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Big wins in the medical imaging industry amid high hospital demands

Article-Big wins in the medical imaging industry amid high hospital demands

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The medical imaging market is projected to cross US$59 billion in annual revenue by 2030, according to Global Market Insights Inc.

The rising burden of multiple diseases and the growing rate of mortality in recent times has amplified the increase in healthcare spending to cater to the surging requirement for early diagnosis. According to the Centers for Medicare & Medicaid Services (CMS) in 2021, healthcare spending in the US grew 9.7 per cent in 2020, reaching US$12,530 per person.

In view of the growing disease penetration worldwide, the demand for several new technologies and equipment for effective treatment has grown widely in a variety of medical settings as well as at all major levels of healthcare. To that end, the growth of the medical imaging industry is anticipated to remain positive in the coming years considering its soaring popularity for supporting diagnosis, monitoring, and treating different medical conditions. This diagnostic service is recording a significant preference for its rising essentiality in confirming, assessing as well as documenting the course of multiple diseases and response to treatment.

Medical imaging mainly encompasses different technologies deployed for viewing the human body and delivering information about several parts to aid the physician in understanding the complications and enabling them to take better decisions. The procedures are increasingly favoured as they are non-invasive, completely painless, and most times do not require any special preparation.

The widening stream of technological enhancements along with the rising integration of artificial intelligence (AI) and digital solutions in imaging equipment by market players are playing a key role in the expansion of the medical imaging industry for enhancing patient care and transforming clinical outcomes. Stating an example, GE Healthcare joined forces with Intel for advancing the use of AI in medical imaging by developing an algorithm to assist the medical staff in triaging potentially life-threatening cases faster.

Breakthroughs in X-ray technology to augment the medical imaging market share

In recent times, the interest in medical X-ray imaging has significantly evolved considering their rising popularity as valuable medical tools in a wide variety of procedures and examinations for noninvasively helping in diagnosing diseases and monitoring therapy. These products have an upper hand over other imaging technologies as they not only support medical and surgical treatment planning, but also guide medical personnel in inserting catheters, and stents inside the body.

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X-ray devices hold paramount importance in the field of radiology given their assistance in diagnosing tumours and removing blood clots or other blockages. To reduce the stress and strain on the radiology staff, the need for designing advanced mobile X-Ray technology is depicting a rise for improved workflow and usability, further influencing the medical imaging market growth. To illustrate, in July 2022, Siemens Healthineers launched its newest mobile X-ray system, Mobilett Impact. The new system is affordable and comes with full digital integration, combining the benefits of mobile X-ray imaging at a patient’s bedside.

Several groundbreaking technologies have also been introduced by top contenders in the medical imaging business sphere to meet the rising need for X-ray imaging outcomes for effective medical diagnosis. For instance, in May 2021, Carestream Health released groundbreaking AI-driven technology, Smart Noise Cancellation (SNC) for improving image quality and producing images that are relatively clearer than with standard processing. Of late, the increasing number of research activities on spectroscopic X-ray imaging has been instrumental in amplifying their deployment from labs to clinics.

Demand for medical imaging depicts a significant rise in hospitals

There is an increasing number of investments aimed at deploying cutting-edge technologies for producing faster and enhanced image quality, leading to quicker diagnoses as well as treatment for patients will support the medical imaging industry demand in hospitals. In October 2019, NYC Health + Hospitals announced to invest US$224 million over 10 years to upgrade the medical imaging technology system-wide.

The regular requirement for performing rapid imaging exams in various complex situations at the patient’s bedside has steered the adoption of medical imaging solutions in hospitals. To illustrate, Canon Medical Systems USA Inc., in August 2020, rolled out Soltus 500, its all-new Mobile Digital X-ray technology to offer these healthcare settings access to systems with enhancements. It also helped them to streamline bedside exams for improved workflow and productivity.

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The rising shift to digitisation in hospital settings has also prompted the increasing deployment of cloud-based imaging solutions mainly in the post-pandemic era for the transition from traditional care delivery to a more decentralised model in hospital settings. For instance, in August 2022, GE Healthcare teamed up with AWS for the first Europe-based cloud deployment of well-known diagnostic imaging solution developed for radiologists, Edison True PACS at the Royal Orthopaedic Hospital NHS Foundation Trust. 

The road ahead

In the years to follow, the increasing burden of heart diseases is expected to drive innovations in cardiac medical imaging for promoting early detection and intervention measures. In October 2022, Google Cloud announced a Medical Imaging Suite, its new initiative within the realm of healthcare, for creating an efficient, universally friendly, and value-providing platform, with interoperability and accessibility. This growing technological intervention along with the rising regulatory support, mainly from the U.S. FDA (Food and Drug Administration) for new product approvals will also influence the industry dynamics.

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Shreya Bhute

This article appears in the latest issue of Omnia Health Magazine. Read the full issue online today.

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