Medical Imaging Market Size, Share, Growth Opportunities Trends Analysis & Forecast Report, 2023-2030
Analysis from GMI Research finds that the Medical Imaging Market size was valued around USD 40.0 billion in 2022 and forecast to touch USD 59.6 billion in 2030, growing at a CAGR of 5.1% from 2023-2030.
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Medical Imaging Market Trends and Drivers
Medical imaging market is primarily driven by surge in the demand for early-detection tools and equipment, growing prevalence of chronic diseases in geriatric population and advancements in medical imaging techniques. People who are aged 60 years and above are more prone to pulmonary disease, neck pain, diabetes, and osteoarthritis, as compared to younger people due to lack of physical exercise and poor nutrition. As per World Health Organization’s (WHO) estimates, globally, the number of people older than 60 years, exceeded number of children aged below 5 years. And the proportion of population who are aged 60 years and more is likely to double between the period 2015 and 2050. As people are becoming more aged, they are likely to experience such diseases. Thus, the usage of medical imaging tools like X-rays, Ultrasound and CT scanner, will increase in future, as consumers are expected to go through these procedures for diagnosing these diseases, which in turn will create lucrative growth opportunities for medical imaging market in the coming years.
Favourable reimbursement policies of government for medicines, which is encouraging consumers to go through diagnostic procedures, coupled with growing demand for medical imaging from hospitals and increasing adoption of Artificial Intelligence (AI) for automating quantification and identification process, are some of the factors supplementing the growth medical diagnostic imaging market. AI in medical imaging market, finds its application in diagnosing diseases and detecting Fractures and musculoskeletal injuries, thus promoting early intervention. Additionally, 3D medical imaging market is driven by growing demand for optical images and growing acceptance for these devices by consumers. Advancements in medical imaging systems and analysis software and increasing public-private sector investments in medical imaging solutions, are projected to have a positive impact on medical image analysis software market. Market players are focusing on expanding their production facilities in developing countries. For instance, in April 2022, Siemens Healthier expanded its manufacturing facility in India with the launch of its new production line of CT scanners.
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As per medical imaging market forecast, Ultrasound segment is projected to hold a major share in the market attributed to increasing application of ultrasound devices in ambulatory and emergency care.
Due to advancements in the field of ultrasound transducers, usage of ultrasound devices in cardiovascular and biomedical images has increased. Additionally, integration of AI in ultrasound systems, is helping healthcare professionals to automate image selection process, which propelling growth of the segment.
As per medical imaging market analysis, CT Scanners segment is expected to grow at the fastest rate due to increasing demand for Point of Care (POC) CT devices. Incorporation of advanced visualization systems and AI and Machine Learning (ML), has radiologist in making clinical decisions assists in screening and diagnosis of diseases.
Based on End-Users, Hospitals segment is forecast to hold the largest medical imaging market share
Incorporation of suits with imaging technologies and growing demand for advanced imaging modalities, are some of the factors accelerating the segment’s growth. With the entrance of multinational healthcare service providers, the number of new hospitals is increasing rapidly in the Asia-Pacific region, which will increase the demand for medical imaging products in forth coming years. According to medical imaging market report, Diagnostic and Imaging Centers segment is expected to expand at highest CAGR owing to growing adoption of latest technologies and rise in the funding for these centers.
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According to medical imaging market research report, North American region is expected the capture the largest market share
North American medical imaging market is driven by increase in the launch of new medical imaging products, rise in consumers expenditure on healthcare services, growing geriatric population and high adoption of latest medical equipment. According to Canadian Institute for Health Information (CIHI), on an average, total expenditure per Canadian reached $8,587 in 2021, which indicates an increase of about 20% as compared to 2019.
Asia-Pacific medical imaging market is propelled by growing incidences of chronic diseases and surge in the demand for advanced imaging devices. As per recent estimates, around 17% of the number of diabetes patients worldwide are present in India alone. And the number of diabetic patients in the country will continue to rise to reach 135 million by 2045. As consumers are becoming conscious about their early diagnosis, demand for medical imaging techniques like MRI and X-rays will increase in in the region. Furthermore, growing number of manufacturing units, will enable the production of moderately priced diagnostic equipment.
Largest Medical Imaging Companies
Various notable players operating in the medical imaging market are Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., Ziehm Imaging Inc., Varian Medical Systems, Aribex Corporation, Carestream, Siemens Healthineers, and PerkinElmer Inc., among others.
Key Developments:
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- In November 2022, Carestream, major medical imaging company based in United States launched new X-Ray digital detectors, which is developed to improve clinical outcomes. This product launched increased company’s existing product portfolio.
- In March 2022, Canon Medical Systems announced that it has completed acquisition of Nordisk Røntgen Teknik A/S, a major manufacturer of X-Ray systems based in Denmark. This acquisition will help the company to strengthen its global X-Ray business.
- In June 2021, Canon Medical Systems commercially launched its Aplio i-series / Prism Edition, which comes with redesigned interface and ergonomics to facilitate quick scanning.
- In May 2021, Royal Philips introduced the launch of spectral detector-based CT 7500. This intelligent system is designed to provide spectral data of patients such as paediatric and cardiac.
- In November 2020, GE Healthcare, a major medical technology company based out of United States announced its plans to expand its AI, Digital and Imaging Solutions, which helped the company to generate more revenue.
Segments Covered in the Report:
The global medical imaging market has been segmented based on modality, technology, patient age, procedure, application, end-users, and regions. Based on modality, the market is segmented into stationary and portable. Based on technology, the market is segmented into direct digital radiology and computed radiology. Based on patient age, the market is segmented into adults and paediatrics. The procedure segment is further segmented into CT scanners, MRI scanners, nuclear medicine imaging, ultrasound, x-rays, and others. Based on application segment the market is segmented into cardiology, pelvic and abdominal, oncology, mammography, gynaecology, neurology, urology, musculoskeletal, dental and others. Based on end-users the market is segmented into hospitals, diagnostic and imaging centers, specialty clinics, ambulatory surgical centers and others.
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Report Coverage |
Details |
Market Revenues (2022) |
USD 40.0 billion |
Market Base Year |
2022 |
Market Forecast Period |
2023-2030 |
Base Year & Forecast Units |
Revenues (USD Billion) |
Market Segment | By Modality, By Technology, By Patient Age, By Procedure, By Application, By End-Users, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., Ziehm Imaging Inc., Varian Medical Systems, Aribex Corporation, Carestream, Siemens Healthineers, PerkinElmer Inc., among others; a total of 10 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Medical Imaging Market by Modality
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- Stationary
- Portable
Global Medical Imaging Market by Procedure
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- CT Scanners
- MRI Scanners
- Nuclear Medicine Imaging
- Ultrasound
- X-Rays
- Others
Global Medical Imaging Market by Technology
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- Direct Digital Radiology
- Computed Radiology
Global Medical Imaging Market by Patient Age
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- Adults
- Paediatrics
Global Medical Imaging Market by Application
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- Cardiology
- Pelvic and Abdominal
- Oncology
- Mammography
- Gynaecology
- Neurology
- Urology
- Musculoskeletal
- Dental
- Others
Global Medical Imaging Market by End-Users
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- Hospitals
- Diagnostic and Imaging Centers
- Specialty Clinics
- Ambulatory Surgical Centers
- Others
Global Medical Imaging Market by Region
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North America Medical Imaging Market (Option 1: As a part of the free 25% customization)
- By Modality
- By Procedure
- By Application
- By Technology
- By Patient Age
- By End-Users
- US Market All-Up
- Canada Market All-Up
-
Europe Medical Imaging Market (Option 2: As a part of the free 25% customization)
- By Modality
- By Procedure
- By Application
- By Technology
- By Patient Age
- By End-Users
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Medical Imaging Market (Option 3: As a part of the free 25% customization)
- By Modality
- By Procedure
- By Application
- By Technology
- By Patient Age
- By End-Users
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
RoW Medical Imaging Market (Option 4: As a part of the free 25% customization)
- By Modality
- By Procedure
- By Application
- By Technology
- By Patient Age
- By End-Users
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) All-Up
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Major Players Operating in the Medical Imaging (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Koninklijke Philips N.V.
- GE Healthcare
- Shimadzu Corporation
- Toshiba Medical Systems Inc.
- Ziehm Imaging Inc.
- Varian Medical Systems
- Aribex Corporation
- Carestream
- Siemens Healthineers
- PerkinElmer Inc.
Frequently Asked Question About This Report
Medical Imaging Market [UP808A-00-0620]
Medical Imaging Market size was estimated at USD 40.0 billion in 2022.
Medical Imaging Market is forecast to expand at a CAGR of 5.1% over the forecast period 2023-2030.
Hospitals segment is projected to dominate the market.
North American region is estimated to lead the market.
- Published Date: Jun - 2022
- Report Format: Excel/PPT
- Report Code: UP808A-00-0620
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Report is shared with unlimited user (employees) of the purchasing corporation only
Medical Imaging Market Size, Share, Growth Opportunities Trends Analysis & Forecast Report, 2023-2030
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