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Medical Imaging Market size was valued at USD 28.02 billion in 2022 and is poised to grow from USD 32.33 billion in 2023 to USD 47.4 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

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. '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.'

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 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.

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.

The 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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Global Medical Imaging Market

Product ID: SQMIG35B2140