The global medical imaging market size is expected to reach USD 47.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.8% from 2023 to 2030. Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.
Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players in the untapped market. The integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the market at the global level.
The development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care. Ongoing trials and studies to explore the potential of MRI technology for the early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.
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The ultrasound product segment captured the largest market share of 31.6% in 2022. The segment is expected to dominate the market throughout the forecast period
The Computed Tomography (CT) segment is expected to grow at the fastest CAGR during the forecast period
This is due to the rapid technological advancements, such as the development of hybrid imaging modalities and the integration of AI
Based on end-uses, the hospital segment captured the largest share of 47.1% in 2022 due to the blooming healthcare service industry in developing countries
North America led the global market and accounted for the largest revenue share of 32.9% in 2022
The region’s growth is credited to the presence of a large number of industry players and the high frequency of new product launches
Grand View Research has segmented the global medical imaging market based on product, end-use, and region:
Medical Imaging 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
Nuclear Imaging
By Product
SPECT
PET
Medical Imaging End-use Outlook (Revenue, USD Million, 2018 - 2030)
Hospitals
Diagnostic Imaging Centers
Others
Medical Imaging 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
List of Key Players of the Medical Imaging Market
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.
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