Medical Imaging Market Size, Trends, Growth, Report 2032

The global medical imaging market size was estimated at USD 46.94 billion in 2023 and is projected to hit around USD 71.57 billion by 2032 with a CAGR of 4.80% from 2023 to 2032.

Key Points:

By product, the ultrasound segment accounted highest revenue share of 30% in 2022.
North America medical imaging market was accounted at USD 13 billion in 2022.
By product, U.K. medical imaging market was valued at USD 3 billion in 2022.
The CT product segment is expected to witness the fastest CAGR during the forecast period.
By end user, the hospital segment has garnered 49% market share in 2022.
North America region has contributed 36% revenue share in 2022.

The increased prevalence of chronic disease among the people has given rise to the need of imaging techniques in order to and decide the prognosis of the disease and thus decided a suitable line of treatment for the patient. The imaging techniques are mainly used in the orthopedic field where a clear picture of the structural changes is required by the doctor in order to decide a line of treatment for the patient.

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The gynecological field also shows a great demand for the imaging techniques in order to make a proper judgment regarding the pathological and structural changes inside the abdomen and pelvic region of the person. More advanced imaging techniques are used when the basic imaging procedures fail to detect a problem with the patient.

Regional snapshots

The North American market has dominated the segment as a result of the huge geriatric population residing in this region Who are prone to multiple chronic diseases and bone disorders. The increased prevalence of road accidents and chronic diseases among the people has increased the need for advanced technology in the field of medical imaging in order to provide better services to the people.

The Asia Pacific region has proved to be a huge market for the medical imaging as a result of the rapid technological advancements seen in this sector. The European market has also proved to be very beneficial for the growth of the market due to the advanced facilities which are provided by the government. The Middle Eastern countries have also shown a significant growth as a result of the excellent facilities provided with the use of advanced technologies.

Table of Contents

Report Scope of the Medical Imaging Market

Report Coverage	Details
Market Size in 2023	USD 46.94 Billion
Market Size by 2032	USD 71.57 Billion
Growth Rate from 2023 to 2032	CAGR of 4.80%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Application, End User, Geography

Medical Imaging Market Dynamics

Drivers

The rapid advancements which are seen in the imaging technology has helped the market to record a considerable growth during the forecast period. The incremental innovations done by the key market players in order to attract the potential consumers has proved to be a driving force for the market. The increasing disposable income of the people as a result of the high-income capacity has helped the market to record a considerable growth.

The rapid increase in the number of chronic diseases which are seen in the market has helped to boost the market size tremendously. Increasing awareness regarding the health care sector among the people has also boosted the market size considerably as a result of technological advancements. The rapidly increasing geriatric population in the world has propelled the demand for advanced imaging technology in order to provide the best possible services to the people. These multiple reasons prove to be the driving factors for the growth of the medical imaging market during the forecast period.

Restraints

The high cost which is associated with the use of advanced technology has proved to be a restraining factor for the growth of the medical imaging market. Lack of disposable income possessed by the people residing in the developing and underdeveloped countries has proved to be a barrier for the growth of the market during the forecast period. The lack of awareness regarding the health care facilities provided by the private and the governmental organizations has hindered the growth of the market.

There is also a lack of awareness regarding the reimbursement facilities which are provided by the insurance companies and hence people avoid the visits to the health care centers. The difficulties which are faced by the common people in order to obtain reimbursement from the insurance companies has also hindered the growth of the market to a great extent these multiple reasons prove to be the restraining factors for the growth of the market during the forecast period.

Opportunities

With the rapid advancements in technology regarding the imaging methods, people have shown acceptance towards the changing methods which has helped the market to grow. The new government policies which have been laid down in order to provide better health care facilities to the people has supported the growth of the market to a great extent.

A number of government initiatives have come up in order to encourage the people to take advantage of the various health care facilities which include the imaging procedures as well. The introduction of artificial intelligence into the imaging procedures has helped the market to find new opportunities in the healthcare sector. The chances of human error are eliminated with the use of artificial intelligence. These multiple reasons prove to be the opportunities for the growth of the market during the forecast period.

Challenges

The lack of skilled labor force in order to operate the advanced technology and machines has proved to be a great challenge for the medical imaging market. Risk cannot be taken regarding the skilled medical staff as it is directly related to the functioning of these costly machines.

The high cost which is associated with the use of these advanced technologies has proved to be a great challenge for the growth of the market as it cannot be afforded by the developing countries who have a weaker economic background. The lack of awareness regarding the health care facilities provided by the government has also proved to be a great challenge for the growth of the market.

Recent developments

In June 2021, updated Aplio i-series which is used for ultrasound has been introduced by the Canon Medical System Corporation. Advanced technologies with redesigned ultrasound methods is expected to boost the company’s medical imaging device sales.
In April 2021, Carestream disclosed it’s collaboration with Ziehm Imaging for the supply of Ziehm Vision RFD which is a C- arm machine. This is expected to propel the company’s market revenue.

Key market players

Siemens Healthineers
Canon Medical Systems Corp.
GE Healthcare
Koninklijke Philips N.V.
Mindray Medical International
Esaote
Hologic
Samsung Medison Co.
FUJIFILM VisualSonics Inc.
Cubresa Inc.
Koning Corporation
PerkinElmer Inc.

Segments Covered

By Product

X-Ray Devices
- Digital
  - Direct Radiography Systems
  - Computed Radiography Systems
- Analog
Magnetic Resonance Imaging (MRI)
Ultrasound
- 2D Ultrasound
- 3D Ultrasound
- Others
Computed Tomography
Nuclear Imaging
Mammography

By Application

Obstetrics and Gynecology Health
Orthopedics and Musculoskeletal
Neuro and Spine
Cardiovascular and Thoracic
General Imaging
Oncology
Urology
Breast Health
Others

By End User

Diagnostic imaging centers
Hospitals
Others

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa