Medical Imaging Market Size, Share, Growth Analysis, By Technology(X-ray Devices (Radiography, Fluoroscopy and Mammography), Ultrasound (Handheld, Compact and Cart/Trolley)), By Application(Cardiology, Oncology, Neurology, Orthopaedics), By End User(Hospitals, Diagnostic Imaging Centers, Others), By Region - Industry Forecast 2024-2031

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.