Pune, India, Dec. 11, 2023 (GLOBE NEWSWIRE) — The global medical imaging market size is expected to grow from USD 40.33 billion in 2023 to USD 61.51 billion in 2030, exhibiting a CAGR of 6.2% during the forecast period. was valued at USD 38.16 billion in 2022. Driven by the growing prevalence of chronic diseases like cardiovascular and neurological conditions, and in response to evolving healthcare systems, the importance of early diagnosis has been amplified.
Diagnostic imaging specifies the use of various imaging techniques to fetch visual representations of the inner part of the body for diagnostic and therapeutic purposes, including several ways to capture the image of the human body for the diagnosis and treatment of diseases.
Fortune Business Insights™ mentioned this in a report titled “Medical Imaging Market, 2023-2030.”
Key Industry Development:
- December 2022: Koninklijke Philips N.V. introduced a new Ultrasound Compact System 5000 Series that delivers premium image quality to aid in a confident diagnosis in a portable unit.
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Key Takeaways:
- The increasing prevalence of chronic diseases, aging population, technological advancements, and wider adoption of minimally invasive procedures are driving the market.
- Market Segmentation: By modality, the market is segmented into X-ray, ultrasound, MRI, CT, and nuclear imaging. By application, the market is segmented into cardiology, oncology, neurology, and orthopedics.
- Leading players include Siemens Healthineers, GE Healthcare, Philips Healthcare, Canon Medical Systems, Hitachi Healthcare, and Fujifilm Healthcare.
- Artificial intelligence (AI) integration for image analysis, rising demand for portable and mobile imaging devices, and personalized imaging solutions are key trends.
- The high cost of imaging equipment, data security concerns, and regulatory hurdles are major challenges.
Discover the Leading Players Featured in the Report:
Major players in the Medical Imaging Market are GENERAL ELECTRIC COMPANY (U.S.), Hitachi, Ltd. (Japan), Shimadzu Corporation (Japan), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands) Hologic, Inc. (U.S.), Samsung (South Korea), Fujifilm Holdings Corporation (Japan).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.2% |
| 2030 Value Projection | USD 61.51 Billion |
| Base Year | 2022 |
| Medical Imaging Market Size in 2023 | USD 40.33 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 200 |
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Drivers & Restraints:
Incorporation of Technologically Advanced Systems to Drive the Market Growth
Elements such as the growing demand for early and cost-effective diagnosis of chronic diseases and the rising geriatric population globally are estimated to influence the demand for medical imaging equipment across the globe. The factor that drives the market growth is the introduction of technologically advanced devices and the developing healthcare sector in Asian countries.
Regular product recalls in imaging equipment are one of the significant elements estimated to hinder market growth.
Growth Drivers:
- Rising healthcare awareness & early diagnosis: Growing awareness about preventive healthcare and early diagnosis of diseases drives demand for medical imaging.
- Technological advancements: Advancements in AI, 3D imaging, and minimally invasive technologies improve image quality, accuracy, and efficiency.
- Aging population: The increasing elderly population with chronic conditions requiring regular imaging scans fuels market growth.
- Expanding healthcare infrastructure in emerging markets: Increased healthcare investments and growing middle class in developing nations boost market size.
Recent Trends:
- Shift towards portable & affordable imaging systems: Rising demand for point-of-care diagnostics and affordable systems for resource-limited settings.
- AI-driven image analysis: Increasing adoption of AI algorithms for faster, more accurate diagnosis and image interpretation.
- Cloud-based imaging solutions: Growing preference for cloud storage and access to imaging data for improved collaboration and patient care.
- Telehealth applications: Integration of imaging technology with telehealth platforms for remote diagnosis and monitoring.
- Personalized medicine: Use of imaging data for personalized treatment plans and targeted therapies. These drivers and trends suggest a robust future for the medical imaging market, with continued growth and innovation in technology and applications.
Segmentation:
By Type
- Magnetic Resonance Imaging
- Computed Tomography
- X-ray
- Ultrasound
- Molecular Imaging
By Application
- Cardiology
- Neurology
- Orthopedics
- Gynecology
- Oncology
- Others
By End User
- Hospitals
- Specialty Clinics
- Diagnostic Imaging Centers
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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X-ray Holds the Largest Share Owing to Rising Use of Interventional X-ray Systems
Based on type, the market is divided into computed tomography, magnetic resonance imaging, x-ray, ultrasound, and molecular imaging.
The X-ray segment dominated the market share in 2022. The segment’s growth is determined by the growing use of interventional X-ray systems, consisting of C-arms for image-guided surgeries.
Occurrence of Orthopedic Disorders Due to Increasing Cases of Trauma to Hamper Market Growth
Based on application, the market is segmented into oncology, orthopedics, neurology, cardiology, and gynecology.
The orthopedics segment led the application segment in 2022. The segment dominance was due to the rising incidence of sports injuries and the rate of trauma among the population, boosting the use of medical imaging systems across healthcare settings.
Rise in Number of Patient Visits to Diagnostic Imaging Centers to Boost Market Growth
According to end users, the market is segmented into diagnostic imaging centers, hospitals, specialty clinics, and others.
Due to the consolidation in the market, the increasing number of diagnostic imaging centers in developed and emerging countries are major factor that can be due to the segment’s dominance. Hence, medical imaging market share is anticipated to grow during the projected period.
Geographically, the market is divided across regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the significant segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights that guide business owners with their investment perspective.
Regional Insights:
Asia Pacific to Dominate Market Owing to Demand For Advanced Diagnostic Devices
Asia Pacific dominated the region in 2022. Asia Pacific is anticipated to record the highest growth rate during 2023-2030 due to the increasing occurrence of prolonged diseases and demand for advanced diagnostic devices.
North America dominated the market with a second position in 2022. The rising number of patients undergoing diagnostic imaging procedures in the country boosts the growth of the diagnostic imaging market in this region.
Competitive Landscape:
Widespread Distribution Network, Stout Brand Presence, and Strong Product Portfolio to Push Market Growth
A diverse collection of medical imaging equipment, consolidated with a strong and widespread distribution network globally, are some of the significant factors credited to the dominance of the players in the market. Some of the key players propelling the market’s growth are Hitachi, Ltd., GENERAL ELECTRIC COMPANY, and Samsung. Hence, the medical imaging market growth is anticipated to exceed during the forecast period.
FAQ’s
How Big Is The Medical Imaging Market?
Medical Imaging Market Size Is USD 61.51 billion in 2023.
How Fast Is the Medical Imaging Market Growing?
The Medical Imaging Market will exhibit a CAGR of 6.2% during the forecast period, 2023-2030
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