Medical Imaging Market Size, Share & Trends Analysis Report By Product (X-ray, Computed Tomography, Ultrasound, MRI, Nuclear Imaging), By End Use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global medical imaging market size was valued at USD 15.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. Major factors driving the industry are the increasing demand for early-stage diagnosis of chronic disease and rising aging demographics, which is expected to boost the demand for diagnostic imaging across the globe. Technological advancements, coupled with supportive investments and funds by the government, especially in developing countries, such as India and China, are also expected to contribute to market growth. For instance, in January 2020, Allengers launched India’s first locally manufactured 32 slice CT scanner. The system was developed in collaboration with Canon Medical Systems.

Similarly, increasing demand for state-of-the-art imaging modalities by teaching hospitals and universities to provide training for advanced technology is expected to have a significant impact on the market growth during the upcoming years. This trend, previously limited to the developed countries, is now showing a shift towards developing countries as well. For instance, Siemens Healthineers’ MAGNETOM Terra, the only approved 7T MRI system, has been installed only in the U.S. Recently, another high strength, integrated 7T MRI/PET system was installed in Hadassah-Hebrew University Medical Center's Wohl Institute for Translational Medicine, Jerusalem (Israel).

Countries such as Thailand, India, and South Korea have recently shown a surge in installing 3.5T MRI systems. Favorable FDI policies, increasing ease of doing business, and rising awareness of the advanced imaging technologies are some of the factors expected to fuel the overall market growth. The introduction of teleradiology services has enabled global networking of expertise. This is expected to overcome the problems related to the lack of expert radiologists in these countries.

Product Insights

The ultrasound segment held the largest share of 30.0% in 2020 and is expected to maintain its lead over the forecast period. The segment growth can be attributed to the rising number of ultrasound applications. Recent developments of advanced ultrasound transducers have opened new avenues for ultrasound devices into biomedical and cardiovascular imaging. Moreover, a high focus on the development of portable ultrasound devices is expected to expand the applications of this modality in ambulatory as well as emergency care.

The CT segment is expected to witness the fastest growth during the forecast period. CT systems are one of the primary diagnostic tools for COVID-19 patients. High demand for point of care CT device and the development of a high-precision CT scanner by the integration of artificial intelligence and advanced visualization systems are the principal factors driving the segment. In October 2019, Canon received the U.S. FDA nod for its Advanced Intelligent Clear-IQ Engine (AiCE), an AI technology for integration with its Aquilion Precision scanner. The technology helps in achieving precision diagnostic without the need to increase the dose.

End-use Insights

Hospitals captured the largest share of 43.1% in 2020. Rising demand for advanced imaging modalities and the integration of surgical suits with imaging technologies are some of the factors driving the segment.

Some of the countries in developed regions have shown a sharp rise in demand for these modalities in teaching hospitals as compared to general or special hospitals. However, developing countries in the Asia Pacific region have shown a steep rise in the number of new hospitals. This can be attributed to the entry of multinational healthcare service providers. Healthcare service in these countries is dominated by private players. New hospitals generally provide dedicated space for imaging modalities. Rising competition and increasing demand for world-class healthcare services are the factors expected to fuel the segment growth in upcoming years.

Growing trends of ambulatory imaging are expected to drive the ambulatory imaging centers segment at the fastest rate in upcoming years. Government initiatives to expand the reach of advanced care in rural parts are one of the prime factors driving the segment. The adoption of ambulatory imaging centers is prominent in Southeast Asian countries, such as Thailand and Malaysia.

Regional Insights

North America dominated the market with a 30.5% share as of 2020. The presence of a large number of industry players and the high frequency of new product launches within the region are the factors contributing to the regional market growth. The region exhibits high adoption of advanced, high-priced medical imaging modalities because of the factors, such as favorable reimbursement scenario and high patient awareness. In addition, service charges in developed countries are more than 1000 times higher as compared to developing countries. This assures faster return on investment in high-priced diagnostic systems and suits.

North America accounts for the highest spending on healthcare in terms of GDP with the U.S. spending nearly 17.8% of GDP on healthcare as of 2015, and the number is expected to reach 20.0% in the coming years. The aforementioned factors, coupled with the increasing aging population, the rise of chronic diseases, and the growing trend of preventive diagnostic practices, are expected to drive the medical imaging industry in the region.

Asia Pacific diagnostic imaging market is anticipated to grow at the fastest rate over the forecast period owing to the rising incidences of chronic diseases and the high demand for advanced imaging devices. Japan is the biggest market for medical imaging in the Asia Pacific. The presence of Japan and South Korea-based market giants are anticipated to play an important role in the regional market growth. An increasing number of local manufacturing units is expected to provide moderately priced diagnostic units, thus helping in price-sensitive, underpenetrated market space in the region.

Key Companies & Market Share Insights

Players are focusing on developing multimodal imaging devices for preclinical research. Multimodal/Hybrid imaging systems are perceived as the future of diagnostic imaging devices. These technologies help in saving a significant amount of space and investments. Along with this, the combination of multiple modalities helps in achieving precision diagnostics.

Recent trends of collaborations of local and global companies are expected to have a synergistic effect on market growth. Such collaboration and exchange of technologies help in speeding up the development and boost the market competition, thus providing sophisticated yet affordable imaging systems. Such collaborations are not limited to diagnostic imaging players. The integration of imaging modalities with advanced surgical suits manufacturers is expected to have a boosting effect on the diagnostic imaging market growth as well as robot-assisted surgery systems. The collaboration of Getinge AB with Siemens Healthineers to develop a Hybrid OR suite is a prime example of such collaborations. Some prominent players in the global medical imaging market include:

• GE Healthcare

• Koninklijke Philips N.V.

• Siemens Healthineers

• Canon Medical Systems Corporation

• Bruker

• Mediso Ltd.

• MILabs B.V.

• MR Solutions

• TriFoil Imaging

• PerkinElmer Inc.

• FUJIFILM VisualSonics Inc.

• Cubresa Inc.

Medical Imaging Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global medical imaging market report on the basis of product, end use, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • X-ray

    • By Modality

      • Radiography

      • Fluoroscopy

      • Computed Radiography

    • By Mobility

      • Stationary

      • Mobile

    • By product

      • Digital

      • Analog

    • By Application

      • General radiology

      • Dental

      • Breasts

      • Cardiology

      • Others

  • Ultrasound

    • By Product

      • 2D

      • 3D/4D

      • Doppler Ultrasound Devices

    • By Portability

      • Handheld

      • Cart/Trolley Based

    • By Application

      • Ob/Gyn

      • Cardiovascular

      • Musculoskeletal

      • Others

  • Computed Tomography

    • By Technology

      • High-end slice

      • Mid-end slice

      • Low-end slice

      • Cone beam

    • By Application

      • Oncology

      • Neurology

      • Cardiology

      • Vascular

      • Musculoskeletal

      • Others

  • Magnetic Resonance Imaging

    • By Architecture

      • Closed System

      • Open System

    • By Field Strength

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • By Application

      • Brain and neurological

      • Spine and musculoskeletal

      • Vascular

      • Abdomen

      • Cardiac

      • Breast

      • Other

  • Nuclear Imaging

    • By Product

      • SPECT

        • Hybrid SPECT

        • Standalone SPECT

      • Hybrid PET

      • Planar Scintigraphy

    • By Application

      • Oncology

      • Cardiology

      • Neurology

      • General Imaging

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Diagnostic Imaging Centers

  • Ambulatory Imaging Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

    • Netherlands

    • Switzerland

    • Turkey

    • Poland

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Chile

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Iran