Global Medical Physics Industry Set to Surge at 6.2% CAGR, Reaching US$ 6.81 Billion by 2028 | FMI

The Global Medical Physics Industry, valued at a staggering US$ 4.74 billion in the year 2022, is poised for remarkable growth. Projections reveal that by the year 2028, it is expected to reach an impressive US$ 6.81 billion, driven by a remarkable compound annual growth rate (CAGR) of 6.2% between 2022 and 2028. This upward trajectory in the field of medical physics signifies a transformative impact on therapeutic and diagnostic medicine practices, particularly concerning the utilization of radiation in healthcare.

Medical physics has emerged as a pivotal field that has revolutionized the practice of therapeutic and diagnostic medicine. At its core, medical physics is intricately involved with the responsible and efficient use of radiation in healthcare. Medical physicists, experts in this domain, play a vital role in ensuring the safety and efficacy of radiation therapy and enhancing the performance of medical imaging procedures.

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Radiology, nuclear medicine, and radiotherapy are expected to dominate the therapeutics and diagnostics vertical in the forecast period.

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 ‘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 ion 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.

Examining the key assumptions of the study. Ask from Market Research Expert
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Key Takeaways from 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 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 Industry 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

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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 Industryby 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 Industry
• Latin America Medical Physics Industry
• Europe Medical Physics Market
• East Asia Medical Physics Industry
• South Asia & Pacific Medical Physics Market
• Middle East & Africa (MEA) Medical Physics Industry

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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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