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).

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 growth of the medical imaging industry. 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 market growth.

US Medical Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.