Medical Imaging Market

Plastic Optic Fiber Market Report Thumbnail

Medical Imaging Market by Imaging Technology (X-ray Imaging, Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Ultrasound Imaging, and Nuclear Medicine Imaging), by Application (Diagnostic Imaging, Interventional Procedures, and Therapeutic Imaging), and by End User (Hospitals & Clinics, Diagnostic Imaging Centers, Ambulatory Surgical Centers, and Others) – Global Opportunity Analysis and Industry Forecast 2024-2030

  • Facebook
  • Linkedin
  • Whatsapp

Market Definition

The Medical Imaging Market size was valued at USD 34.58 billion in 2023 and is predicted to reach USD 49.39 billion by 2030 with a CAGR of 5.2% from 2024-2030. Medical imaging plays a pivotal role in modern healthcare, providing crucial insights into the human body for accurate diagnosis, treatment planning, and disease monitoring. This industry includes a wide range of imaging modalities, from traditional X-rays to advanced techniques such as magnetic resonance imaging (MRI) and computed tomography (CT) scanning. With continual advancements in technology, including digital imaging, 3D reconstruction, and artificial intelligence (AI) integration, medical imaging has evolved to deliver higher quality images, improved efficiency, and expanded clinical applications.

Market Dynamics and Trends

The rising incidence of chronic diseases, aging populations, and lifestyle-related conditions increases the need for diagnostic imaging for early detection, diagnosis, and treatment planning is fueling the demand for medical imaging solutions.  According to the World Population Prospects 2022, the global population aged 65 and above is expected to rise from 10% in 2022 to 16% in 2050.

Moreover, the growing demand for non-invasive diagnostic techniques preferred by patients and healthcare providers over invasive alternatives, leading to increased utilization of medical imagings.In addition, the rapid expansion of healthcare Infrastructure, including hospitals, diagnostic centers, outpatient facilities, and health tech boosts access to medical imaging, especially in emerging markets. According to the PitchBook Data, Inc., the global funding for digital health increased 99.5% in 2021 when compared to 2020.

However, the initial investment and ongoing maintenance costs associated with acquiring and maintaining advanced imaging equipment, such as MRI and CT scanners is too expensive particularly in resource-constrained settings. Thus, it is restraining the growth of medical imaging market. On the contrary, the introduction of AI-enabled medical imaging systems to assist radiologists in image interpretation, lesion detection, and diagnosis is expected to create ample growth opportunities for the market in the coming years. For instance, GE HealthCare debuts an AI-enabled MRI system at RSNA23, setting a new standard for patient comfort and faster, more precise medical imaging scans.

 

Market Segmentations and Scope of the Study

The medical imaging market is segmented on the basis of imaging technology, application, end user and region. Based on imaging technology, the market is divided into x-ray imaging, magnetic resonance imaging (MRI), computed tomography (CT), ultrasound imaging, and nuclear medicine imaging. Based on application, the market is categorized into the diagnostic imaging, interventional procedures, and therapeutic imaging. Diagnostic imaging is further sub-divided into orthopedic, cardiology, oncology, and neurology. On the basis of end user, the market is bifurcated into hospitals, specialty clinics, diagnostic centers and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and Rest of World (RoW).

 

Geographical Analysis

North America holds the major share of medical imaging market and is expected to continue its dominance during the forecast period. This is attributed to the factors such as the well-established healthcare industry in the U.S. and Canada provides a conducive environment for the growth of the market by ensuring accessibility, affordability, and quality of care for patients, driving sustained demand for diagnostic imaging services across various medical specialties and clinical settings. According to the Health Affairs, the health care spending in the U.S. reached USD 4.5 trillion and increased 4.1%, that is faster rate than in 2021 which grew at 3.2% in 2021.

Also, the presence of companies in North America introducing AI-enabled medical imagining which fuels the demand for the market across the region. In 2023, SimonMed Imaging introduced a nationwide AI-powered preventive care service called simonONE, offering affordable and rapid whole-body MRI screenings for early disease detection. This service aims to make preventative healthcare accessible and affordable, emphasizing early disease detection and personalized care plans.

On the other hand, Asia-Pacific medical imaging market is driven by its expansive and increasing population, coupled with a swiftly aging demographic. The rising population of individuals aged 60 and above, totaling 630 million in the region, underscores a notable requirement for medical imaging as age-related health issues become more prevalent, underscoring the necessity for advanced diagnostic solutions.

Moreover, the growing collaboration between prominent medical imaging providers and universities to enhance AI-powered cancer diagnostics in the region boost the market. In 2024, Lunit expanded its AI medical imaging solutions in East and Southeast Asia through partnerships with Chung Shan Medical University and Gleneagles Hospital Singapore. This strategic move aims to enhance cancer diagnostics in the region by providing advanced AI-powered solutions for lung and breast cancer detection in Taiwan and Singapore.    

 

Competitive Landscape

The medical imaging market comprising of various market players such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hologic, Inc., Hitachi Healthcare Americas, Fujifilm Medical Systems, Carestream Health, Shimadzu Corporation, Toshiba America Medical Systems, and others. These market players have undertaken various steps such as acquisitions, product and technological innovations to maintain their dominance in the medical imaging market.

For instance, in March 2024, GE Healthcare launched the advancement of AI innovation in healthcare with specialized foundation models powered by NVIDIA technology. This collaboration aims to enhance patient care by improving the speed and accuracy of ultrasound diagnostics.

Moreover, in February 2023, FUJIFILM India introduced a new line of healthcare imaging products, aiming to enhance diagnostic precision and image clarity for gastrointestinal diseases. This launch represents a significant step in providing advanced diagnostic and therapeutic services for patients, particularly in the field of gastrointestinal health, ultimately improving healthcare outcomes and saving lives globally.

KEY BENEFITS

  • The report provides quantitative analysis and estimations of the medical imaging market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

  • The study comprises a deep dive analysis of the medical imaging market including the current and future trends to depict prevalent investment pockets in the market.

  • Information related to key drivers, restraints, and opportunities and their impact on the medical imaging market is provided in the report. 

  • Competitive analysis of the players, along with their market share is provided in the report.

  • SWOT analysis and Porters Five Forces model is elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Imaging Technology

  • X-ray Imaging

  • Magnetic Resonance Imaging (MRI)

  • Computed Tomography (CT)

  • Ultrasound Imaging

  • Nuclear Medicine Imaging 

By Application

  • Diagnostic Imaging

    • Orthopedic

    • Cardiology

    • Oncology

    • Neurology

  • Interventional Procedures

  • Therapeutic Imaging

By End User

  • Hospitals and Clinics

  • Diagnostic Imaging Centers

  • Ambulatory Surgical Centers 

  • Others

By Region

  • North America

    • The U.S

    • Canada

    • Mexico

  • Europe

    • The UK

    • Germany

    • France        

    • Italy        

    • Spain        

    • Denmark        

    • Netherlands        

    • Finland        

    • Sweden        

    • Norway        

    • Russia        

    • Rest of Europe    

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia

    • Singapore

    • Taiwan

    • Thailand

    • Rest of Asia-Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 34.58 billion

Revenue Forecast in 2030

USD 49.39 billion

Growth Rate

CAGR of 5.2% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Growing incidence of chronic diseases & aging populations fuels the market.

  • Rising demand for non-invasive diagnostics techniques boost the market.

  • Rapid expansion of healthcare Infrastructure drives the market

Countries Covered

28

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • GE Healthcare

  • Siemens Healthineers

  • Koninklijke Philips N.V.

  • Canon Medical Systems Corporation

  • Hologic, Inc.

  • Hitachi Healthcare Americas

  • Fujifilm Medical Systems

  • Carestream Health

  • Shimadzu Corporation

  • Toshiba America Medical Systems

Bar chart Pie chart Pie chart

Download Free Sample

Please Enter Full Name

Please Enter Valid Email ID

Please enter Country Code and Phone No

Please enter message

Frequently Asked Questions

According to Next Move Strategy Consulting, the medical imaging market size reached USD 34.58 billion in 2023 and is expected to reach USD 49.39 billion by 2030, growing at a CAGR of 5.2% from 2024-2030.

The major players in the medical imaging market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, and Hologic, Inc., among others.

According to the Next Move Strategy Consulting, North America is dominating the medical imaging market at present.

The introduction of AI-enabled medical imaging systems to assist radiologists is expected to create future opportunities for the market.

The initial investment and ongoing maintenance costs associated with medical imaging is restraining the demand for the industry.
popular
$4,975
$3,975
$6,975
$2,975

This website uses cookies to ensure you get the best experience on our website. Learn more