Medical Imaging Market Size Is Expanding To Around USD 78.1 Bn By 2030

Published Date : 23 Feb 2023

The global medical imaging market size accounted for USD 45.19 billion in 2022 and it is expanding to around USD 78.1 billion by 2030, growing at a CAGR of 7.08% from 2022 to 2030.

Medical imaging is a term used to describe the process of seeing the human body in order to diagnose illnesses and treat them. Medical imaging equipment commonly used in practice includes CT scanners, magnetic resonance imaging (MRIs), nuclear imaging, mammography, and ultrasound. It is a non-invasive method that aids doctors in evaluating the blood vessels, tissue, bones, and organs of patients. 

Medical imaging examinations can be carried out safely, quickly, and easily, and can help with the early and correct diagnosis, identifying consequences, and avoiding the need for exploratory surgery. Medical imaging is so commonly employed in the cardiothoracic, orthopedic, musculoskeletal, obstetrics & gynecology, and neurology fields.

Market Growth

The demand for improved medical imaging techniques has increased due to the rise in patients with pathological disorders and chronic illnesses. The need for sophisticated medical imaging technologies has increased in response to the growing need for detection instruments that can perform early illness diagnosis. 

The reporting time that is needed after the image has been scanned has decreased as a result of technological advancements. With the development of technology, imaging instruments' accuracy and precision have also increased. The market for medical imaging has also been encouraged by the increase in governmental standards and policies surrounding the reimbursement services given to patients.

Medical Imaging Market Report Scope

Report Coverage Details
Market Size in 2023 USD 48.39 Billion
Projected Forecast Value in 2030 USD 78.1 Billion
Growth Rate 7.08% from 2022 to 2030
Largest Market North American
Base Year 2022
Forecast Period 2022 To 2030
Segments Covered By Product, BY Application and By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

Regional Analysis

  • In 2021, North America held a disproportionately large share of the global market, contributing more than 33.00% of the total revenue. The abundance of major industry players and the high frequency of new product launches in the area are the main drivers of regional market expansion. Because of advantageous reimbursement policies and backing from industry players, the region has a high rate of adoption of cutting-edge, expensive medical imaging equipment. 
  • On the other hand, because of the increased demand for advanced imaging devices and the rising incidence of chronic diseases, the Asia Pacific region's market is predicted to expand at the quickest CAGR during the forecast period. The availability of reasonably priced diagnostic devices from local manufacturing facilities is anticipated to increase.

Market Dynamics

Market Drivers

Improved patient care is made possible by ground-breaking breakthroughs including artificial intelligence (AI), augmented intelligence, virtual reality (VR), and 3-D imaging, which help the market share grow. For instance, the surgical images provided by EchoPixel's virtual reality system assist surgeons in performing treatments for congenital heart abnormalities. New methods for nuclear imaging, portable and wearable scanners, etc. also contribute to the industry's expansion. 

For instance, without the requirement for an in-person hospital visit, mobile imaging technology aids in the diagnosis and monitoring of elderly patients. Brain activity can be found with a mobile magnetoencephalography (MEG) scanner. Identifying the precise place in the brain that is causing the problem, can improve the accuracy of the diagnosis of disorders like epileptic seizures. Medical imaging is now more user-friendly and is used more frequently in healthcare institutions, which encourages the global market's expansion.

Market Restraints

The cost of imaging treatments is very high, which has significantly slowed the market's expansion. The most expensive of the group, MRI scans are recommended only in the most urgent situations. On the other hand, it offers the best analysis of any condition and aids in obtaining the most precise image of the disease's prognosis that is now achievable. 

An obstacle to the market's expansion has been the public's growing awareness of the negative impacts of these imaging techniques. Patients who had a variety of imaging treatments reported a variety of side effects.

Market Opportunities

The incorporation of artificial intelligence (AI) to improve tissue-based detection and provide accuracy and sensitivity in the identification of imaging abnormalities is acting as another growth-inducing factor. Additionally, the rising demand for CT scans and MRIs to monitor COVID-19 lung infection is boosting the market's expansion. It is anticipated that additional factors, such as rising consumer spending power, significant research, and development (R&D) efforts, and the introduction of portable imaging devices, will fuel market expansion.

Segments Insight

Product Insights

Due to the widespread use of X-rays by the general public, the product has dominated the market. Any typical injury that occurs is followed by an x-ray imaging procedure that helps to determine the degree of the damage that has occurred and aids in determining the best course of therapy for the patient. Even in rural places where technology hasn't been widely used, most of this technology is still accessible. 

Because ultrasonography is available throughout the majority of the world, it is anticipated to increase at the quickest rate. Beginning with gynecological instances, general abdominal diseases are then followed by ultrasound imaging, which aids in identifying the likely cause of the disease.

End User Insights

Due to the presence of numerous facilities within the same boundaries, which enables patients to utilize these facilities without experiencing any inconvenience, the hospital sector has experienced the quickest increase in terms of end users. When a patient has an issue with their body, they go to this major facility. 

A hospital setting offers a wide range of amenities and services, as well as a skilled medical team, which serves as the segment's driving force. Due to the vast amount of space available, a hospital setup is capable of offering imaging procedures.

Recent Development 

  • In June 2021, The Canon Medical System Corporation has unveiled an improved version of the Aplio i-series, which is used for ultrasound. Sales of the company's medical imaging devices are anticipated to increase as a result of new technology and improved ultrasound techniques.
  • In April 2021, Carestream announced its partnership with Ziehm Imaging for the purchase of a C-arm equipment called the Ziehm Vision RFD. The market revenue of the company should increase as a result.

Major Key Players:

  • 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.

Market Segmentation:

By Product

  • X-Ray Devices
    • Digital
      • Direct Radiography Systems
      • Computed Radiography Systems
    • Analog
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
    • 2D Ultrasound
    • 3D Ultrasound
    • Others
  • Computed Tomography
  • Nuclear Imaging
  • Mammography

By Application

  • Obstetrics and Gynecology Health
  • Orthopedics and Musculoskeletal
  • Neuro and Spine
  • Cardiovascular and Thoracic
  • General Imaging
  • Oncology
  • Urology
  • Breast Health
  • Others

By End User

  • Diagnostic Imaging Centers
  • Hospitals
  • Others

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