The global medical imaging market was valued at USD 42.2 billion in 2021 and is expected to reach roughly USD 78.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.08% from 2022 to 2030.
The growing number of individuals suffering from chronic illnesses and pathological problems has increased demand for improved medical imaging techniques. The growing demand for detection technologies that can perform early disease diagnosis has increased the demand for advanced medical imaging systems. The reporting time required after the image has been scanned has also decreased significantly as technology has advanced. With technological improvement, imaging technologies’ accuracy and precision have also improved. The increase in government rules and laws governing patient reimbursement facilities has also strengthened the market for medical imaging.
One driving factor for the medical imaging market share is the increasing demand for advanced medical imaging technologies for better diagnosis and treatment of various medical conditions. The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders, along with an aging population, is driving the demand for medical imaging technologies. In addition, the increasing focus on minimally invasive procedures and personalized medicine is also driving the demand for medical imaging technologies that can provide detailed and accurate images for better diagnosis and treatment planning. Furthermore, the development of artificial intelligence (AI) and machine learning (ML) technologies is expected to further drive the growth of the medical imaging market by enabling more accurate and efficient image analysis and diagnosis.
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Market Segmentation:
Based on technology, Medical Imaging Market can be segmented into:
- X-ray imaging
- Ultrasound imaging
- Magnetic resonance imaging (MRI)
- Computed tomography (CT) imaging
- Nuclear imaging
- Others
Based on application, Medical Imaging Market can be segmented into:
- Cardiology
- Oncology
- Neurology
- Gastroenterology
- Orthopedics
- Gynecology
- Others
Based on end-user, Medical Imaging Market can be segmented into:
- Hospitals
- Diagnostic imaging centers
- Research centers
- Others
Key Players:
- General Electric Company
- Siemens Healthineers AG
- Koninklijke Philips N.V.
- Canon Inc.
- Hitachi, Ltd.
- Fujifilm Holdings Corporation
- Hologic, Inc.
- Shimadzu Corporation
- Carestream Health, Inc.
- Esaote SpA
- Samsung Electronics Co., Ltd.
- Toshiba Corporation
- Agfa-Gevaert N.V.
- Analogic Corporation
- Ziehm Imaging GmbH
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Regional Analysis:
North America dominates the medical imaging market, followed by Europe and the Asia Pacific region. This can be attributed to the high prevalence of chronic diseases, increasing healthcare expenditure, and the presence of major market players in the region. The North American region is also witnessing a high adoption rate of advanced medical imaging technologies such as MRI, CT scans, and nuclear imaging, which is further driving the growth of Medical Imaging Market in this region. The Asia Pacific region is expected to witness significant growth in the coming years, due to the rising geriatric population, increasing healthcare infrastructure, and growing demand for advanced medical imaging technologies.
Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Medical Imaging market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Medical Imaging would help in identifying future applications in this market.
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• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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• Market dynamics scenario, along with growth opportunities of the market in the years to come
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