COVID-19 resulted in patients holding off most procedures related to oncology, cardiology and neurology. Also, elective procedures came to a halt. Moreover, restructuring of procurement budgets had to be done to address COVID-19 related requirements first. This caused disruptions in trade, supply chain, and manufacturing globally. The medical imaging industry was especially hit hard as this resulted in a delay in procurements of capital-intensive equipment.
Developed with insights from global research and consulting firm Frost & Sullivan and leading technology research provider Omdia, the 2021 Medical Imaging Report does a deep dive into the impact of COVID-19 on the medical imaging industry, how AI is disrupting the industry, the latest trends shaping it, and the evolution of the discipline from being a diagnostic modality to playing an active role in patient care.
From 2017 to 2019, the imaging industry was growing and adding US$2 billion every year, according to Frost &. Sullivan. However, due to the pandemic in 2020, there was a drop of about 15 per cent in revenue. While recent research from Omdia highlights that as markets stabilise, much of the pent-up demand from delayed equipment purchases in 2020 will be met in 2021 and 2022. Read more of these insights below.