Report ID: SQMIG35B2140
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.
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REQUEST FREE CUSTOMIZATIONGlobal 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