Medical Imaging Market Size, Share & Trends Analysis Report by Product (X-ray Devices, Computed Tomography, Ultrasound, MRI, Nuclear Imaging), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Medical Imaging Market Size & Trends

The global medical imaging market size was valued at USD 32.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. Increasing prevalence of lifestyle- related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased investment and reimbursement initiatives undertaken by the government, and expansions of new facilities by market players in developing nations, is said to boost the market growth. For instance, in June 2021 the government of India launched X-Ray Setu, a free artificial intelligence (AI) based platform to aid doctors for early Covid-19 interventions. Additionally, in 2022, Siemens Healthineers introduced a new CT scanner production unit in India, to fulfil the growing demand for CT scanner and boost its market position.  

Additionally, in August 2020, Philips expanded its cardiovascular ultrasound portfolio by launching Affiniti CVx. The system is designed to help cardiology departments and provide better care to more patients while improving efficiency and throughput. Further, in November 2021, Philips announced the launch of an AI-enabled MR imaging portfolio, which is intended to improve the efficiency and sustainability of radiology operations by speeding up MR exams. Such technological advancement, are said to boost market growth exponentially.

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. Further adoption of AI to automate image quantification and identification process, is also expected to boost the market growth. For instance, Google’s AI platform, named, Google’s Deepmind collaborated with Moorfields Eye Hospital to read all eye scan performed using optical CT scanner, to ensure early detection of age-related macular degeneration. Additionally, the introduction of 3D MRI and CT scans, enables the radiologists to quickly analyses scans, reducing analysis time and improving efficacy. Moreover, computer vision is being used to diagnose conditions that are not visible to the human eye.

Despite the technical improvements and increased adoption of advanced imaging tools, the market witnessed a decline due to the outbreak of Covid 19 pandemic. Reduction of imaging volumes, economic setback leading to reduced adoption of advanced imaging equipment, reduced staff at radiology centers and hospitals, and increased adoption of teleradiology services, are factors impacting the drop in the market. Computed Tomography market experienced a surge as increased diagnosis of Covid infected patients was conducted using CT scans. Market leaders like Siemens Healthineers, stated that their sales volume for CT scanners doubled during the pandemic period, leading to the overall surge in CT market. Yet, the overall medical imaging market dropped significantly in 2020 but is expected to bounce back in 2022.

Product Insights

The ultrasound segment held the largest share of 31.6% in 2022 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. Integration of artificial intelligence into ultrasound systems to automate the process of image quantification and selection, is also expected to influence the market growth.

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 AI & ML 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. Additionally, GE Healthcare in March 2020, increased their manufacturing capacity by opening new production facilities, to curb the growing demand for advanced imaging tools, especially during Covid-19 pandemic.

End-use Insights

Hospitals captured the largest share of 47.1% in 2022. 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.

The developing countries in Asia Pacific region have witnessed 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. Diagnostic Imaging segment marked the highest growth rate of ~5.5% due to the increased adoption of advanced technology, improved infrastructure, and high funding for the growth of these centers is said to boost the market growth.

Regional Insights

North America dominated the market with 32.9% share as of 2022. 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-end medical imaging equipment due to favorable reimbursement scenario and fundings from market players. North America accounts for the highest spending on healthcare in terms of GDP with the U.S. spending nearly 19.7% of GDP on healthcare as of 2020. 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. An increasing number of local manufacturing units is expected to provide moderately priced diagnostic units, thus helping in this price-sensitive, underpenetrated market space.  

Key Companies & Market Share Insights

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. Some prominent players in the global diagnostic imaging market include:

• GE Healthcare

• Koninklijke Philips N.V.

• Siemens Healthineers

• Canon Medical Systems Corporation

• Mindray Medical International

• Esaote

• Hologic, Inc.

• Samsung Medison Co., Ltd.

• Koning Corporation

• PerkinElmer Inc.

• FUJIFILM VisualSonics Inc.

• Cubresa Inc.

Medical Imaging Market Report Scope

Global Medical Imaging Market Report Segmentation

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 2018 to 2030. 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, 2018 - 2030)

  • X-ray Devices

    • By Modality

      • Radiography

      • Fluoroscopy

      • Mammography

  • Ultrasound

    • By Portability

      • Handheld

      • Cart/Trolley Based

  • Computed Tomography

    • By Technology

      • High end slice

      • Mid end slice

      • Low end slice

      • Cone beam

  • Magnetic Resonance Imaging

    • By Architecture

      • Closed System

      • Open System

  • Nuclear Imaging

    • By Product

      • SPECT

      • PET

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Imaging Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait