicians with AI-automated image acquisition and interpretation capabilities, enabling the diagnosis of both common and critical medical conditions with greater efficiency and accuracy. This strategic move underscores Exo's commitment to enhancing healthcare through innovative AI-driven solutions in the realm of ultrasound technology.

Major companies operating in the poc medical imaging market report are GE Healthcare Technologies Inc., Siemens Healthineers AG, Canon Medical Systems Corp., Samsung Medison Co. Ltd., Xoran Technologies LLC, NeuroLogica Corp., Fujifilm Holdings Corporation, Carestream Health Inc., Philips Medical Systems Technologies Ltd., Mindray Medical India Pvt. Ltd., Esaote Biomedica SpA, CurveBeam AI Limited, Planmed Oy, F. Hoffman-La Roche AG, Becton Dickinson and Company, Toshiba Medical Systems Corporation, Neusoft Medical Systems, Hitachi Medical Systems America Inc., Hologic Inc., Quidel Corporation, Shimadzu Corporation, Opko Health Inc., Roche Diagnostics, Agfa-Gevaert N.V., Konica Minolta Inc., Bracco Imaging S.p.A., Sectra AB, Abbott Laboratories, Danaher Corporation, Butterfly Network Inc.

North America was the largest region in the POC medical imaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global POC medical imaging market report during the forecast period. The regions covered in the poc medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the poc medical imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types in POC medical imaging include x-ray, CT scans, and ultrasound. X-ray technology involves a form of electromagnetic radiation capable of penetrating materials, commonly utilized for medical imaging and security screening purposes. These imaging applications span across various medical fields such as cardiology, gynecology or obstetrics, oncology, orthopedics, neurology, and others. They find application in hospitals, clinics, diagnostic centers, ambulatory surgical centers (ASCs), and even in home care settings.

The POC medical imaging market research report provides POC medical imaging market statistics, including POC medical imaging industry global market size, regional shares, competitors with a POC medical imaging market share, detailed POC medical imaging market segments, market trends and opportunities, and any further data you may need to thrive in the POC medical imaging industry. This POC medical imaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The POC medical imaging market includes revenues earned by entities by providing cloud-based image sharing and storage solutions, training, and support services. The market value includes the value of related goods sold by the service provider or included within the service offering. The POC medical imaging market also includes sales of handheld ultrasound devices, handheld x-ray devices, handheld ophthalmic devices, mobile MRI and CT scanners, and wireless medical imaging systems which are used in providing imaging services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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