Medical Imaging Market Size, Share & Trends Analysis Report By Product (X-ray, Computed Tomography, Ultrasound, MRI, Nuclear Imaging), By End User (Hospitals, Diagnostic Centers, Ambulatory), And Segment Forecasts, 2020 - 2027

Industry Insights

The global medical imaging market size was valued USD 20.13 billion in 2017 and is expected to expand at a CAGR of 4.0% over the forecast period. Factors such as increasing demand for early-stage diagnosis of chronic disease and rising aging demographics are expected to boost the growth. Technological advancements coupled with government support in terms of investments and funds, especially in developing countries, such as India and China is also expected to contribute to the 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.

Increasing demand for state-of-the-art imaging modalities by teaching hospitals and universities to provide training for advanced technology is expected to positively influence the growth of medical imaging systems market. This trend, previously limited to the developed countries, is now showing a shift toward developing countries as well. For instance, Siemens Healthineers’ MAGNETOM Terra, the only approved 7T MRI system has been installed only in 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 Foreign Direct Investment (FDI) policies, increasing ease of doing business, and rising awareness regarding the advanced imaging technologies are some of the factors expected to fuel the demand for diagnostic imaging. The introduction of teleradiology services has enabled global networking of expertise. This is expected to overcome the problems related to lack of expert radiologists in the aforementioned countries.

Product Insights

Based on product type, the medical/diagnostic imaging market is classified into x-ray, Computed Tomography (CT), ultrasound system, Magnetic Resonance Imaging (MRI) equipment, and nuclear imaging. Each of these segments is further classified based on application. The ultrasound segment held the largest market share in 2019 and is expected to maintain its dominance over the forecast period, attributed to the rise in product application. Recent developments in advanced ultrasound transducers have opened new avenues for ultrasound devices into biomedical and cardiovascular imaging. Also, a high focus on the development of portable ultrasound devices is expected to expand the application of this modality in ambulatory as well as emergency care.

CT segment is expected to showcase the fastest growth during the forecast period. The development of a high-precision CT scanner by the integration of Artificial Intelligence (AI) and advanced visualization systems is the principal factor driving the growth. In October 2019, Canon received the U.S. Food and Drug Administration (FDA) nod for its Advanced Intelligent Clear-IQ Engine (AiCE), an AI technology for integration with its Aquilion Precision scanner. The technology helps achieve precision diagnostic without the need to increase the dosage.

End-User Insights

Based on end user, the market has been segmented into hospitals, imaging centers, ambulatory care centers, and others. Hospitals captured the largest market share in 2019. Rising demand for advanced imaging modalities and the integration of surgical suits with imaging technologies are some of the factors driving the growth of 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 demand for world-class healthcare services are the factors expected to fuel the market growth in the upcoming years.

Growing trend of ambulatory imaging is expected to drive the ambulatory care centers segment at the fastest CAGR during the forecast period. Government initiatives to expand the reach of advanced care in rural parts is one of the prime segment drivers. The adoption of ambulatory care centers is prominent in Southeast Asian countries, such as Thailand and Malaysia.

Regional Insights

North America dominated the market for diagnostic imaging in 2019 with the largest revenue share. The presence of a large number of industry players and high-frequency new product launches within the region are the factors attributed to this dominance. The region exhibits high adoption of advanced, high priced diagnostic imaging modalities because of the factors such as favorable reimbursement scenario and high patient awareness. In addition, high service charges assure faster return on investment on high priced diagnostic systems and suits.

North America accounted for the highest spending on healthcare in terms of GDP with the U.S spending nearly 17.8% of GDP on healthcare, in 2015. The number is expected to reach 20.0% in the coming years. In Addition, factors such as aging population, rise in prevalence of chronic diseases, and increasing trends of preventive diagnostic practices is expected to drive the regional market.

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

Medical Imaging Market Share Insights

The leading players present in the 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. These players are focusing on developing multimodal imaging devices for preclinical research. Multimodal/ Hybrid imaging systems are perceived as the future of diagnostic imaging. These technologies help save a significant amount of space and investments. Moreover, 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 are expected to have a boosting effect on the medical/diagnostic imaging market as well as robot-assisted surgery systems. The collaboration of Getinge AB with Siemens Healthineers to develop Hybrid OR suite is a prime example of such collaborations.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global medical imaging market report on the basis of product, end user, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2027)

  • X-ray

    • By Modality

      • Radiography

      • Fluoroscopy

      • Computed Radiography

    • By Mobility

      • Stationary

      • Mobile

    • By Type

      • 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-User Outlook (Revenue, USD Million, 2016 - 2027)

  • Hospitals

  • Diagnostic Imaging Centers

  • Ambulatory Care Centers

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

    • The 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