Medical Imaging Market Report, Size | Industry Analysis, 2030
The global Medical Imaging market size was estimated at USD 42.2 billion in 2021 and is expected to surpass around USD 78.1 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 7.08% during the forecast period 2022 to 2030.
Key Takeaways:
The increasing prevalence of lifestyle-related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased investment & reimbursement initiatives undertaken by the government, and expansions of new facilities by market players in developing nations, are said to boost the market growth. For instance, in June 2021 the government of India launched X-Ray Setu, a free Artificial Intelligence (AI)-based platform to aid doctors with the early COVID-19 interventions. In 2022, Siemens Healthineers introduced a new CT scanner production unit in India, to fulfill the growing demand for CT scanners and boost its market position.
Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.
Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players in the untapped market. The integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the market at the global level.
The development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care. Ongoing trials and studies to explore the potential of MRI technology for the early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.
Report Scope of the Medical Imaging Market
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Report Coverage |
Details |
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Market Size in 2022 |
USD 45.19 Billion |
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Market Size by 2030 |
USD 78.1 Billion |
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Growth Rate from 2022 to 2030 |
CAGR of 7.08% |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product, Application, End User, Geography |
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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
The ultrasound segment dominated the global market in 2021 and accounted for the largest share of more than 29% of the global revenue. The segment is expected to maintain its lead during the forecast period. The segment growth can be attributed to the rising number of ultrasound applications. Recent developments in advanced ultrasound transducers have opened new avenues for ultrasound devices in biomedical and cardiovascular imaging. Moreover, a high focus on the development of portable ultrasound devices is expected to expand the applications of this modality in ambulatory as well as emergency care. The integration of Artificial Intelligence (AI) into ultrasound systems to automate the process of image quantification and selection, is also expected to influence the market growth.
The CT segment is expected to witness the fastest CAGR during the forecast period. CT systems are one of the primary diagnostic tools for COVID-19 patients. High demand for Point of Care(POC) CT devices and the development of a high-precision CT scanner by the integration of AI & ML and advanced visualization systems are the principal factors driving the segment. In October 2019, Canon received the U.S. FDA nod for its Advanced Intelligent Clear-IQ Engine (AiCE), an AI technology for integration with its Aquilion Precision scanner. The technology helps in achieving precision diagnostic without the need to increase the dose. GE Healthcare, in March 2020, increased its manufacturing capacity by opening new production facilities, to meet the growing demand for advanced imaging tools, especially during the COVID-19 pandemic.
End-use Insights
The hospital end-use segment dominated the global market in 2021 and accounted for the largest share of more than 48% of the overall revenue. Rising demand for advanced imaging modalities and the integration of surgical suits with imaging technologies are some of the factors driving the segment growth. Some of the countries in developed regions have shown a sharp rise in demand for these modalities in teaching hospitals as compared to general or special hospitals. However, developing countries in the Asia Pacific region have shown a steep rise in the number of new hospitals.
This can be attributed to the entry of multinational healthcare service providers. Healthcare service in these countries is dominated by private players. New hospitals generally provide dedicated space for imaging modalities. Rising competition and increasing demand for world-class healthcare services are the factors expected to fuel the segment growth in the coming years. The diagnostic imaging segment is estimated to mark the highest growth rate due to the increased adoption of advanced technology, improved infrastructure, and high funding for the growth of these centers.
Regional Insights
North America dominated the overall market in 2021 and accounted for the largest share of more than 34% of the global revenue. The presence of a large number of industry players and the high frequency of new product launches within the region are the factors contributing to the regional market growth. The region exhibits high adoption of advanced, high-end medical imaging equipment due to favorable reimbursement scenarios and funding from market players. North America accounts for the highest spending on healthcare, in terms of GDP, with the U.S. spending nearly 19.9% of GDP on healthcare as of 2020.
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. On the other hand, the regional market in the Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period owing to the rising incidences of chronic diseases and high demand for advanced imaging devices. An increasing number of local manufacturing units is expected to provide moderately-priced diagnostic units, thus helping in this price-sensitive, underpenetrated market space.
Some of the prominent players in the Medical Imaging Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Medical Imaging market
By Product
By Application
By End User
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Benefits for Stakeholders
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Medical Imaging Market
5.1. COVID-19 Landscape: Medical Imaging Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Medical Imaging Market, By Product
8.1. Medical Imaging Market, by Product, 2022-2030
8.1.1 X-Ray Devices
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Magnetic Resonance Imaging (MRI)
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Ultrasound
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Computed Tomography
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Nuclear Imaging
8.1.5.1. Market Revenue and Forecast (2017-2030)
8.1.6. Mammography
8.1.6.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Medical Imaging Market, By Application
9.1. Medical Imaging Market, by Application, 2022-2030
9.1.1. Obstetrics and Gynecology Health
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Orthopedics and Musculoskeletal
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Neuro and Spine
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Cardiovascular and Thoracic
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. General Imaging
9.1.5.1. Market Revenue and Forecast (2017-2030)
9.1.6. Oncology
9.1.6.1. Market Revenue and Forecast (2017-2030)
9.1.7. Urology
9.1.7.1. Market Revenue and Forecast (2017-2030)
9.1.7. Breast Health
9.1.8.1. Market Revenue and Forecast (2017-2030)
9.1.9. Others
9.1.9.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Medical Imaging Market, By End User
10.1. Medical Imaging Market, by End User, 2022-2030
10.1.1. Diagnostic imaging centers
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Hospitals
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Others
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Medical Imaging Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Product (2017-2030)
11.1.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.3. Market Revenue and Forecast, by End User (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Product (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Product (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Product (2017-2030)
11.2.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Product (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Product (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Product (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Product (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Product (2017-2030)
11.3.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Product (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Product (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Product (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Product (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Product (2017-2030)
11.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Product (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Product (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Product (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Product (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Product (2017-2030)
11.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Product (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Product (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.3. Market Revenue and Forecast, by End User (2017-2030)
Chapter 12. Company Profiles
12.1. Siemens Healthineers
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Canon Medical Systems Corp.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. GE Healthcare
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Koninklijke Philips N.V.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Mindray Medical International
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Esaote
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Hologic
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Samsung Medison Co.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. FUJIFILM VisualSonics Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers