The global Medical Physics Market was worth US$ 4.74 Billion in the year 2022 and is expected to reach US$ 6.81 Billion by the year 2028 at a CAGR of 6.2% between 2022 and 2028.
Medical physics has actually transformed the practice of therapeutic and diagnostic medicines; which does concern with usage of radiation in medicine. The medical physicists do play a vital role in ascertaining radiation therapy; thereby enhancing performance of medical imaging. As of now, research herein is emphasizing on assessment of potentially harmful impacts of radiation on clinicians, patients, and healthcare staff.
Radiology, nuclear medicine, and radiotherapy are expected to dominate the therapeutics and diagnostics vertical in the forecast period.
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Medical physics is a constellation of scientists and healthcare personnel. The need to reduce radiation toxicity in IMRT (Intensity Modulation Radiotherapy) and tomotherapy is propelling the medical physics market. Amongst the investments in medical physics include opththalmology, medical photonics, orthopedics, radiogenomics, surgery, dentistry, nanomedicine, neuroscience, and vascular medicine.
At the same time, there is a tremendous absence of hi-tech healthcare infrastructure in under-developed economies. Lack of the skilled medical professionals is there to add. These factors could restrain the medical physics market in the forecast period.
Future Market Insights has entailed these findings with insights in its latest market study entitled ‘Medical Physics Market’. It has its line of dedicated analysts and consultants to deploy an eagle’s eye view in its primary, secondary, and tertiary modes of research.
“With excessive research being conducted ion medical science, the global medical physics market is expected to grow on an astonishing note in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Medical Physics Market
- North America holds the largest market share and the scenario is expected to remain unchanged in the forecast period due to conducive reimbursement policies and chronic illness’ early diagnosis.
- Europe holds the second-largest market share with Germany leading from the front. This could be credited to growing popularity of telemedicine herein. The UK stands second with medical imaging technology growing by leaps and bounds in cardiovascular imaging services.
- The Asia-Pacific is expected to grow at a rapid pace in the medical physics market. This could be attributed to South Korea, India, China, Malaysia, and Thailand witnessing a massive expansion in healthcare sector through development of clinics and imaging centers and rising expenditure in healthcare.
- LATAM is expected to grow in medical physics market on the back of Brazil and Argentina witnessing growing prevalence of breast cancer.
- UAE, South Africa, and Middle East are expected to grow due to growth in medical tourism.
Competitive Analysis
- Associates in Medical Physics, in April 2021, collaborated with RMA (Radiation Management Associates) and Keytone Physics for launching ‘Aspekt Solutions’.
- West Physics, in May 2019, completed acquisition of Phoenix Technology Corporation for increasing consumers’ base with trained and highly experienced administrative and technical human resources.
- ClariPi, in June 2019, did receive approval from the US FDA to commercialize ClariCT.AI – an AI-enabled CT scanner.
- Blue Sea Capital, in May 2019, completed acquisition of Krueger Gilbert Health Physics for expanding geographical reach.
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What does the Report say?
- The research study is based on modality (diagnosis (radiographic X-Ray systems, fluoroscopic X-Ray systems, dental X-Ray systems, mammography systems, computed tomography, MRI (Magnetic Resonance Imaging), ultrasound, SPECT, PET, and likewise), and therapeutics (LINAC, brachytherapy, and others)), by service (accreditation assistance, performance testing, physics testing, radiation dose monitoring, radiation safety training, treatment commissioning services, safety surveys, regulatory & auditing services, and likewise), and by end-user (medical physics for hospitals, medical physics for ASCs, medical physics for diagnostic imaging centers, and medical physics for academic & research institutes).
- Call to promote extensive research in healthcare vertical, the global medical physics market is expected to grow on a stupendous note in the forecast period.
Key Companies Profiled:
- Medical Physics Services LLC
- LANDAEUR
- Medical Physics Services Consultants Inc.
- Krueger-Gilbert Health Physics Inc.
- Alyzen Medical Physics Services
- Radiation Safety & Control Services Inc.
- Upstate Medical Physics Services
- Dade Moeller & Associates
- Versant Medical Physics Services & Radiation Safety
- Alliance Medical Physics Services LLC
- West Physics Consulting LLC
- Associates in Medical Physics Services
- Radiation Services Inc.
- Jaeger Corporation
- Petrone Associates LLC
Key Segments of Medical Physics Industry Survey
Medical Physics Market by Modality:
- Diagnostics
- Radiographic X-Ray Systems
- Fluoroscopic X-Ray Systems
- Dental X-Ray Systems
- Mammography Systems
- Computed Tomography
- Magnetic Resonance Imaging
- Ultrasound
- SPECT
- PET
- Others
- Therapeutics
- LINAC
- Brachytherapy
- Others
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Medical Physics Market by Service:
- Accreditation Assistance
- Performance Testing
- Physics Testing
- Radiation Dose Monitoring
- Radiation Safety Training
- Treatment Commissioning Services
- Safety Surveys
- Regulatory & Auditing Services
- Others
Medical Physics Market by End User:
- Medical Physics for Hospitals
- Medical Physics for Ambulatory Surgical Centres
- Medical Physics for Diagnostic Imaging Centres
- Medical Physics for Academic & Research Institutes
Medical Physics Market by Region:
- North America Medical Physics Market
- Latin America Medical Physics Market
- Europe Medical Physics Market
- East Asia Medical Physics Market
- South Asia & Pacific Medical Physics Market
- Middle East & Africa (MEA) Medical Physics Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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