Medical Imaging Market Size, Share & Trends Analysis Report By Product (Computed Tomography (CT) Scanners, X-Ray Imaging Systems, Magnetic Resonance Imaging (MRI) Systems), By Application (Diagnostic Imaging, Clinical Review, Advanced Imaging), By Clinical Specialty (Oncology, Cardiology, General Imaging/Radiology, Obstetrics & Gynecology, Orthopedics, Mammography, Urology, Other Clinical Specialties) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global medical imaging market size was valued at USD 37.9 billion in 2022. It is projected to reach USD 60.32 billion by 2031, growing with a CAGR of 5.3% during the forecast period (2023–2031).

Medical imaging scans the whole body or specific body parts for diagnosing medical conditions or disorders. Medical imaging equipment comes in two types, portable and standalone, and is used in the hospital, diagnostic centers, and home care settings. Through non-invasive methods, medical imaging enables doctors to accurately evaluate patients' bones, organs, tissue, and blood vessels. The procedures guide doctors performing joint replacements or the treatment of fractures, assist other procedures involving the implantation of devices inside the body, locate tumors for treatment and removal, find blood clots or other blockages, and help determine whether surgery should be performed. In general, medical imaging has improved diagnosis and treatments by significantly lowering the amount of guesswork performed by doctors, enabling them to treat patients' illnesses and injuries effectively.

With the rising prevalence of chronic diseases and increasing awareness regarding the importance of early diagnosis are driving the global medical imaging market. The market growth is further supported by the growing number of hospital and diagnostic centers and rising per capita spending on healthcare in developing regions.

Market Dynamics

Global Medical Imaging Market Drivers

Aging Population

The aging population is a global concern, and in the majority of nations, its share in the total population is growing. The fall in reproduction rates and the improvement in healthcare quality, which has led to higher survival rates, are credited with this rise. In accordance with a report released by the UN, there will be 2.1 billion people in the world who are 60 years of age or older by 2050. Additionally, it is anticipated that between 2017 and 2050, there will be 325 million more people worldwide who are 80 years of age or older. Growth in aging populations is associated with a rise in the prevalence of chronic diseases. Additionally, as people age, falls are a significant concern that frequently results in hospital admissions and injuries in the elderly.

Technological Developments

The development of advanced imaging equipment is one of the drivers fueling the market's expansion. The increasing usage of potent AI-enabled diagnostic equipment for quick diagnosis and predictive analysis in developed countries is one of the main factors anticipated to considerably contribute to the rising product demand throughout the projection period. Only a few market companies are now providing AI-enabled imaging technology to the healthcare industry. The system is portable and lightweight with several artificial intelligence (AI)-based capabilities for smart workflows and cardiology features. Moreover, computer vision is used to diagnose conditions that the human eye cannot perceive. The availability and adoption of AI-enabled technology and computer vision are predicted to boost demand and support the growth of the medical imaging sector.

Regional Analysis

By region, the global medical imaging market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

North America is expected to dominate the market, owing to the developed healthcare infrastructure and services and increased prevalence of chronic diseases. The development of the sector in the region will be aided by the accessibility of advanced medical imaging modalities like portable ultrasonography and portable CT scanners that provide quick and pertinent health information for clinical evaluation. The demand for these systems will rise as more specialties—including cardiology, emergency medicine, obstetrics and gynecology, and critical care anesthesiology for ICU patients—adopt these technologies. In addition, the growing elderly population in the region will increase the need for medical imaging equipment to diagnose and treat diseases effectively.

Europe is expected to account for a significant share of the market based on the strong presence of major players in the region and a highly aware population regarding early diagnosis of severe diseases, including cancer and cardiovascular diseases. One of the major growth factors in this area is the significant investments made in the creation of high-tech medical imaging products and services. Growth has also been supported by the high disposable incomes of this country's population and the high healthcare costs. The market is also projected to expand, given the presence of a few well-known companies that provide medical imaging services, including Siemens and Accenture. Due to the growth of chronic diseases and the development of a technologically sophisticated health system, Germany is currently leading the European market.

Asia Pacific is the fastest growing market for medical imaging due to a huge population suffering from chronic diseases, increasing prevalence of cardiovascular disease, and developing healthcare and diagnostic infrastructure. Other factors anticipated to drive the growth of this market in APAC include an aging population, an increase in hospitals and diagnostic centers, supportive government policies and initiatives, rising healthcare costs, improved infrastructure, and a growing concentration of key players in this region. Additionally, several products are anticipated to be released throughout the course of the forecast year due to technological progress in the field, which may also have a beneficial impact on market growth. For instance, Philips announced the launch of Lumify, its portable ultrasound device, in Japan in July 2020. The primary purpose of the highly customizable Lumify system is to provide quick and easy access to diagnostic ultrasound imaging. The market's growth is accelerating as a result of such product introductions.

The Middle East & Africa is expected to grow significantly, owing to rising per capita income and healthcare expenditure. Latin America is expected to account for the least share of the global market owing to the poor healthcare infrastructure and lack of awareness regarding the severity of chronic diseases being diagnosed late. Cancer and cardiovascular diseases, technological advancements, the development of medical imaging reagents, and the high unmet need for medical and diagnostic imaging procedures are the factors that are driving the Middle East and African medical imaging market. Furthermore, the growing geriatric population is anticipated to increase demand for medical imaging because older people are more likely to suffer from chronic conditions.

Segmental Analysis

The global market can be segmented by product, application, and clinical specialty.

By product, the global market is segmented into computed tomography (CT) scanners, X-ray imaging systems, and magnetic resonance imaging (MRI) systems.

X-ray imaging dominates the market. X-ray imaging systems are segregated into modality and technology. Furthermore, the modality is segmented into portable devices and stationary devices. The technology is further divided into analog imaging and digital imaging. Due to their low cost and X-rays' capacity to provide precise images that give a clear idea of the musculoskeletal system, X-ray imaging systems lead the diagnostic imaging market. The demand for mobile X-ray systems is rising, hospitals and diagnostic facilities are expanding, especially in developing nations, digital technology is advancing, procedures are painless and non-invasive, and x-rays are less expensive than other modalities, which all contribute to the growth of this market.

Magnetic resonance imaging (MRI) systems are further divided into MRI Architecture, MRI Field Strength, Ultrasound Imaging Systems, Doppler Imaging, Nuclear Imaging Systems, and Mammography Systems. A large magnet and radio waves are used in MRI to examine organs and bodily structures. MRI scans are used by medical practitioners to identify a range of illnesses, from torn ligaments to cancer. The brain and spinal cord can be examined with MRIs.

By application, the global market is segmented into diagnostic imaging, clinical review, and advanced imaging.

Amongst applications, the diagnostic imaging segment is expected to hold the major market share owing to the rising incidences of chronic diseases. Diagnostic imaging refers to a wide range of techniques for examining the body to provide a diagnosis and discover the cause of a disease or damage. Doctors also use it to gauge how well a patient's body reacts to fracture or illness treatment. Clinical review and advanced imaging segments are expected to grow significantly, owing to the ongoing research & development activities.

Based on clinical specialty, the market is segregated into oncology, cardiology, general imaging/radiology, obstetrics & gynecology, orthopedics, mammography, urology, and other clinical specialties.

The cardiology segment is expected to account for the prime share of the market during the forecast period. Cardiac imaging studies cardiac structure and functioning. The tests are used by medical professionals to identify and treat cardiac problems. The oncology segment is expected to grow significantly at a high CAGR due to the increasing prevalence of numerous cancers across the globe.

Impact of covid-19

The pandemic led to a temporary lockdown of the nations, which on a wide scale hindered the verticals of businesses and the industry. The automobile industry, which primarily involves outdoor jobs, has been poorly exposed to the challenges that have contributed to a dramatic decrease in car sales. Furthermore, the instability of the supply chain market mainly due to the closing of national and foreign borders and the adherence to the decision not to use Chinese produced products hampered the growth of the market. However, the considerable spike seen in the sale of the automotive vehicle to limit the usage of public and crowded places may positively affect the growth of the market in the upcoming years.

Recent Developments

• November 2021- The Radiological Society of North America (RSNA) annual meeting saw the introduction of new AI-enabled advancements in MR imaging from Philips, a world leader in health technology. The new intelligent integrated MR portfolio from Philips is made to increase diagnostic quality, accelerate workflows, and assure the effectiveness and sustainability of radiology operations.
• October 2022- In order to increase the interoperability and utility of medical imaging data with artificial intelligence, Google Cloud has launched a new product suite. Hologic is utilizing it to boost its diagnostic platform that screens women for cervical cancer, and Hackensack Meridian Health has started using it to identify metastases in prostate cancer patients.