Medical Imaging Market to Grow Gradually by Achieving a Valuation of USD 61.51 Billion by 2023 with a CAGR of 6.2% during the Forecast Period Integration of Technologically Advanced Systems to Drive Market Growth

The medical imaging market size is projected to grow from USD 40.33 billion in 2023 to USD 61.51 billion by 2030. As per a report by Fortune Business Insights™ titled “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, 2023-2030”, the market stood at USD 38.16 billion in 2022. It is set to exhibit a CAGR of 6.2% during 2023-2030. 

The growing occurrence of prolonged diseases such as cancer, diabetes, cardiovascular, orthopedics, and neurology disorders accounts for the rising number of diagnostic imaging processes globally. Diagnostic imaging is used to get visual representation of the internal parts of the body that helps in therapeutic purposes. Increasing focus of government on early diagnosis of diseases to regulate healthcare costs influencing the number of patients undergoing magnetic resonance, X-ray, computed tomography scans worldwide.

Canon Medical Introduced New 80/160-slice Computed Tomography (CT) Scanner to Foster Market Growth

In March 2023, Canon Medical launched the new 80/160-slice computed tomography (CT) scanner Aquilion Serve at the European Congress of Radiology (ECR), which allows simultaneous previews of AP views, axial and lateral. This device delivers consistent imaging results, better image quality, faster throughput, and lower radiation, creating more time for patient care.

Decrease in the Hospital Visits Owing to COVID-19 Pandemic Led to a Decline in Demand for New Unit Shipments of Imaging Systems

The outbreak of COVID-19 impacted the market for medical imaging negatively. Due to the considerable decline in patient visits to hospitals, the market witnessed a decrease in the overall medical imaging market share. A decrease in revenues is also credited to the delays in elective procedures. For instance, in major countries such as the U.S. and Europe, a considerable decline was observed in imaging procedures performed during 2020.

Integration of Technologically Advanced Systems to Drive the Market Growth

The incorporation of technologically advanced devices and the developing healthcare sector in Asian countries are anticipated to drive market growth. The increase in demand for cost-effective and early diagnosis of chronic diseases and the increasing geriatric population globally. The launch of several new products is anticipated to grow the demand hence, boosting the growth of the market for medical imaging.

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https://www.fortunebusinessinsights.com/industry-reports/medical-imaging-equipment-market-100382

Widespread Distribution Network and Stout Brand Presence of the Organizations to Propel Market Growth

The key factors that are dominating the market growth are a diverse portfolio of medical imaging equipment, joined with a strong and widespread distribution network globally. The leading players in the market in 2020 are Siemens Healthcare GmbH, GE Healthcare, and Philips. The high prominence of industry players in introducing technologically advanced and portable imaging equipment against traditional systems to help in diagnostic imaging further boosts the medical imaging market growth.

Notable Industry Development:

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

List of the Companies Profiled in the Report:

• GENERAL ELECTRIC COMPANY (U.S.)


• Hitachi, Ltd. (Japan)


• Shimadzu Corporation (Japan)


• Siemens Healthcare GmbH (Germany)


• Koninklijke Philips N.V. (Netherlands)


• Hologic, Inc. (U.S.)


• Samsung (South Korea)


• Fujifilm Holdings Corporation (Japan)

Further Report Findings:

• Asia Pacific leads the market and is anticipated to witness the largest share during the forecast period due to the growing prevalence of chronic diseases and demand for advanced diagnostic devices.


• North America dominated the market for medical imaging with the second position in the global market in 2022. The growing number of patients undergoing diagnostic imaging procedures in the country is boosting the growth of the diagnostic imaging market in this region.

Table of Segmentation: