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Medical Imaging Market Size, Share & COVID-19 Impact Analysis, Type (Magnetic Resonance Imaging, Computed Tomography, X-ray, Ultrasound, and Molecular Imaging), By Application (Cardiology, Neurology, Orthopedics, Gynecology, Oncology, and Others), By End User (Hospitals, Specialty Clinics, Diagnostic Imaging Centers, and Others), and Regional Forecast, 2021-2028

Report Format: PDF | Latest Update: Sep, 2022 | Published Date: Jan, 2022 | Report ID: FBI100382 | Status : Published

The global medical imaging market size was USD 36.19 billion in 2020. The market is expected to grow from USD 37.97 billion in 2021 to USD 56.53 billion in 2028 at a CAGR of 5.8% in the 2021-2028 period. The global impact of COVID-19 was unprecedented and staggering, with the market witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -1.3% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The rising incidence of chronic diseases such as cardiovascular, neurology disorders and so on, combined with the realigning healthcare systems have led to an increase in emphasis on early diagnosis. According to the Centers of Disease Control and Prevention (CDC), coronary artery diseases (CAD) affect an estimated 18.2 million adults each year in the U.S. alone. Diagnostic imaging refers to the use of different imaging modalities to get visual representations of the interior of a body for diagnostic and therapeutic purposes. This includes various types of modalities that are used to capture images of the human body for diagnosis and treatment of diseases, and hence plays a vital role in improving the overall health.


The rising prevalence of chronic diseases such as cardiovascular, cancer, orthopedic, and diabetes is responsible for a growing number of diagnostic imaging procedures across the globe. As per the report published world Health Organization (WHO), approximately 3.6 billion diagnostic procedures are performed worldwide every year. Out of all, around 350 million examinations are carried out on pediatric patients. This, along with the growing focus of government organizations on early diagnosis of diseases to control healthcare costs, also influences the number of patients undergoing X-ray, Magnetic resonance, and computed tomography scans globally.


Reducing Hospital Visits during COVID-19 Pandemic to Affect Medical Imaging Manufacturers


Outbreak of COVID-19 has had a negative impact on the global market. Key market segments reported overall negative impact owing to the significant decline in patient visits to the hospitals. The demand for Magnetic Resonance Imaging (MRI) systems and molecular imaging equipment was significantly hampered during the pandemic. Key players such as GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., and Siemens Healthcare GmbH, reported significant decline in revenues during 2020. For instance, Diagnostic Imaging segment of Koninklijke Philips N.V. recorded 3.7% decline in revenues in 2020 as compared to the revenue generated in 2019. 


In major countries such as the U.S. and European countries, significant decline was observed in imaging procedures performed during 2020. However, resumption of services in most of these countries, has led to revival of these examinations performed in 2021.


Additionally, decline in the revenues is also attributed to the delays in elective procedures. Due to the COVID-19 impact, new guidelines recommended by radiology departments to minimize cross-sectional imaging, interventional radiology, and ultrasound to reduce COVID-19 spread to staff and patients is an additional factor impacting the market. However, computed tomography scanners witnessed a comparatively higher demand during 2020 owing to the clinical efficiency of high-resolution CT scans (HRCT) in diagnosis of Covid-19 patients through chest scans. Citing the growing demand, market players ramped up the production of these modalities, aiming to balance the supply demand gap.


LATEST TRENDS



AI-enabled Medical Imaging Equipment to Fuel Product Demand


Introduction of technologically advanced imaging equipment is one of the major elements stimulating the market growth. Increasing use of advanced AI-enabled diagnostic equipment for the rapid diagnosis and predictive analysis in developed countries is one of the major factors anticipated to contribute to the rising product demand during the forecast period.


Currently, only a handful of players operating in the market are providing AI-enabled imaging technologies to the healthcare industry. For instance, October 2019, Siemens Healthineers launched an ultrasound system, Acuson Redwood, which offers an imaging solution for clinical departments including, radiology, cardiology and obstetrics/gynecology. The system is portable and lightweight with multiple artificial intelligence (AI)-based tools for smart workflows and cardiology features.



  • Moreover, in December 2020, Hologic, Inc. announced the U.S. Food and Drug Administration approval for Genius AI Detection technology for early detection of breast cancer. The introduction of AI-enabled equipment is anticipated to drive the demand leading to medical imaging market growth.


DRIVING FACTORS


Introduction of Technologically Advanced Systems to Propel Market Growth


Elements such as growing demand for early and cost effective diagnosis of chronic diseases along with the growing ageing population across the globe are anticipated to influence the demand for medical imaging equipment globally. The introduction of technologically advanced devices and the developing healthcare sector in Asian countries are some of the key factors driving the market growth.



  • For instance, In May 2020, Fujifilm Corporation launched new AI-based technology for lung nodule detection. This technology is used in detection of pulmonary nodules in chest CT scans to help in lung cancer diagnosis


Additionally, In November 2020, Canon Medical Systems Corporation launched One-Beat Spectral Cardiac CT, with rapid kVp switching and deep learning spectral reconstruction, to acquire whole-heart spectral images in one beat. The launch of several new products is expected to spur the demand hence propelling the growth of the market.


RESTRAINING FACTORS


Frequent Product Recalls to Hinder Market Growth


Frequent product recalls in the imaging equipment is one of the major elements anticipated to hamper the global market growth during the forecast period. For instance, In December 2020, Canon Medical System, USA, INC. recalled more than 60 Canon Aquilion Prime SP, Multislice Helical CT Scanner, TSX-303B/8L due to the software issue in the system.


This, combined with presence of a large and regulated refurbished equipment market, especially in emerging and lucrative markets such as China, and India, has limited the adoption of new and innovative equipment in these countries. Several established and domestic players have entered this segment offering low cost, and refurbished equipment to healthcare facilities globally. The overall cost-benefit ratio of these refurbished devices for small and medium sized healthcare facilities is higher, which has led to lower adoption of new systems / equipment in the global market.  


SEGMENTATION


By Type Analysis



Technological Advances in X-ray Systems to Augment Demand


Based on type, the global medical imaging market is segmented into MRI equipment, CT equipment, X-ray equipment, ultrasound and molecular imaging.


The X-ray equipment segment held a dominant market share in 2020. This growth of this segment is primarily driven by the increasing use of the interventional x-ray systems including C-arms, and others, for image-guided surgeries. The advances in C-arms, including mini c-arms based on digital radiography and flat panel detectors have been instrumental in augmenting the demand for x-ray equipment globally.


However, the ultrasound equipment segment is anticipated to grow at a considerable CAGR during the forecast period. New ergonomic models with clinical supremacy being introduced in the market such as portable ultrasound, as a result of the unmet needs and growing demand for advanced equipment from healthcare settings globally.


By Application Analysis


Prevalence of Orthopedic Disorders is Boosting the Growth of Segment


On the basis of application, the market segments include oncology, cardiology, orthopedics, gynecology, neurology, and others.


Orthopedics segment dominated the application segment in 2020. Increasing incidence of cancer across the globe, along with rising emphasis on early detection and diagnosis of cancer, is driving the demand for oncology imaging. This along with improving access to healthcare facilities and diagnostic imaging centers in emerging countries, is projected to drive the comparatively higher CAGR of oncology application segment.


By End-user Analysis


Diagnostic Imaging Centers Segment Held a Dominant Market Share in 2020


Based on end user, the market is segmented hospitals, specialty clinics, diagnostic imaging centers, and others.


Increasing number of diagnostic imaging centers in developed and emerging countries owing to consolidation in the market are prominent factors that can be attributable to the dominant share of diagnostic imaging centers segment. Hospitals segment is anticipated to grow at significant CAGR during the forecast period of 2021-2028.


REGIONAL INSIGHTS



The market size in North America stood at USD 11.03 billion in 2020. Increasing number of patients undergoing diagnostic imaging procedures in the country, are propelling the growth of the diagnostic imaging market in this region. Europe is anticipated to grow at significant CAGR owing to with the presence of well-established healthcare facilities coupled with increasing demand for advanced healthcare systems among the aging population. U.S. is the leading country to have most installed units of MRI systems per million populations, at roughly 44 MRI systems per 100,000 people, just behind Japan which has 55 systems per 100,000 people.


Asia Pacific is expected to register highest growth rate during the forecast of 2021-2028 owing to rising prevalence of chronic diseases and rising demand for advanced diagnostic devices. Additionally, a large and aging installed base of imaging equipment in Asia Pacific is presenting a lucrative opportunity for market players. This along with a rapidly developing healthcare and hospital infrastructure in the region, especially in countries such as China, and India, is anticipated to drive the demand for new medical imaging equipment during the forecast period.



Latin America is anticipated to grow at comparatively lower share of the market owing to the presence of a huge underpenetrated market. Rapidly developing hospital network in Middle East & Africa, are poised to drive the market in the regions at a moderate CAGR during forecast period. For instance, Mayo Clinic, a U.S.-based network, invested around USD 50 million in 2020, in an ongoing 741 bed hospital project in the UAE. Also, the public private partnerships in Latin American countries is leading to rapid development of hospitals, owing to increasing investments by the private sector. This is projected to lead to increasing demand for new medical imaging equipment in these countries.


KEY INDUSTRY PLAYERS


Extensive Distribution Network, Strong Portfolio, and Stout Brand Presence to Consolidate Market


A diverse portfolio of medical imaging equipment, combined with a strong and widespread distribution network globally, are some of the major factors attributed to the dominance of the players in the market. GE Healthcare, Philips, and Siemens Healthineers, are among the leading Medical Imaging players in the market in 2020. For instance, In May 2020, Koninklijke Philips N.V., launched EPIQ Elite a new ultrasound system for pediatric patients


Other key players such as Hitachi, Ltd., and Hologic Inc., Butterfly Inc., Analogic, and so on, have also entered the market competition with novel and technologically advanced devices. In October 2020, Butterfly Inc., introduced Butterfly IQ+, a mobile portable ultrasound system in the U.S.


LIST OF KEY COMPANIES PROFILED:



  • GENERAL ELECTRIC COMPANY (Massachusetts, U.S.)

  • Hitachi, Ltd. (Tokyo, Japan)

  • Shimadzu Corporation (Kyoto, Japan)

  • Siemens Healthcare GmbH (Erlangen, Germany)

  • Koninklijke Philips N.V. (Amsterdam, Netherlands)

  • Hologic, Inc. (Massachusetts, U.S.)

  • Samsung (Seoul, South Korea)

  • Fujifilm Holdings Corporation (Tokyo, Japan)


KEY INDUSTRY DEVELOPMENTS:



  • May 2021 – Siemens Healthcare GmbH launched Somatom X.ceed, a new and efficient version of the Somatom X.cite system that the company launched in 2019.

  • May 2021 – Koninklijke Philips N.V. launched Spectral CT 7500, a new flagship CT scanner intended to perform spectral imaging for routine daily use.

  • March 2021 – Hitachi, Ltd. launched two new permanent MRI systems APERTO Lucent Plus, a 0.4T permanent open MRI, and the AIRIS Vento Plus, a 0.3T at European Congress of Radiology.

  • July 2020 – FUJIFILM Sonosite, Inc. launched Sonosite PX ultrasound system. Sonosite PX is the next generation in Sonosite POCUS, with the most advanced image clarity.


REPORT COVERAGE



The global medical imaging market research report provides a detailed analysis and opportunities of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the global report offers insights into the market growth trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth and advancement of the market over the recent years.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



Type, Application, End User, and Region



By Type




  • MRI Equipment

  • CT Equipment

  • X-ray Equipment

  • Ultrasound

  • Molecular Imaging



By Application




  • Cardiology

  • Neurology

  • Orthopedics

  • Gynecology

  • Oncology

  • Others (Urology, etc.)



By End User




  • Hospitals

  • Specialty Clinics

  • Diagnostic Imaging Centers

  • Others



By Geography




  • North America (By Type, By Application, By End User, and by Country)

    • U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, By Application, By End User, and by Country)

    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Scandinavia (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, By Application, By End User, and by Country)

    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Australia (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)



  • Latin America (By Type, By Application, By End User, and by Country)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)



  • Middle East & Africa (By Type, By Application, By End User, and by Country)

    • GCC (By Type)

    • South Africa (By Type)

    • Rest of Middle East & Africa (By Type)




Frequently Asked Questions

How much is the medical imaging market worth?

Fortune Business Insights says that the global market size was USD 36.19 billion in 2020 and is projected to reach USD 56.53 billion by 2028.

What was the value of the medical imaging market in North America in 2020?

In 2020, the North America regional market value stood at USD 11.03 billion.

At what CAGR is the medical imaging market projected to grow in the forecast period (2021-2028)?

Growing at a CAGR of 5.8%, the market will exhibit steady growth in the forecast period (2021-2028).

Which is the leading segment in the market?

X-ray equipment segment is expected to be the leading segment in this market during the forecast period.

Which is the key factor driving the market?

Introduction of technologically advanced products is one of the major factors driving the growth of the market.

Who are the major players in this market?

GE Healthcare, Philips, and Siemens Healthineers are the major players in the global market.

Which region held the highest share in the market?

North America dominated the market share in 2020.

Which factor is expected to drive the adoption of these devices?

Launch of AI-enabled products by market players is expected to drive the adoption of these devices globally.

  • Global
  • 2020
  • 2017-2019
  • 180
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