USD 28.02 billion
Global Medical Imaging Market Size, Share, Growth Analysis, By Type(Magnetic Resonance Imaging, Computed Tomography), By Application(Cardiology, Neurology), By End User(Hospitals, Specialty Clinics) - Industry Forecast 2023-2030
Report ID:
SQMIG35B2140 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
96 |
Figures:
77
Global Medical Imaging Market Insights
Medical Imaging Market size was valued at USD 28.02 billion in 2021 and is poised to grow from USD 32.33 billion in 2022 to USD 47.4 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).
The rising prevalence of chronic diseases such as cardiovascular and neurologic disorders, as well as the realignment of healthcare systems, have resulted in a greater emphasis on early detection. The Centers for Disease Control and Prevention (CDC) estimates that coronary artery disease (CAD) affects 18.2 million adults in the United States alone each year. Diagnostic imaging is the use of various imaging modalities to obtain visual representations of a body's interior for diagnostic and therapeutic purposes. This includes a variety of modalities used to capture images of the human body for disease diagnosis and treatment, and thus plays an important role in improving overall health. According to a World Health Organization (WHO) report, approximately 3.6 billion diagnostic procedures are performed yearly. A total of 350 million examinations are performed on pediatric patients. This, along with the growing emphasis of government organizations on early disease diagnosis to control healthcare costs, influences the number of patients worldwide who undergo X-ray, magnetic resonance, and computed tomography scans.
New approaches to nuclear imaging, portable and wearable scanners, and other innovations contribute to the growth of the medical imaging industry. Mobile imaging equipment, for example, aids in the diagnosis and monitoring of elderly patients without the need for an in-person visit to the hospital. Brain activity can be detected using a mobile magnetoencephalography (MEG) scanner. This can improve the accuracy of diagnosis of conditions such as epileptic seizures by detecting the exact location in the brain that is causing the seizure. Such advancements in medical imaging technology make medical imaging more patient-friendly and increase its use in healthcare facilities, thereby promoting global market growth.
US Medical Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Magnetic Resonance Imaging
Fastest Growth
Magnetic Resonance Imaging
Growth Rate
4.9% CAGR
Global Medical Imaging Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
Global Medical Imaging Market Size By Type , 2021-2028 ($ Bn)
Global Medical Imaging Market Size By Type, 2021-2028 (%)
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Global Medical Imaging Market Segmental Analysis
Medical Imaging Market is segmented based on the type, application, end user and region. Based on the type, Medical Imaging Market is segmented into magnetic resonance imaging, computed tomography, x-ray, ultrasound, and molecular imaging. Based on application, Medical Imaging Market is segmented into cardiology, neurology, orthopaedics, gynaecology, oncology, and others. Based on end user, Medical Imaging Market is segmented into hospitals, specialty clinics, diagnostic imaging centers, and others. Based on region Medical Imaging Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Medical Imaging Market Analysis by Type
The global medical imaging market is segmented based on type into magnetic resonance imaging, computed tomography, x-ray, ultrasound, and molecular imaging. In 2021, the X-ray equipment segment held a commanding medical imaging market share. The increasing use of interventional x-ray systems such as C-arms and others for image-guided surgeries is driving the growth of this segment. Advances in C-arms, such as mini-c-arms based on digital radiography and flat panel detectors, have aided in increasing global demand for x-ray equipment. The ultrasound equipment segment, on the other hand, is expected to grow at a significant CAGR during the forecast period. As a result of unmet needs and growing demand for advanced equipment from healthcare settings around the world, new ergonomic models with clinical supremacy, such as portable ultrasound, are being introduced into the market.
Global Medical Imaging Market By Type, 2021(%), 2021 (%)
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Global Medical Imaging Market Regional Insights
The global medical imaging market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region is expected to account for the largest market. The growing number of patients undergoing diagnostic imaging procedures in the country is propelling the diagnostic imaging market in this region forward. Europe is expected to grow at a significant CAGR due to the presence of well-established healthcare facilities and the aging population's increasing demand for advanced healthcare systems. US is the leading country to have the most installed units of MRI systems per million population, at roughly 44 MRI systems per 100,000 people, just behind Japan which has 55 systems per 100,000 people. Due to rising chronic disease prevalence and demand for advanced diagnostic devices, Asia Pacific is expected to have the highest growth rate during the forecast period. Additionally, a large and ageing installed base of imaging equipment in Asia Pacific is presenting a lucrative opportunity for market players.
Global Medical Imaging Market By Geography, 2021 - 2028, 2023-2030
- Largest
- Fastest
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Global Medical Imaging Market Dynamics
Medical Imaging Market Driver
Technologically Advanced Propel Market Growth
- Elements such as the growing demand for early and cost-effective diagnosis of chronic diseases, as well as the world's ageing population, are expected to influence global demand for medical imaging equipment. Some of the key factors driving market growth are the introduction of technologically advanced devices and the developing healthcare sector in Asian countries.
Increasing Product Launches Will Drive Market Growth
- Medical imaging market companies are expected to make significant progress as imaging technologies advance, resulting in the availability of products in the medical imaging market that can provide more accurate imaging solutions.
Medical Imaging Market Restraints
- Many organisations, particularly in developing countries, lack the funding required to acquire top imaging systems, which is expected to limit market growth over the forecast period.
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Global Medical Imaging Market Competitive Landscape
Some of the major factors attributed to market dominance include a diverse portfolio of medical imaging equipment, as well as a strong and widespread distribution network globally. Siemens Healthineers, Canon Medical System Corporation, Samsung Medison, Koninklijke Philips, Carestream Health, Fujifilm, Esaote, GE Healthcare, Hologic, and Konica Minolta are among the key market players in the medical imaging industry. These players focus on strategic developments such as partnerships, acquisitions, new product launches, and commercialization in order to expand their market share. Furthermore, these players are heavily investing in R&D activities, allowing them to innovate and capitalise on these products, allowing them to maximise revenue in the industry.
Medical Imaging Market Top Player's Company Profiles
- Analogic Corporation
- Canon Medical Systems Corporation
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Canon Medical Systems Corporation
- Hologic Inc.
- Fujifilm Holdings Corporation
- Shimadzu Corporation
- Carestream Health
- Hitachi Medical Systems
- Samsung Medison
- Esaote S.p.A.
- Agfa-Gevaert Group
- Mindray Medical International Limited
- Koninklijke Philips N.V.
- Toshiba Medical Systems Corporation
- Ziehm Imaging GmbH
- Varian Medical Systems
- Curium Pharma
- Bracco Imaging S.p.A.
Medical Imaging Market Recent Developments
- In March 2022, Canon Medical Systems announced the acquisition of Nordisk Rntgen Teknik. Nordisk Rntgen Teknik is a market leader in diagnostic X-ray systems. This acquisition aided the company in establishing a global presence in the X-ray industry.
- In March 2022, Siemens Healthineers presented its new products MAGNETOM Free. Star and NAEOTOM Alpha in the MRI and CT pipelines at the 74th National Conference, IRIA 2022, in Bengaluru. By providing advanced medical imaging technology, these product launches helped the company expand its customer base.
Global Medical Imaging Key Market Trends
- One of the major factors driving market growth is the introduction of technologically advanced imaging equipment. The medical imaging market trends such as rising product demand during the forecast period is the increased use of advanced AI-enabled diagnostic equipment for rapid diagnosis and predictive analysis in developed countries.
Global Medical Imaging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global medical imaging market analysis, rising healthcare spending in both developed and developing countries drives up demand for medical imaging. Over the forecast period, all of these factors will drive the medical imaging industry. Furthermore, rising healthcare infrastructure and the adoption of innovative medical imaging modalities are expected to drive market growth in the coming years, as are increased R&D activities. Medical imaging techniques are widely used by healthcare specialties to diagnose disease conditions and guide treatment. Newer innovations and technological advancements in the field of medical imaging have contributed to the market's growth. Furthermore, ai in medical imaging market and treatment by allowing for the early and accurate detection of disease conditions.
The global medical imaging market research report offers a detailed analysis of the market's opportunities and focuses on key aspects such as leading companies, product types, and leading applications of the product. Aside from that, the global report provides insights into ai medical imaging market size, market growth trends as well as key industry developments. In addition to the aforementioned factors, the report includes several others that have contributed to the market's growth and advancement in recent years.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 28.02 billion |
| Market size value in 2030 | USD 47.4 billion |
| Growth Rate | 4.9% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Medical Imaging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Medical Imaging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Medical Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medical Imaging Market Report Snapshots
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