"Designing Growth Strategies is in our DNA"
The medical imaging market size was valued at USD 38.16 billion in 2022 and is expected to grow from USD 40.33 billion in 2023 to USD 61.51 billion in 2030, exhibiting a CAGR of 6.2% during 2023-2030.
The rising incidence of chronic diseases such as cardiovascular, neurology disorders, and other disorders, combined with the realigning healthcare systems, have led to an increase in emphasis on early diagnosis. According to the Centers for Disease Control and Prevention (CDC), in 2021, coronary artery disease (CAD) affected an estimated of 18.2 million adults annually 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 which plays a vital role in improving overall health.
The rising prevalence of chronic diseases such as cardiovascular, cancer, orthopedics, and diabetes is responsible for a growing number of diagnostic imaging procedures across the globe. As per the report published by the World Health Organization (WHO), approximately 3.6 billion diagnostic procedures are performed globally 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.
Decline in Hospital Visits during the Pandemic Led to a Decline in Demand for New Unit Shipments of Imaging Systems
The outbreak of COVID-19 has had a negative impact on the medical imaging industry, owing to the significant decline in patient visits to the hospitals. Key players, such as GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., and Siemens Healthcare GmbH, reported a significant decline in revenues during 2020. For instance, the Diagnostic Imaging segment of Koninklijke Philips N.V. recorded a 3.7% decline in revenues in 2020 as compared to the revenue generated in 2019.
Also, a significant decline in imaging procedures performed, and delays in elective procedures was observed during 2020 across major countries such as the U.S. and Europe. However, computed tomography (CT) scanner witnessed a comparatively higher demand during 2020 owing to the clinical efficiency of high-resolution CT scans (HRCT) in diagnosing 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.
However, in 2021, the key players operating in the medical imaging market observed a pre-pandemic shift owing to an increased number of image-guided procedures and execution of pending elective imaging diagnostic procedures. Additionally, the increasing penetration of imaging systems during the period is a significant factor responsible for the pre-pandemic growth of the market.
Request a Free sample to learn more about this report.
AI-enabled Medical Imaging Equipment to Fuel Product Demand
The introduction of technologically advanced imaging equipment is one of the major elements stimulating market growth. Increasing use of advanced AI-enabled diagnostic equipment for 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.
Thus, the introduction and demand of AI-enabled equipment for diagnostic imaging the globally are anticipated to drive the global medical imaging market growth.
Introduction of Technologically Advanced Systems to Propel Market Growth
Elements such as the growing demand for early and cost-effective diagnosis of chronic diseases and 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.
The launch of several new products is expected to spur demand hence propelling the growth of the market.
Frequent Product Recalls to Hinder Market Growth
Frequent product recalls in imaging equipment are one of the major elements anticipated to hamper the global market growth during the forecast period. For instance, In February 2021, Koninklijke Philips N.V. recalled 109 Incisive CT scanner systems for urgent medical device corrections.
This, combined with the 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.
To know how our report can help streamline your business, Speak to Analyst
Technological Advances in X-ray Systems to Augment Demand
Based on type, the market is segmented into magnetic resonance imaging, computed tomography, x-ray, ultrasound, and molecular imaging.
The x-ray segment held a dominant medical imaging industry share in 2022. This segment's growth is primarily driven by the increasing use of 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 segment is anticipated to grow at a considerable CAGR during the forecast period. New ergonomic models with clinical supremacy are being introduced in the market, such as portable ultrasound, due to the unmet needs and growing demand for advanced equipment from healthcare settings globally.
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.
The orthopedics segment dominated the application segment in 2022. The dominant share was attributable to the rising incidence rate of trauma, and sports injuries among the population, further boosting the use of medical imaging systems across healthcare settings. Moreover, rising technological advancements for effective and rapid medical intervention of orthopedic injuries also augmented segmental growth.
The oncology segment is expected to grow at a considerable CAGR during the forecast period. The increasing incidence of cancer across the globe, along with the 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 the oncology application segment.
Increasing Patient Visits to Diagnostic Imaging Centers Segment led to the Segment’s Dominance in 2022
Based on end users, the market is segmented into hospitals, specialty clinics, diagnostic imaging centers, and others.
The 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.
The hospital segment is anticipated to grow at a significant CAGR from 2023 to 2030. The segmental growth was attributed to the increase in hospital surgical centers across developed and developing countries, which is anticipated to increase the demand and utilization of medical imaging systems among patients. Furthermore, the growing number of surgeries among patients owing to the rising prevalence of cancer, and heart diseases, among others, is driving the demand for medical imaging systems in hospitals, further contributing to this market segment's growth.
Asia Pacific dominated the medical imaging market with a share of 37.68% in 2022 and was valued at USD 14.38 billion in 2022. Global market share to surge in Asia Pacific region due to the rising prevalence of chronic diseases and demand for advanced diagnostic devices. Additionally, a large and aging installed base of imaging equipment in the 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.
North America held the second-highest share of the global market in 2022. The increasing number of patients undergoing diagnostic imaging procedures in the country is propelling the growth of the diagnostic imaging market in this region. Moreover, the rising number of imaging centers across the region, owing to high demand across the region, further augmented the market growth.
Europe is anticipated to grow at a significant CAGR owing to the presence of well-established healthcare facilities coupled with increasing demand for advanced healthcare systems among the aging population. Moreover, the rising emphasis by key players on production, and the launch of technologically advanced devices across the region, further propelled the medical imaging industry growth.
Latin America is anticipated to grow at a comparatively lower share of the market owing to the presence of a huge underpenetrated market. Rapidly developing hospital networks in Middle East & Africa are poised to drive the market in the regions at a moderate CAGR during the forecast period. For instance, Mayo Clinic, a U.S.-based network, invested around USD 50.0 million in 2021 in an ongoing 741 bed hospital project in the UAE. Also, the public-private partnerships in Latin American countries are leading to the 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.
To know how our report can help streamline your business, Speak to Analyst
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 Healthcare GmbH are among the leading medical imaging players in the market in 2020. Moreover, the high emphasis of industry players on the introduction of technologically advanced and portable imaging equipment against traditional systems to aid in diagnostic imaging further propelled the medical imaging market share in the global market.
Other key players, such as Hitachi, Ltd., and Hologic Inc., Butterfly Inc., Analogic, and so on, have also entered the market competition by introducing novel and technologically advanced devices. Moreover, rising initiatives of collaborations among key players to expand their existing product portfolio further drives their company growth.
An Infographic Representation of Medical Imaging Equipment Market
To get information on various segments, share your queries with us
The global market report provides a detailed analysis 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.
CAGR of 6.2% from 2023-2030
Value (USD Billion)
By Type, Application, End User, and Region
By End User
Fortune Business Insights says that the global market size was USD 38.16 billion in 2022 and is projected to reach USD 61.51 billion by 2030.
In 2022, the Asia Pacific regional market value stood at USD 14.38 billion.
Growing at a CAGR of 6.2%, the market will exhibit steady growth in the forecast period (2023-2030).
The X-ray equipment segment is expected to be the leading segment in this market during the forecast period.
The introduction of technologically advanced products is one of the major factors driving the growth of the market.
GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare GmbH are the major players in the global market.
Asia Pacific dominated the market share in 2022.
The launch of AI-enabled products by market players is expected to drive the adoption of these devices globally.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry