USD 37.85 billion
Report ID: SQSG35B2033 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 96 | Figures: 71
Global Medical Imaging Market size was valued at USD 37.85 billion in 2021, and it is expected to reach a value of USD 56.39 billion by 2028, at a CAGR of more than 5.86% over the forecast period (2022-2028).
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.
Global Market Size
USD 37.85 billion
Magnetic Resonance Imaging
Magnetic Resonance Imaging
more than 5.86% CAGR
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The global medical imaging market is segmented based on the type, application, end user and region. Based on the type, it is segmented into magnetic resonance imaging, computed tomography, x-ray, ultrasound, and molecular imaging. Based on application, it is segmented into cardiology, neurology, orthopaedics, gynaecology, oncology, and others. Based on end user, it is segmented into hospitals, specialty clinics, diagnostic imaging centers, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
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.
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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.
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Technologically Advanced Propel Market Growth
Increasing Product Launches Will Drive Market Growth
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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.
Top Player's Company Profiles
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.
|Market size value in 2021||USD 37.85 billion|
|Market size value in 2028||USD 56.39 billion|
|Growth Rate||more than 5.86%|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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Product ID: SQSG35B2033