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.
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.
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.
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.
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.
Report Attribute |
Details |
Market size value in 2021 |
USD 20.1 billion |
Revenue forecast in 2028 |
USD 28.6 billion |
Growth Rate |
CAGR of 5.2% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, end use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Russia; Netherlands; Switzerland; Turkey; Poland; China; India; Japan; Thailand; South Korea; Malaysia; Mexico; Brazil; Chile; Argentina; South Africa; Saudi Arabia; UAE; Iran |
Key companies profiled |
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. |
Customization scope |
Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The global medical imaging market size was estimated at USD 20.1 billion in 2019 and is expected to reach USD 15.9 billion in 2020.
b. The global medical imaging market is expected to grow at a compound annual growth rate of 5.2% from 2021 to 2028 to reach USD 28.6 billion by 2028.
b. Asia Pacific dominated the medical imaging market with a share of 25.3% in 2019. This is attributable to the rising incidence of chronic diseases and the high demand for advanced diagnostic devices.
b. Some key players operating in the 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.; and Cubresa Inc.
b. Key factors that are driving the medical imaging market growth include increasing demand for early-stage diagnosis of chronic disease and rising aging demographics.
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
Amongst the majorly used Covid-19 screening options, imaging is preferred by most healthcare professionals as it provides a primary diagnosis in a short time. All the imaging modalities including nuclear imaging have been used exhaustively to study Covid-19 and its effect on different patients in each demography. These are used in theories such as comparison of the vulnerability of pediatric and geriatric patients, and treatment response for several drug combinations. We are working to account for this surge in our estimates. The updated report will account for Covid-19 as a key market contributor.