USD 28.02 billion
Report ID:
SQMIG35B2140 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
96
|Figures:
77
Medical Imaging Market size was valued at USD 40 Billion in 2023 and is poised to grow from USD 42.08 Billion in 2024 to USD 63.12 Billion by 2032, growing at a CAGR of 5.2% during the forecast period (2025-2032).
The rising prevalence of chronic diseases such as cardiovascular and neurologic disorders, as well as the realignment of healthcare systems, have resulted in a greater emphasis on early detection. The Centers for Disease Control and Prevention (CDC) estimates that coronary artery disease (CAD) affects 18.2 million adults in the United States alone each year. Diagnostic imaging is the use of various imaging modalities to obtain visual representations of a body's interior for diagnostic and therapeutic purposes. This includes a variety of modalities used to capture images of the human body for disease diagnosis and treatment, and thus plays an important role in improving overall health. According to a World Health Organization (WHO) report, approximately 3.6 billion diagnostic procedures are performed yearly. A total of 350 million examinations are performed on pediatric patients. This, along with the growing emphasis of government organizations on early disease diagnosis to control healthcare costs, influences the number of patients worldwide who undergo X-ray, magnetic resonance, and computed tomography scans.
New approaches to nuclear imaging, portable and wearable scanners, and other innovations contribute to the medical imaging industry growth. Mobile imaging equipment, for example, aids in the diagnosis and monitoring of elderly patients without the need for an in-person visit to the hospital. Brain activity can be detected using a mobile magnetoencephalography (MEG) scanner. This can improve the accuracy of diagnosis of conditions such as epileptic seizures by detecting the exact location in the brain that is causing the seizure. Such advancements in medical imaging technology make medical imaging more patient-friendly and increase its use in healthcare facilities, thereby promoting global medical imaging market growth.
US Medical Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 28.02 billion
Largest Segment
Magnetic Resonance Imaging
Fastest Growth
Magnetic Resonance Imaging
Growth Rate
4.9% CAGR
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The global medical imaging market is segmented based on the technology, application, end user and region. Based on the technology, it is segmented into X-ray Devices (Radiography, Fluoroscopy and Mammography), Ultrasound (Handheld, Compact and Cart/Trolley), Computed Tomography (High-End Slice CT, Mid -End Slice CT, Low -End Slice CT and Cone Beam CT), Magnetic Resonance Imaging (Closed and Open), Nuclear Imaging (SPECT and PET). Based on application, it is segmented into Cardiology, Oncology, Neurology, Orthopaedics, Gastroenterology, Gynaecology, and Others. Based on end user, it is segmented into hospitals, diagnostic imaging centres, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Medical Imaging Market Analysis by Technology
Magnetic Resonance Imaging or MRI is the dominating segment based on it's technology. MRI offers distinct ability to offer detailed and precise images of soft tissues, organs and other internal body structures. Moreover, the rising chronic diseases, aging population, and increasing demand for early and accurate diagnosis act as drivers for the wide adoption of MRI. For instance, in 2023, according to the National Center for Health Statistics, almost 1,958,310 new cancer cases and 609,820 cancer deaths are estimated to occur in the U.S. In addition, the growing demand for quick and effective diagnostic procedures is expected to contribute to the adoption of MRI machines. Various countries are installing these machines. Thus, further consolidating the dominance that this platform holds within the medical imaging market.
CT or Computed Tomography is the fastest growing segment. This segment is witnessing faster growth in the technology sector due to ongoing advancements in technology. These advancements have led to improved imaging quality, faster scanning times and reduced radiation exposure which has made CT a faster growing diagnostic tool for various medical condition. Furthermore, the increasing rate of chronic diseases with an aging population and more focus on preventive health care does provide a continuously growing demand for CT scans. Based on our analysis we found that, more than 70 million CT scans are performed in the US. Whereas 7.1 million scans are done in the UK every year with an annual increasing rate of 10%. Therefore, signifying the potential growth of CT in the overall medical imaging market. Hence, strengthening its position as a fast-growing segment in technology.
Medical Imaging Market Analysis by Application
Orthopedic imaging is the dominant segment within the medical imaging market. This has largely been attributed to the rising incidence of orthopedic diseases, particularly in the elderly. Since orthopedic conditions, like arthritis, osteoporosis, and those involving sports injuries, require accurate imaging in diagnosis and planning of treatment programs, not to mention monitoring, imaging modalities like X-ray, CT, MRI, and ultrasound provide orthopedic surgeons and other health professionals with essential visual information in reaching decisions on how to treat patients. Rising minimally invasive procedures and joint replacement surgeries also boosted demand for advanced orthopedic imaging technology.
Cardiology is experiencing rapid growth as a segment within the medical imaging market due to rising prevalence of cardiovascular diseases globally. The growing occurrence of cardiovascular diseases have created a significant demand for accurate and timely diagnostic tools. Based on our analysis we found that, about 2% of deaths from cardiovascular diseases are related to rheumatic heart disease globally. This has led to the increase in the focus on preventive care and the need for regular cardiac screenings are driving the adoption of cardiac imaging modalities. Additionally, the integration of AI and machine learning in cardiac image analysis is enhancing diagnostic accuracy and efficiency, further propelling the growth of this segment.
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The global medical imaging market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region is expected to account for the largest market. The growing number of patients undergoing diagnostic imaging procedures in the country is propelling the diagnostic imaging market in this region forward. Europe is expected to grow at a significant CAGR due to the presence of well-established healthcare facilities and the aging population's increasing demand for advanced healthcare systems. US is the leading country to have the most installed units of MRI systems per million population, at roughly 44 MRI systems per 100,000 people, just behind Japan which has 55 systems per 100,000 people. Due to rising chronic disease prevalence and demand for advanced diagnostic devices, Asia Pacific is expected to have the highest growth rate during the forecast period. Additionally, a large and ageing installed base of imaging equipment in Asia Pacific is presenting a lucrative opportunity for medical imaging market players.
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Medical Imaging Market Drivers
Technologically Advanced Propel Market Growth
Medical Imaging Market Restraints
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Some of the major factors attributed to medical imaging market dominance include a diverse portfolio of medical imaging equipment, as well as a strong and widespread distribution network globally. Siemens Healthineers, Canon Medical System Corporation, Samsung Medison, Koninklijke Philips, Carestream Health, Fujifilm, Esaote, GE Healthcare, Hologic, and Konica Minolta are among the key market players in the medical imaging industry. These players focus on strategic developments such as partnerships, acquisitions, new product launches, and commercialization in order to expand their medical imaging market share. Furthermore, these players are heavily investing in R&D activities, allowing them to innovate and capitalise on these products, allowing them to maximise revenue in the industry.
Medical Imaging Market Top Player's Company Profiles
Medical Imaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global medical imaging market analysis, rising healthcare spending in both developed and developing countries drives up demand for medical imaging. Over the forecast period, all of these factors will drive the medical imaging industry. Furthermore, rising healthcare infrastructure and the adoption of innovative medical imaging modalities are expected to drive market growth in the coming years, as are increased R&D activities. Medical imaging techniques are widely used by healthcare specialties to diagnose disease conditions and guide treatment. Newer innovations and technological advancements in the field of medical imaging have contributed to the market's growth. Furthermore, ai in medical imaging market and treatment by allowing for the early and accurate detection of disease conditions.
The global medical imaging market research report offers a detailed analysis of the market's opportunities and focuses on key aspects such as leading companies, product types, and leading applications of the product. Aside from that, the global report provides insights into ai medical imaging market size, market growth trends as well as key industry developments. In addition to the aforementioned factors, the report includes several others that have contributed to the market's growth and advancement in recent years.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 40 Billion |
Market size value in 2032 | USD 63.12 Billion |
Growth Rate | 5.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Medical Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medical Imaging Market was valued at USD 38.2 billion in 2022 and is expected to rise from USD 40 billion in 2023 to reach a value of USD 60.0 billion by 2031, at a CAGR of 5.2% during the forecast period (2024–2031).
Some of the major factors attributed to market dominance include a diverse portfolio of medical imaging equipment, as well as a strong and widespread distribution network globally. Siemens Healthineers, Canon Medical System Corporation, Samsung Medison, Koninklijke Philips, Carestream Health, Fujifilm, Esaote, GE Healthcare, Hologic, and Konica Minolta are among the key market players in the medical imaging industry. These players focus on strategic developments such as partnerships, acquisitions, new product launches, and commercialization in order to expand their market share. Furthermore, these players are heavily investing in R&D activities, allowing them to innovate and capitalise on these products, allowing them to maximise revenue in the industry. 'Siemens AG (Germany) ', 'Analogic Corporation (US) ', 'Canon Medical Systems Corporation (Japan) ', 'Carestream Health (US) ', 'CMR Naviscan (US) ', 'General Electric Company (US) ', 'Esaote S.p.A (Italy) ', 'FUJIFILM Holdings Corporation (Japan) ', 'Hitachi Ltd (Japan) ', 'Hologic, Inc. (US) ', 'Medtronic PLC (Ireland) ', 'Samsung (South Korea) ', 'Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China) ', 'Shimadzu Corporation (Japan) ', 'Koninklijke Philips N.V. (Netherlands) ', 'GE Healthcare (US) ', 'Mindray Medical International (China) ', 'Koning Corporation (Netherlands) ', 'PerkinElmer Inc. (US) ', 'Konica Minolta (Japan) ', 'Esaote (Italy) ', 'Varex Imaging (US)'
Breakthrough innovations such as Artificial Intelligence (AI) & augmented intelligence and Virtual Reality (VR) combined with 3-D imaging allow for better patient care thereby facilitating progression of the market share. For instance, EchoPixel’s virtual reality system helps surgeons to perform procedures such as congenital heart defects with patient specific surgical views.The True 3D software provides surgical views that help reduce occurrence of unexpected situations during surgeries thereby helping surgeons give precise care to the patient. Availability of such advanced medical imaging modalities will accelerate the overall industry outlook.
One of the major factors driving market growth is the introduction of technologically advanced imaging equipment. The medical imaging market trends such as rising product demand during the forecast period is the increased use of advanced AI-enabled diagnostic equipment for rapid diagnosis and predictive analysis in developed countries.
The global medical imaging market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region is expected to account for the largest market. The growing number of patients undergoing diagnostic imaging procedures in the country is propelling the diagnostic imaging market in this region forward. Europe is expected to grow at a significant CAGR due to the presence of well-established healthcare facilities and the aging population's increasing demand for advanced healthcare systems. US is the leading country to have the most installed units of MRI systems per million population, at roughly 44 MRI systems per 100,000 people, just behind Japan which has 55 systems per 100,000 people. Due to rising chronic disease prevalence and demand for advanced diagnostic devices, Asia Pacific is expected to have the highest growth rate during the forecast period. Additionally, a large and ageing installed base of imaging equipment in Asia Pacific is presenting a lucrative opportunity for market players.
Global Medical Imaging Market was valued at USD 38.2 billion in 2022 and is expected to rise from USD 40 billion in 2023 to reach a value of USD 60.0 billion by 2031, at a CAGR of 5.2% during the forecast period (2024–2031).
Some of the major factors attributed to market dominance include a diverse portfolio of medical imaging equipment, as well as a strong and widespread distribution network globally. Siemens Healthineers, Canon Medical System Corporation, Samsung Medison, Koninklijke Philips, Carestream Health, Fujifilm, Esaote, GE Healthcare, Hologic, and Konica Minolta are among the key market players in the medical imaging industry. These players focus on strategic developments such as partnerships, acquisitions, new product launches, and commercialization in order to expand their market share. Furthermore, these players are heavily investing in R&D activities, allowing them to innovate and capitalise on these products, allowing them to maximise revenue in the industry. 'Siemens AG (Germany) ', 'Analogic Corporation (US) ', 'Canon Medical Systems Corporation (Japan) ', 'Carestream Health (US) ', 'CMR Naviscan (US) ', 'General Electric Company (US) ', 'Esaote S.p.A (Italy) ', 'FUJIFILM Holdings Corporation (Japan) ', 'Hitachi Ltd (Japan) ', 'Hologic, Inc. (US) ', 'Medtronic PLC (Ireland) ', 'Samsung (South Korea) ', 'Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China) ', 'Shimadzu Corporation (Japan) ', 'Koninklijke Philips N.V. (Netherlands) ', 'GE Healthcare (US) ', 'Mindray Medical International (China) ', 'Koning Corporation (Netherlands) ', 'PerkinElmer Inc. (US) ', 'Konica Minolta (Japan) ', 'Esaote (Italy) ', 'Varex Imaging (US)'
Breakthrough innovations such as Artificial Intelligence (AI) & augmented intelligence and Virtual Reality (VR) combined with 3-D imaging allow for better patient care thereby facilitating progression of the market share. For instance, EchoPixel’s virtual reality system helps surgeons to perform procedures such as congenital heart defects with patient specific surgical views.The True 3D software provides surgical views that help reduce occurrence of unexpected situations during surgeries thereby helping surgeons give precise care to the patient. Availability of such advanced medical imaging modalities will accelerate the overall industry outlook.
One of the major factors driving market growth is the introduction of technologically advanced imaging equipment. The medical imaging market trends such as rising product demand during the forecast period is the increased use of advanced AI-enabled diagnostic equipment for rapid diagnosis and predictive analysis in developed countries.
The global medical imaging market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region is expected to account for the largest market. The growing number of patients undergoing diagnostic imaging procedures in the country is propelling the diagnostic imaging market in this region forward. Europe is expected to grow at a significant CAGR due to the presence of well-established healthcare facilities and the aging population's increasing demand for advanced healthcare systems. US is the leading country to have the most installed units of MRI systems per million population, at roughly 44 MRI systems per 100,000 people, just behind Japan which has 55 systems per 100,000 people. Due to rising chronic disease prevalence and demand for advanced diagnostic devices, Asia Pacific is expected to have the highest growth rate during the forecast period. Additionally, a large and ageing installed base of imaging equipment in Asia Pacific is presenting a lucrative opportunity for market players.
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Report ID: SQMIG35B2140
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