Rising focus on healthcare, increasing research and development activities across the world, rising outsourcing from medical establishments, increasing prevalence of chronic diseases, rising healthcare expenditure, growing acceptance of nuclear medicine and telemedicine, and growing medical tourism are expected to be major factors influencing medical physics market potential.
NEWARK, DE / ACCESSWIRE / July 8, 2024 / The medical physics market will certainly be forecasted at a valuation 10 billion with a CAGR of 6.4% by 2034, where the current market valuation is estimated to be USD 5.3 billion in 2024.
Stringent radiation safety and equipment calibration regulations add complexity and costs to healthcare facilities, potentially hindering market growth. The scarcity of qualified medical physicists creates recruitment challenges and increases the workload on existing practitioners.
The high costs associated with acquiring and maintaining advanced medical imaging and radiation therapy equipment pose barriers to entry for some healthcare providers, limiting access to cutting-edge technologies and services.
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Integrating artificial intelligence and machine learning into medical physics practices can enhance efficiency and accuracy in diagnosis and treatment planning. The market expansion is fueled by rising healthcare expenditures and an aging population, creating a favorable environment for stakeholders across the healthcare industry.
Collaboration between industry players, academic institutions, and regulatory bodies is essential to mitigate threats such as regulatory hurdles and workforce shortages. Efforts to streamline accreditation processes, expand educational programs for medical physicists, and invest in research and development can help address these challenges and sustain the growth trajectory of the market.
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Key Takeaways from the Medical Physics Market Study:
Based on modality type, the diagnostic segment is accounted to hold a market share of 66.8% in 2024.
Canada is expected to register at a CAGR of 2.5% by 2034.
Italy registers significant growth, projected at a CAGR of 3.4% by 2034.
Based on service, the accreditation assistance segment is accounted to hold a market share of 15.9% in 2024.
"The innovations in medical imaging modalities and radiation therapy equipment, such as MRI machines, CT scanners, and linear accelerators enhance diagnostic and therapeutic procedures' accuracy, efficiency, and safety, thus, pushing the demand for medical physics services," Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape:
The medical physics market features intense competition among key players driven by their focus on technological innovation, strategic collaborations, and geographical expansion. Market leaders constantly strive to maintain their market share through product differentiation and service excellence.
Some of the key developments are top of Form
In 2023, Radiation Services Inc. leveraged cutting-edge technology to enhance treatment precision and minimize side effects for cancer patients. The development revolutionized the delivery of radiation therapy, offering improved outcomes and patient experiences.
In 2023, Jaeger Corporation launched an innovative software platform to streamline medical physics workflows and optimize quality assurance processes in healthcare facilities.
14 Key Companies of the Medical Physics Market:
Medical Physics Services LLC
LANDAEUR
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
What is Positively Influencing Demand Growth of Medical Physics?
"Market Proliferating On Back of Rising Acceptance of Nuclear Medicine"
Nuclear medicine physics has emerged as a field of major interest in the medical physics market landscape and this trend is expected to be frequent over the forecast period. Rapid advancements in fields of technology and radiology have propelled developments in the nuclear medicine physics field and driven demand for medical physics.
Radiology physicists have been developing radiopharmaceuticals and these advancements have substantially impacted medical physics market potential.
"Rising Medical Tourism in Emerging Economies"
Medical tourism has emerged as a prominent trend in multiple developing and emerging economies and this is expected to favor the market for medical physics over the forecast period. Majorly medical tourism trend from countries like Thailand, India, China, Brazil, and Malaysia is anticipated to be majorly favorable for the medical physics market over the coming years.
"Increasing Outsourcing of Medical Services Driving Medical Physics Demand"
Medical science research can incur hefty expenses for medical establishments and this has led to a substantial increase in outsourcing of these services. Increasing stringent regulations have also promoted multiple healthcare companies to outsource their operations to minimize risks and reduce operational costs. Medical physics service providers are cashing in on these outsourced opportunities and increasing their market presence on a global scale.
Key Segments Medical Physics Market:
By Modality:
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Diagnostics
Radiographic X-Ray Systems
Fluoroscopic X-Ray Systems
Dental X-Ray Systems
Mammography Systems
Computed Tomography
Magnetic Resonance Imaging
Ultrasound
SPECT
PET
Others
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Therapeutics
LINAC
Brachytherapy
Others
By Service:
Accreditation Assistance
Performance Testing
Physics Testing
Radiation Dose Monitoring
Radiation Safety Training
Treatment Commissioning Services
Safety Surveys
Regulatory & Auditing Services
Others
By End User:
Hospitals
Ambulatory Surgical Centres
Diagnostic Imaging Centres
Academic & Research Institutes
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/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.
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