Diagnostic/Medical Imaging Market Analysis By Product (X-ray, Computed Tomography, Ultrasound, MRI, Nuclear Imaging), By Product Type (Stationary, Portable), And Segment Forecasts, 2018 - 2025

Industry Insights

The global medical imaging market size was valued USD 33.7 billion in 2016 and is expected to grow at a CAGR of 5.7% over the forecast period. Major factors driving growth of this industry is increasing demand for early stage diagnosis of chronic disease and rising aging demographics, which is expected to boost the demand of diagnostic imaging across the globe. 

Technological advancements coupled with supportive investments and funds by government especially in developing countries such as India and China is also expected to contribute towards the market growth. For instance, in February 2015, Shimadzu Corporation announced a new subsidiary to strengthen its business operations in the Asian and Indian subcontinent.

U.S. medical imaging market, by product, 2014 - 2025  (USD Billion)

The prevalence of chronic diseases pertaining to respiratory, brain, and cardiovascular conditions is increasing. The increasing geriatric population along with the sedentary lifestyle is further facilitating the incidence of these chronic diseases. Based on data published by the World Health Organization (WHO), about 31.0% of the population was affected with cardiovascular diseases in 2015. With the rising number of cases, the demand for diagnostic imaging systems is expected to grow as these systems helps in early detection of the diseases.

Similarly, advancement in the medical and diagnostic imaging devices have enhanced the diagnosis and treatment of diseases such as cardiovascular and cancer, and are also expected to support market growth. Based on data published by the Carestream, four innovations; such as accelerating processing speed, expanding the parameters of 3D & 4D, capturing images at the right place at the right time, and automating workflow are expected for the medical imaging products in 2017.

Product Insights

Themedical imaging market is classified on the basis of product into X-ray, Computed Tomography (CT), ultrasound system, MRI equipment, and nuclear imaging. The X-ray segment held the largest market share in 2016 and is expected to maintain its dominance over the forecast period.

This can be attributed to the increasing prevalence of orthopedic injuries and accidents and the demand for point of care testing, which is facilitating the sale of portable devices. The X-ray devices are further segmented into stationary, and portable (handheld, and mobile).

The nuclear imaging segment is expected to be the fastest growing due to the development of new radiotracers, rising prevalence of cancer and cardiovascular diseases, and the introduction of new products through innovation and advancement. According to the American Cancer Society, Surveillance Research, there were about 1,665,540 cases of cancer in 2014, 1,685,210 cases of cancer in 2016. 

Global medical imaging market, by application, 2016 (%)

Regional Insights

North America dominated the market as of 2016, by contributing over 30.0% of the revenue. The presence of a large number of industry players and introduction of new products within the region is expected to support growth. Other regions that are expected to report lucrative growth in diagnostic imaging over the forecast period include Germany, Japan, Mexico, and South Africa.

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 coming years. The aforementioned factor coupled with aging population and rise of chronic diseases in the U.S and Canada is expected to drive the growth of medical imaging industry in the region. 

Asia Pacific region is anticipated to grow at the fastest rate over the forecast period owing to rising incidences of chronic diseases and the need for the better diagnostic devices. Japan is the biggest market for medical imaging in Asia Pacific. The main factor for the dominance is advancement in technology and presence of major diagnostic imaging players such as Toshiba and Hitachi Medical.

Competitive Insights

Primary participants profiled for the medical/diagnostic imaging market include Philips Healthcare, GE Healthcare, Shimadzu Corporation, Varian Medical Systems, and Siemens Healthineers, Others include Toshiba Medical Systems, Inc., Carestream, Aribex Corporation, and Ziehm Imaging Inc. 

Companies such as GE Healthcare offer a wide range of products for patient monitoring & diagnostics, Information Technology (IT), and medical imaging. In May 2017, GE Healthcare announced collaboration with Partners Healthcare to develop, validate and strategically integrate the quality of care in diagnostic sector.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global medical imaging market on the basis of product, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • X-ray

    • By product type

      • Stationary

      • Portable (Handheld, Mobile)

    • By technology

      • Analog

      • Computed radiology

      • Digital radiology

  • Computed Tomography (CT)

    • By product type

      • Stationary

      • Portable

    • By technology

      • Low slice scanners

      • Medium slice scanners

      • High slice scanners

  • Ultrasound equipment

    • By product type

      • Trolley/Cart Based

      • Compact/Portable

    • By technology

      • 2D

      • 3D/4D

      • Doppler

      • HIFU

      • Lithotripsy

  • MRI equipment

    • By product type

      • Closed

      • Open

    • By technology

      • High field

      • Medium field

      • Low field

  • Nuclear imaging

    • By technology

      • SPECT

      • PET

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia