"Designing Growth Strategies is in our DNA"

Medical Imaging Market Size, Share & Industry 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, 2024-2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI100382



Play Audio Listen to Audio Version

The global medical imaging market size was USD 40.33 billion in 2023 and is expected to grow from USD 42.67 billion in 2024 to USD 70.19 billion in 2032, exhibiting a CAGR of 6.4% during the forecast period (2024-2032). 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.

Furthermore, the outbreak of COVID-19 has had a negative impact on the global market, 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.

Medical Imaging Market Trends

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.

In addition, constant government support to launch new products is further contributing to the market growth. The U.S. FDA ensures that all the AI tools marketed have a positive benefit: risk ratio for patients.

  • In January 2024, according to the FDA publication, as of July 2023, overall 692 AI-enabled medical devices had received market authorization, out of which more than 75% accounted for radiology applications.

Currently, only a handful of players operating in the market are providing AI-enabled imaging technologies to the healthcare industry.

  • For instance, in November 2023, GE HealthCare announced the launch of MyBreastAI suite – a platform of AI apps, which assists in breast cancer detection and imaging workflows.

  • In October 2022, Google Cloud announced the launch of Medical Imaging Suite, a new technology to assist with the accessibility and interoperability of radiology and other imaging data.

Request a Free sample to learn more about this report.

Medical Imaging Market Growth Factors

Introduction of Technologically Advanced Systems to Propel Market Growth

The rising R&D focus of key players operating in the market to develop and introduce products with novel technology to cater to the growing number of population undergoing different imaging procedures is a crucial factor contributing to the rising adoption of these devices in the market.  Along with this, rising number of product approvals and launches that are integrated with artificial intelligence, machine learning, and other advanced features is another significant factor supporting the growth of the market.

  • For instance, in January 2024, Hyperfine, Inc. launched AI-powered brain imaging software, the Swoop system. The introduction of latest software enhances the image quality and introduces ease-of-use features, such as real-time aid for precise patient loading and positioning.

  • In December 2022, Fujifilm Healthcare Americas Corporation, a provider of diagnostic and enterprise imaging solutions, announced the launch of the SCENARIA View Focus Edition system. This Computed Tomography (CT) scanner is equipped with an advanced Cardiac Motion Correction feature, Cardio StillShot, which helps clinicians capture clear images of the heart using advanced 4D Motion Estimation technology.

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.

Medical Imaging Market Segmentation Analysis

By Type Analysis

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 market share in 2023. 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.

  • In July 2022, Siemens Healthineers AG launched a mobile x-ray system, Mobilett Impact. The device has all the advantages of mobile X-ray system for imaging patient’s at bedside at an economical price and with full digital integration

  • In July 2022, Koninklijke Philips N.V. announced integrating cloud-based artificial intelligence (AI) and 3-D mapping into its mobile C-arm System Series Zenition to enhance workflow efficiency and improve endovascular treatment outcomes.

However, the ultrasound segment is anticipated to grow at a considerable CAGR during the forecast period. The rising prevalence of chronic conditions related to heart, breast, among others, growing number of ultrasound scans among the patient population along with rising technological advancements in the equipment by market players are some of the prominent factors responsible for the growth of the segment.

  • In December 2022, Koninklijke Philips N.V. launched a new compact 5000 Series ultrasound system at RSNA 2022. The new system delivers the premium image quality needed to aid a confident diagnosis in a portable unit.

To know how our report can help streamline your business, Speak to Analyst

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.

The orthopedics segment dominated the application segment in 2023. 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.

  • According to an article published by Radiology Associates of Ocala (RAO) in December 2022, more than 7.0 million sports and recreation-related injuries are reported in the U.S. each year, ranging from sprains to bone fractures to concussions.

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.

By End-user Analysis

Increasing Patient Visits to Diagnostic Imaging Centers Segment led to the Segment’s Dominance

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.

  • According to an article published by HealthCare Appraisers, Inc., in July 2020, within the outpatient segment, there are more than 6,000 independent diagnostic testing facilities (IDTFs) in the U.S.

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 Medical Imaging Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

The market size in Asia Pacific stood at USD 15.35 billion in 2023. Asia Pacific is expected to register the highest growth rate during the forecast period (2024-2032), owing 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.

  • According to an article published by the Australian Institute of Health and Welfare (AIHW), in July 2022, around 27.7 million people in Australia underwent through diagnostic imaging services across non-hospital settings.

North America held the second-highest share of the global market in 2023. 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.

  • As per data published by Definitive Healthcare, LLC., in February 2023, around 18,861 imaging centers are present across the U.S.

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 market growth.

  • In July 2022, Canon Medical Systems Corporation launched the Vantage Fortian MRI system at the European Congress of Radiology (ECR) 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.

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.

  • According to data published by Pharma Boardroom Limited in April 2023, under Saudi Arabia’s Vision 2030 plan, the country has been activating the private sector’s participation in advancing the public-private partnership (PPP) model to step up the rollout of new and more efficient healthcare infrastructures.          

To know how our report can help streamline your business, Speak to Analyst

List of Key Companies in Medical Imaging Market

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 2023. 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.

  • In May 2023, GE HealthCare received U.S. FDA authorization for its Precision DL – a deep learning-based image processing software. The software advances medical imaging capabilities by offering more accurate, robust, and data-driven information as well as support proper workflows and exams.

  • According to GE HealthCare statistics, in 2021, the new Vscan Air hand-held ultrasound device was installed in more than 100 countries in the U.S. and Europe.

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.

  • In February 2024, Hologic, Inc. launched its FDA authorized digital cytology system, genius digital diagnostics system. The device combines deep-learning-based artificial intelligence (AI) with volumetric imaging technology to help identify cervical cancer cells and pre-cancerous lesions.

  • In April 2021, Hitachi, Ltd. launched its new Genius Digital Diagnostics System in collaboration with ZotzKlimas Diagnostics Laboratories in Germany. The system is a new technology of cervical cancer screening that combines deep learning-based artificial intelligence (AI) with advanced volumetric imaging technology to help identify pre-cancerous lesions and cervical cancer cells in women.



  • September 2023: GE Healthcare entered a collaboration agreement with Mayo Clinic to advance innovation in medical imaging and theranostics. The collaboration aims to provide advanced technologies to healthcare providers and clinicians which can help them to precisely treat and diagnose medical conditions and provide personalized treatment to patients.

  • December 2022, Koninklijke Philips N.V. launched a new Ultrasound Compact System 5000 Series that delivers premium image quality needed to aid in a confident diagnosis in a portable unit.

  • June 2022 - The newly-launched Symbia Pro.specta system by Siemens Healthcare GmbH, a single photon emission computed tomography/computed tomography (SPECT/CT) received the Food and Drug Administration (FDA) clearance that has advanced SPECT and CT imaging technologies.

  • 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.


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.

To gain extensive insights into the market, Request for Customization

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.4% from 2024-2032


Value (USD Billion)


By Type

  • Magnetic Resonance Imaging

  • Computed Tomography

  • X-ray

  • Ultrasound

  • Molecular Imaging

By Application

  • Cardiology

  • Neurology

  • Orthopedics

  • Gynecology

  • Oncology

  • Others

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

Fortune Business Insights says that the global market size was USD 40.33 billion in 2023 and is projected to reach USD 70.19 billion by 2032.

In 2023, the Asia Pacific regional market value stood at USD 15.35 billion.

Growing at a CAGR of 6.4%, the market will exhibit steady growth over the forecast period (2024-2032).

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.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 200

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“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
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.