The global medical imaging market size was estimated at USD 45 billion in 2022 and is projected to hit around USD 71.57 billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 4.80% during the forecast period 2023 to 2032.
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Key Takeaways:
The increasing number of patients suffering with chronic ailments and pathological disorders has boosted the demand for advanced medical imaging techniques. An increasing demand for detection tools which can perform early diagnosis of diseases has boosted the demand for advance medical imaging devices. With the improvement in the technology the reporting time which is required after the image has been scanned has also reduced considerably. The accuracy and precision of the imaging devices has also improved with the advancement in technology. The improvement in the government norms and policies regarding the reimbursement facilities provided to the patients has also boosted the market for medical imaging.
The rise in the numerous chronic diseases among the people as also helped the market to show a considerable growth during the forecast period. As the result of this repeated follow ups are required along with multiple imaging test which help to predict a prognosis for the case. This helps the medical expert to have a clear picture regarding the line of treatment to be followed and the possibilities of cure. Thus, the reliability of treatment increases and helps the patient to have faith in the health care sector. These imaging techniques include the X-Ray scan, CT scans and MRI scan. These respective imaging procedures are advised according to the requirement of the case. The pathological changes that have taken place in the body of the individual can be clearly observed with the help of the scans and images produced by the machine. A suitable line of treatment can be selected depending up on the disposable income of the patient. The high cost associated with the imaging procedures has hampered the growth of the market to a great extent. MRI scans prove to be the costliest among the group which is advised only if very essential. On the other hand, it provides the best study possible for any disease and helps to have the clearest picture available regarding the prognosis of the disease process. The increasing awareness among the people regarding the side effects of these imaging techniques has proved to be a challenge for the growth of the market. The number of side effects have been observed in the patients who have undergone multiple imaging procedures.
The occurrence of the pandemic had a negative as well as positive impact on the medical imaging market. The market suffered a negative impact as a result of the selective behavior of the hospital regarding the procedures performed in order to avoid cross infection to the patient as well as the medical staff. In order to reduce the risk of spread of diseases regular checkups and follow-ups were avoided by the hospitals and only covid cases were delt with. This reduces the number of cases for the imaging procedures which included the orthopedic patients. Orthopedic surgery is suffered the most due to this pandemic. CT scans and MRI of the other parts of the body were avoided in order to keep the machines available for the covid patients. Increasing risk to the patients who were scanned with the same instruments for imagine as the other infected patients has hampered the growth of the market tremendously.
Growth factors
With the advancement in the technology the use of modern devices for imaging techniques has helped to boost the market for medical imaging. Medical imaging is mainly required in order to detect the pathological changes and structural deformities in the human body. A huge number of people suffer with traumatic injuries who required the imaging techniques in order to detect the structural deformities and pathological changes in the body. A huge number of people in the world belong to the geriatric population who suffer with multiple chronic diseases which require the imaging techniques in order to decide the prognosis of the disease which helps to select a suitable line of treatment for the patient. Imaging techniques with artificial intelligence have been introduced during the pandemic in order to make a proper judgement regarding the condition of the patient and hence take the necessary steps for the further treatment. Multiple steps have been taken teaching hospitals in order to provide a proper training to the medical staff regarding the advance technology is used which has a significant role to play in the health care sector.
The introduction of artificial intelligence into the imaging techniques has helped to provide better results and the boosted the growth of the market during the forecast period. A number of lucrative offers have been introduced by the key market players in order to increase the demand for imaging techniques among the patients. Attractive reimbursement facilities which have been provided by the insurance companies helps to boost the market to a great extent. The insurance companies are making constant efforts in order to provide the best facilities to the patient you order to encourage them to purchase bigger policies. This is indirectly helping the medical imaging market to record a huge revenue return from the market. The use of the imagine techniques have been made in order to observe the minute changes which are invisible to the human eye. It helps in deciding a proper diagnosis for the condition of the patient which helps to select proper line of treatment for the patient.
The large disposable income which is present with the people in the developed nations has encouraged people to opt for imaging procedures in order to get a proper treatment done. The medical imaging market has also seen a tremendous growth due to the presence of the sports sector which presents a number of injuries which require special imaging techniques in order to provide a quicker and accurate treatment to the patient and restore health faster. Sports medicine makes use of the imagine techniques on a large scale in order to increase its accuracy and precision in treating the patients properly with the best services. These multiple reasons prove to be the growth factors for the market during the forecast period.
Report Scope of the Medical Imaging Market
| Report Coverage | Details |
| Market Size in 2023 | USD 46.94 Billion |
| Market Size by 2032 |
USD 71.57 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.80% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Application, End User, Geography |
| Companies Mentioned |
Siemens Healthineers, Canon Medical Systems Corp., GE Healthcare, Koninklijke Philips N.V., Mindray Medical International, Esaote, Hologic, Samsung Medison Co., FUJIFILM VisualSonics Inc., Cubresa Inc., Koning Corporation, PerkinElmer Inc. |
Product Insights
On the basis of product, X ray have dominated the segment as a result of its extensive use by the common people. Any regular injury which takes place is followed by an x-ray imaging process which helps to detect the extent of damage that has taken place and helps the position to decide a suitable line of treatment for the patient. This technology is mostly available even in the rural areas where technology haven't been seen on a large scale.
The ultrasound segment is expected to show the fastest growth as a result of its availability in most of the parts of the world. Beginning from gynecological cases to general abdomen related disorders are followed by and ultrasound imaging which helps to detect the probable causes of the disorder. This segment proves to be the fastest growing market as a result of its extensive use in the health care system in order to detect the smallest changes in the abdomen and pelvis region of the body. The use of magnetic resonance imaging techniques have been seen rapidly in the cases where normal scans did not provide sufficient evidence regarding the disorder presented by the patient. This technology faces some barriers as a result of its high cost which is not easy to bear with for the common people. The other technologies which are used include computer tomography and nuclear imaging which provide accurate results and help in deciding a prognosis of the case.
End User Insights
On the basis of end user, the hospital sector has shown the fastest growth as a result of the availability of multiple facilities within the same limits which helps the patient to take advantage of these facilities without facing any discomfort. It is a primary center where a patient visits after they face any problem with their body. A hospital setup provides a huge variety of facilities and services along with a trained medical staff which proves to be or driving force for this particular segment. A hospital setup is potent enough to provide with facilities of imaging techniques as a result of the huge space available.
A diagnostic imaging center also provides with adequate facilities required for the imaging processes. This segment is also expected to show a great revenue return in the coming years. This facility is mainly made use of by the general clinics and small health care setups who cannot afford to keep these types of machines. The drawback in this segment is that, the availability of various other facilities is absent which proves to be or challenge for the market. The other segments under this category include the portable type of imaging devices which are usually used by the clinics and the small healthcare centers in order to provide multiple services to the patient and thus increase its revenue.
Geography Insights
On the basis of geography, the North American market has dominated the segment as a result of its rapid technological advancement. The multiple facilities which are provided by the government to the people in order to maintain their health has helped the region to be a great opportunity for this market. The high prevalence of chronic diseases as a result of the huge geriatric population residing in this region, the demand for advanced imaging techniques has increased tremendously.
The Asia Pacific region also has shown a considerable growth as a result of the rapid development which is taking place in the healthcare sector. The European market is the next in line which has recorded a significant growth as a result of its rapid technological advancements.
Recent developments
Key market players
Segments Covered
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By Product
By Application
By End User
By Geography
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