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Home ➤ Life Science ➤ Healthcare ➤ Medical Imaging Market
Medical Imaging Market
Medical Imaging Market
Published date: Oct 2023 • Formats:
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  • Home ➤ Life Science ➤ Healthcare ➤ Medical Imaging Market

Global Medical Imaging Market By Type (Ultrasound, Computed Tomography (CT Scan), Magnetic Resonance Imaging (MRI), X-Ray, and Other Types), By Application (Orthopedics, Neurology, Cardiology, Oncology, Gynecology, and Other Applications), By End User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: Oct 2023
  • Report ID: 11771
  • Number of Pages: 378
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Driving Factors
    • Restraining Factors
    • Growth Opportunities
    • Trending Factors
    • Type Analysis
    • Applications Analysis
    • End-User Analysis
    • Key Market Segments
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The Global Medical Imaging Market size is expected to be worth around USD 48.8 Billion by 2032 from USD 29.2 Billion in 2022, growing at a CAGR of 5.40% during the forecast period from 2023 to 2032.

    Medical imaging is an essential component of the healthcare industry meant for better diagnosis and to contribute to treatment planning. Medical imaging techniques help in the visualization of body organs internally, which allows better care for patients.

    The rising demand for early detection tools, increasing prevalence of lifestyle-related diseases, rising technological advancements, increased investment and reimbursement initiatives undertaken by the government, as well as expansions of new facilities by major players in emerging countries, are expected to fuel the market growth.

    Medical Imaging Market Size

    Key Takeaways

    • The medical imaging market is expected to reach $48.8 billion by 2032.
    • It grew from $29.2 billion in 2022 at a CAGR of 5.4% per year.
    • X-rays were the most used type of imaging in 2022.
    • Orthopedic applications had the largest market share.
    • Hospitals were the biggest users of medical imaging in 2022.
    • North America had the highest market share in 2022, at 36.0%.
    • North America leads due to favorable policies and funding.
    • Asia Pacific has growth potential due to chronic diseases and local manufacturing.
    • Emerging economies like China and India offer growth opportunities.
    • The growth is driven by demand for early detection, lifestyle diseases, and technology.
    • Integration of imaging with surgical suits helps market growth.
    • Doctors prefer AI-based assistance for better diagnosis.
    • Rising chronic diseases create growth opportunities.
    • Multinational healthcare providers increase competition.
    • Product recalls can hinder market growth.
    • Aging populations and preventive practices drive market growth.
    • Major players include FUJIFILM, Philips, Siemens, and more.

    Driving Factors

    Technological advancements and innovations in medical imaging to surge the market growth

    Specialists in the medical field make extensive use of medical imaging techniques for the purpose of diagnosing diseases and providing guidance for treatment. The market for medical imaging has grown as a result of recent innovations and technological advancements. Also, these advancements make disease finding and treatment more favorable by facilitating accurate and early disease detection. Better patient care is made possible by breakthrough innovations such as (AI) artificial intelligence and (VR) virtual reality that are combined with three-dimensional imaging, thereby facilitating the expansion of market share.

    The surgical views provided by the true 3D software help to reduce the occurrence of unexpected situations during the performance of surgeries, helping the surgeons to give precise care to the patient. The high availability of such advanced medical imaging modalities is likely expected to boost market growth. Additionally, the new approaches to portable and wearable scanners, nuclear imaging, etc., are predicted to further accelerate the growth of the medical imaging market.

    Restraining Factors

    Frequent product recalls in medical imaging equipment hamper the market growth

    Frequent product recalls in medical imaging equipment are the major factor predicted to hamper the market growth of medical imaging during the forecast period. This is combined with the presence of a regulated and largely refurbished equipment market, especially in developing markets such as India and China. This has led to the decreased adoption of innovative and new equipment in these countries.

    Several domestic and established players have entered the market, offering low-cost and refurbished equipment to global healthcare facilities. The overall cost-benefit of these refurbished devices for medium and small-sized healthcare facilities is in a higher ratio, which has resulted in lower adoption.

    Growth Opportunities

    The rising incidence of chronic diseases in emerging economies offers significant growth opportunities

    Emerging economies such as China, India, South Korea, Brazil, Russia, Turkey, and South Africa are offering higher growth opportunities for the key market players in the medical imaging market. Although the cost factor is a major concern in these emerging countries, their large population bases, especially in China and India, offer sustainable growth in the market for medical imaging devices.

    The rising incidence of chronic diseases such as stroke, cancer, cardiovascular, and neurological diseases, as well as the higher mortality rates in these countries, face the need for early disease detection.

    Trending Factors

    Rising doctor’s preference for AI-based assistance

    The rising awareness of the benefits associated with AI techniques and their broad applications has led to the high implementation of AI in the medical diagnostic sector. A higher number of market players are involved in partnerships and collaborations to offer advanced technologies to their consumers.

    Such AI-based medical technologies considerably help doctors and clinicians in their decision-making concerning diagnosis and treatment. Therefore, doctors are more inclined towards the adoption of these near-to-accurate, cost-effective, and safe solutions compared to the traditional ones, which, in turn, propels market growth.

    Type Analysis

    The X-ray segment dominated the global medical imaging market in 2022

    Based on type, the market for medical imaging is segmented into ultrasound, computed tomography (CT Scan), magnetic resonance imaging (MRI), X-ray, and other types. Among these types, The X-ray segment dominated the global market in 2022 with a revenue share of around 34.0%.

    This significant share is attributed to the rising utilization of X-rays in diagnostic centers and hospitals. The X-rays are painless, non-invasive, and take less time, making them ideal for immediate diagnosis and deciding treatment. The increase in the occurrence of chest disorders is likely to fuel the demand for chest X-rays. The further demand for X-rays is rising due to advancements in DR (digital radiography).

    The CT Scan segment is projected to witness the fastest growth over the forecast period. The CT Scan was one of the primary diagnostic tools used during the COVID-19 pandemic to diagnose patients with a lung infection. Higher demand for (POC) Point of Care CT devices and the development of the high-precision CT scanner by integration of ML & AI and advanced visualization systems are significant factors positively driving the segment growth.

    Applications Analysis

    The orthopedics segment accounted for the largest market share

    By Applications, the market is further divided into orthopedics, neurology, cardiology, oncology, gynecology, and other applications. Among these, the orthopedic segment dominated the global market for medical imaging in 2022 with a significant portion of the market share. This significant market share can be highly attributed to the rise in medical imaging technologies such as X-rays, MRI, CT scans, and ultrasound, as it plays a crucial role in the diagnosis and treatment of orthopedic conditions such as joint injuries, degenerative bone diseases, and fractures.

    On the other hand, the oncology segment is anticipated to expand at the highest CAGR during the forecast period. This can be attributed to the rising incidence of cancer worldwide, along with a rising emphasis on early diagnosis of cancer. Moreover, improved access to healthcare facilities as well as diagnostic imaging centers in developing countries is expected to fuel segment growth.

    End-User Analysis

    The hospital’s segment registered is a significant revenue share of the total market

    Based on end-users, the market is classified into hospitals, diagnostic imaging centers, specialty clinics, and other end-users. Among these end-users, the hospital’s segment is estimated to be the most lucrative segment in the global medical imaging market, with the largest revenue share of 49% in 2022.

    The integration of surgical suits with imaging technologies and the rising demand for advanced imaging modalities are some of the major factors propelling the segment’s growth. Few countries in the developed regions have experienced a notable increase in demand for these modalities in teaching hospitals as compared to special or general hospitals. However, there is a steep rise in new hospitals in the Asia Pacific region.

    The entry of multinational healthcare service providers is the main reason behind this growth. In this region, private companies provide the majority of healthcare services. Imaging modalities typically have their own dedicated space at new hospitals. The segment’s growth is anticipated to be fueled by rising competition and rising demand for world-class healthcare services in the coming years.

    Due to the increased adoption of advanced technology, improved infrastructure, and substantial funding for these centers’ expansion, it is anticipated that the diagnostic imaging segment will experience the highest rate of growth.

    Medical Imaging Market Share

    Key Market Segments

    Based on Type

    • Ultrasound
    • Computed Tomography (CT Scan)
    • Magnetic Resonance Imaging (MRI)
    • X-Ray
    • Other Types

    Based on Applications

    • Orthopedics
    • Neurology
    • Cardiology
    • Oncology
    • Gynecology
    • Other Applications

    Based on End-User

    • Hospitals
    • Diagnostic Imaging Centers
    • Specialty Clinics
    • Other End-Users

    Regional Analysis

    North America accounted as the dominant region in 2022, with the highest revenue share

    In 2022, North America held the largest revenue share in the medical imaging market at 36% of the global revenue. The growth of the regional market can be attributed to the large number of industry players and the frequent introduction of new products in this region.

    Owing to favorable reimbursement policies and funding from major market players, this region exhibits a high adoption of advanced and high-end medical imaging equipment. The aforementioned factors, coupled with the increasing aging population, a rise in the cases of chronic diseases, and the growing trend of preventive diagnostic practices, are expected to drive the regional market.

    The Asia Pacific market is expected to expand at the fastest CAGR during the forecast period, attributable to the rising incidence of chronic diseases and the popularity of advanced medical imaging. Additionally, it is anticipated that a growing number of local manufacturing units will likely offer diagnostic units at reasonable prices.

    Medical Imaging Market Region

    Key Regions

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Key Players Analysis

    It is anticipated that the recent trend of collaborations between local and global market players will likely result in market expansion. The development process is sped up, and market competition is intensified as a result of such collaborations and technology exchanges, resulting in sophisticated but cost-effective imaging systems. It is anticipated that the growth of the medical imaging market and robot-assisted surgery systems will likely benefit from the integration of imaging modalities with advanced surgical suit manufacturers.

    Market Key Players

    Listed below are some of the most prominent medical imaging market players.

    • FUJIFILM VisualSonics Inc.
    • Koninklijke Philips N.V.
    • Siemens Healthcare GmbH
    • Mindray Medical International Ltd
    • Hologic, Inc.
    • Canon Medical Systems Corporation
    • Samsung Medison Co., Ltd.
    • Cubresa Inc.
    • Esaote SpA
    • Other Key Players

    Recent Developments

    • In April 2022, The next-generation Revolution Aspire CT scanner was launched by Wipro GE Healthcare. It is an advanced imaging solution that is manufactured and designed end-to-end in India.
    • In July 2022, The Vantage Fortain MRI System at ECR 2022 was launched by Canon Medical. This MRI system features innovative workflow solutions, accelerated scan technology, and image enhancements, which together contribute to reducing the time required for MRI.

    Report Scope

    Report Features Description
    Market Value (2022) USD 29.2 Bn
    Forecast Revenue (2032) USD 48.8 Bn
    CAGR (2023-2032) 5.4%
    Base Year for Estimation 2022
    Historic Period 2016-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Type – Ultrasound, Computed Tomography (CT Scan), Magnetic Resonance Imaging (MRI), X-Ray, Other Types; By Application – Orthopedics, Neurology, Cardiology, Oncology, Gynecology, and Other Applications; By End User
    Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive Landscape FUJIFILM VisualSonics Inc., Koninklijke Philips N.V., Siemens Healthcare GmbH, Mindray Medical International Ltd, Hologic, Inc., Canon Medical Systems Corporation, Samsung Medison Co., Ltd., Cubresa Inc., Esaote SpA, and Other Key Players
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    Q: What are the segments covered in the Medical Imaging Market report?

    A: Market.US has segmented the Global Medical Imaging Market Value (US$ Mn) Analysis by Region, 2022 market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Product, market has been segmented into x-ray, ultrasound, computed tomography, magnetic resonance imaging. By End-Use, market has been further divided into hospitals, ambulatory imaging centers, diagnostic imaging centers, and other end-uses

    Q: Who are the key players in the Medical Imaging Market?

    A: GE Healthcare, Koninklijke Philips N.V., Mediso Ltd., MILabs B.V., Siemens Healthineers, TriFoil Imaging, PerkinElmer Inc., Cubresa Inc., and Other Key Players

    Q: Which region is more attractive for vendors in the Medical Imaging Market?

    A: North America accounted for the highest revenue share of 32% among the other regions. Therefore, the Medical Imaging Market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

    Q: What are the key markets for Medical Imaging?

    A: Key markets for Medical Imaging are US, China, Japan, India, Brazil, Germany, UK, France, Italy, Spain, etc.

    Medical Imaging Market
    Medical Imaging Market
    Published date: Oct 2023
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    • FUJIFILM VisualSonics Inc.
    • Koninklijke Philips N.V.
    • Siemens Healthcare GmbH
    • Mindray Medical International Ltd
    • Hologic, Inc.
    • Canon Medical Systems Corporation
    • Samsung Medison Co., Ltd.
    • Cubresa Inc.
    • Esaote SpA
    • Other Key Players
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