Medical Imaging Market Key Findings, Size, and Share by 2031
The medical imaging market size is projected to reach US$ 38.16 billion by 2031 from US$ 26.61 billion in 2023. The market is expected to register a CAGR of 4.6% during 2023–2031. Introduction of 3D capabilities in medical imaging devices is likely to remain key trend in the market.
Medical Imaging Market Analysis
Increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population, and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations is fueling the growth of the medical imaging market. In addition, government initiatives to promote medical imaging for disease prevention, rising investment in R&D activities for development of innovative medical imaging, and increasing adoption of medical imaging in developing countries is fueling the growth of the market share.
Medical Imaging Market Overview
Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. Increasing focus on market players on introduction of technologically developed medical imaging for various diseases is fueling the growth of the market. India is ranked among the top 20 global medical devices manufacture and is the fourth largest medical devices manufacture in Asia, followed by Japan, China, and South Korea. The country is likely to experience potential growth on the back of its billion plus population base, health consciousness, economic prosperity, technological expertise, enrichment of skilled personnel, and developing facilities towards health.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Imaging Market: Strategic Insights
Medical Imaging Market
-
CAGR (2023 - 2031)
4.6%
-
Market Size 2023
US$ 26.61 Billion
-
Market Size 2031
US$ 38.16 Billion
Market Dynamics
GROWTH DRIVERS
- Introduction of technologically advanced systems which carry out advanced imaging
- Increasing demand for early diagnosis for rapid treatment
FUTURE TRENDS
- Introduction of 3D capabilities in medical imaging devices
OPPORTUNITIES
- Big Data and Analytics for advanced imaging
Key Players
- General Electric Company
- Siemens AG
- Koninklijke Philips N V
- SHIMADZU CORPORATION
- Hitachi Ltd
- Canon Inc
- Hologic Inc
- Carestream Health Inc
- ESAOTE SP
- Samsung Group
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product
- CT Systems
- X-ray Systems
- PET Systems
- MRI systems
- Ultrasound Systems
End User
- Hospitals
- OP Centers
- Clinicians Offices
- Emergency Care Centers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Imaging Market: Strategic Insights
-
CAGR (2023 - 2031)4.6% -
Market Size 2023
US$ 26.61 Billion -
Market Size 2031
US$ 38.16 Billion
Market Dynamics
- Introduction of technologically advanced systems which carry out advanced imaging
- Increasing demand for early diagnosis for rapid treatment
- Introduction of 3D capabilities in medical imaging devices
- Big Data and Analytics for advanced imaging
Key Players
- General Electric Company
- Siemens AG
- Koninklijke Philips N V
- SHIMADZU CORPORATION
- Hitachi Ltd
- Canon Inc
- Hologic Inc
- Carestream Health Inc
- ESAOTE SP
- Samsung Group
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- CT Systems
- X-ray Systems
- PET Systems
- MRI systems
- Ultrasound Systems
- Hospitals
- OP Centers
- Clinicians Offices
- Emergency Care Centers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Medical Imaging Market Drivers and Opportunities
Increasing Demand for Early Diagnosis to Favor Market
Diagnostic testing is a crucial component of the healthcare system, providing essential information to enable providers and patients to make the right clinical decisions. Around 75% of clinical decisions are based on a diagnostic test. Demand for access to quicker and accurate diagnosis is rising at a rate of 10% per year, increasing the cost and putting pressure on the capacity and capability of diagnostic providers. From the patient point of view, early detection and diagnosis can prevent unnecessary pain and suffering. It can also reduce the scale and cost of treatment. A large number of research links early diagnosis to measurable health benefits, such as improved survival rates and lower treatment costs. Further, government awareness will further propel the market growth. For instance, Be Clear on Cancer campaigns aim to enhance early diagnosis of cancer by promoting public awareness of signs and symptoms of cancer and encourage people to visit their GP without delay. Public Health England is responsible for the programme, collaborating with the Department of Health and NHS England. Thus, an increase demand for early diagnosis is fueling the growth of the medical imaging market.
Big Data and Analytics act as an Opportunity for Market Growth
According to an article on ITN, Dhaval Shah and Prashanth Kollaikal of CitiusTech which discussed the potential of big data in diagnostic imaging stated that new and interesting features in the radiology information system (RIS) and PACS systems, specifically those in the cloud. These might also include analytics and impressive reports on operational and clinical data is stated in the article. Enterprise-wide key performance indicators (KPIs) are derived from a variety of sources. These KPIs are used generally to suit the provider needs, and taking clinical and operational efficiency as well as patient comfort into consideration. Although these KPIs have been used for optimization for many years, the overall efficiency can be easily measured and can be improved with the technological proficiency of devices, increased modalities, advanced software systems, and mobile devices. Thus, growing focus on use of bid data and analytics in medical imaging acts as opportunity for medical imaging market growth.
Medical Imaging Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medical imaging market analysis are product, and end user.
- Based on product, the medical imaging market is divided into CT systems, X-ray systems, PET systems, MRI systems, ultrasound systems, and others. The X-ray systems segment held the largest market share in 2023.
- Based on end user, the medical imaging market is divided into hospitals, OP centers, clinicians’ offices, and emergency care centers. The hospitals segment held the largest market share in 2023.
Medical Imaging Market Share Analysis by Geography
The geographic scope of the medical imaging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The growth in North America is characterized by increase in the demand of medical imaging and services from hospitals & clinics, increasing number of patients undergoing diagnostic imaging procedures, high patient awareness, favorable reimbursement scenario and highest spending in healthcare. In addition, rising geriatric population, increasing number of chronic diseases and rising number of diagnostic and medical imaging centers among countries of the region are likely to account for the growth of the North American medical imaging market during the forecast years. The U.S has many advanced surgical treatment clinics and an increasing number of orthopedic surgical procedures. The rising geriatric population is one of the factors for the growth of the market. The increase in the aging population reflects more population undergoing medical treatments. Growing prevalence of cancer is expected to raise the demand for medical imaging devices in the US.
Medical Imaging Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 26.61 Billion |
Market Size by 2031 | US$ 38.16 Billion |
Global CAGR (2023 - 2031) | 4.6% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Product
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Medical Imaging Market News and Recent Developments
The Medical Imaging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the medical imaging market are listed below:
- FUJIFILM India expanded its product and solutions portfolio at the at the 75th National Conference of the Indian Radiological and Imaging Association (IRIA). Launched at IRIA 2023, the Arietta 850 DeepInsight and Arietta 650 DeepInsight are the latest ultrasound technology offering from FUJIFILM India. The new imaging brand “DeepInsight” consists of 5 elements Accuracy, Reproducibility, Visibility, Efficiency & Utilization of AI. (Source: Fujifilm, Company Website, February 2023)
- FUJIFILM Healthcare Americas Corporation received FDA 510(k) clearance of its new 1.5 Tesla magnetic resonance imaging (MRI) system, the ECHELON Synergy. The system employs Synergy DLR, Fujifilm’s proprietary Deep Learning Reconstruction (DLR) technology powered by artificial intelligence (AI), to enhance the sharpness of images and acquire scans faster, contributing to higher throughput, image quality and patient satisfaction. (Source: Fujifilm, Company Website, August 2023)
Medical Imaging Market Report Coverage and Deliverables
The “Medical Imaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Rapid test kits market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Rapid test kits market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Rapid test kits market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medical imaging market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the medical imaging market in 2023.
Introduction of technologically advanced systems and increasing demand for early diagnosis are among the most influential factors responsible for the market growth.
Introduction of 3D capabilities in medical imaging devices is likely to remain key trends in the medical imaging market.
General Electric Company, Siemens AG, Koninklijke Philips N.V., SHIMADZU CORPORATION, Hitachi, Ltd., Canon Inc., Hologic, Inc., Carestream Health Inc., ESAOTE SP and Samsung Group are among the key players operating in the market.
The medical imaging market is estimated to reach US$ 38.16 billion in 2031.
The medical imaging market is anticipated to record a CAGR of 4.6% during 2023–2031.