Impact of Coronavirus (Covid-19) Pandemic on the Medical Imaging Industry

According to Coherent Market Insights’ (CMIs’) survey, 90% of the imaging centres in the U.S. and Western European countries have experienced a significant decline in the volume of imaging tests (CT, X-Ray, MRI, and Ultrasound) during this pandemic. Additionally, the footfall in clinics and hospitals, across the globe has also shrink by more than 80%. While the need for diagnosis has increased during this pandemic, imaging sector has taken a hit. This is owing to the fact that medical imaging devices are priced exorbitantly, and so are the higher prices for respective medical imaging tests. In addition to this, the industry has experienced turbulence as processing of past orders has also been impacted owing to delayed manufacturing, shipment, and payment. Having said this the demand and usage of POC devices has increased steeply. Manufacturers are therefore focusing on capitalizing POC devices and digital solutions that can enable imaging at patient locations. But, the service providers will majorly be impacted in terms of revenue during this pandemic. This is mainly attributed to the limited movement allowed during the implementation of lockdown while dealing with covid-19. This will certainly impact the dynamics of the medical imaging industry. The reports from Coherent Market Insights considers and evaluates the impact of the COVID-19, and anticipated change on the future outlook of this industry, by taking into the account the political, economic, social, and technological parameters.