The Global Medical Physics Industry is poised for significant expansion in the coming decade, driven by the increasing adoption of advanced medical technologies and the crucial role of medical physicists in ensuring patient safety and treatment efficacy. According to a recent analysis by Future Market Insights (FMI), the market is expected to reach a valuation of US$5.3 billion in 2024. Projecting forward, the market is anticipated to surge at a moderate Compound Annual Growth Rate (CAGR) of 6.4% over the next decade, reaching a projected valuation of US$10 billion by 2034.
Medical physics has actually transformed the practice of therapeutic and diagnostic medicines; which is concerned with the usage of radiation in medicine. Medical physicists do play a vital role in ascertaining radiation therapy; thereby enhancing the 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.
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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 Global Medical Physics Industry. Amongst the investments in medical physics include ophthalmology, 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 underdeveloped economies. Lack of skilled medical professionals is there to add. These factors could restrain the Global Medical Physics Industry in the forecast period.
Future Market Insights has entailed these findings with insights in its latest market study entitled ‘Global Medical Physics Industry’. 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 in medical science, the Global Medical Physics Industry is expected to grow on an astonishing note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from the Global Medical Physics Industry
- 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 the 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 the healthcare sector through the development of clinics and imaging centers and rising expenditure on healthcare.
- LATAM is expected to grow in the medical physics market on the back of Brazil and Argentina witnessing the growing prevalence of breast cancer.
- UAE, South Africa, and the Middle East are expected to grow due to growth in medical tourism.
Global Medical Physics Industry Competitive Analysis
- Associates in Medical Physics, in April 2021, collaborated with RMA (Radiation Management Associates) and Keystone Physics to launch ‘Aspekt Solutions’.
- West Physics, in May 2019, completed the acquisition of Phoenix Technology Corporation to increase its consumer 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 the acquisition of Krueger Gilbert Health Physics to expand its geographical reach.
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 the healthcare vertical, the Global Medical Physics Industry is expected to grow on a stupendous note in the forecast period.
Global Medical Physics Industry 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
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Key Segments of Global Medical Physics Industry Survey
Global Medical Physics Industry 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
Global Medical Physics Industry by Service:
- Accreditation Assistance
- Performance Testing
- Physics Testing
- Radiation Dose Monitoring
- Radiation Safety Training
- Treatment Commissioning Services
- Safety Surveys
- Regulatory & Auditing Services
- Others
Global Medical Physics Industry 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
Global Medical Physics Industry 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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