Medical Imaging Market (By Product: X-Ray Devices, Magnetic Resonance Imaging (MRI), Ultrasound, 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)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

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:

  • By product, the ultrasound segment accounted highest revenue share of 29% in 2021.
  • North America medical imaging market was accounted at USD 12.32 billion in 2021.
  • By product, U.K. medical imaging market was valued at USD 2.1 billion in 2021.
  • The CT product segment is expected to witness the fastest CAGR during the forecast period.
  • By end user, the hospital segment has garnered 48% market share in 2021.
  • North America region has contributed 34% revenue share in 2021.

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

Report Coverage


Market Size in 2022

USD 45.19 Billion

Market Size by 2030

USD 78.1 Billion

Growth Rate from 2022 to 2030

CAGR of 7.08%

Base Year


Forecast Period

2022 to 2030

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

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:

  • 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.

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

  • 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

By Geography

North America

  • U.S.
  • Canada


  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Medical Imaging industry analysis from 2022 to 2030 to identify the prevailing Medical Imaging industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Medical Imaging industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Medical Imaging industry trends, key players, market segments, application areas, and market growth strategies.