Medical Imaging Market

Medical Imaging Market Size:

The global medical imaging market size reached USD 42.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 67.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032. The market is experiencing robust growth, driven by rapid technological advancements, the rising prevalence of chronic diseases, increasing demand for early diagnosis, expanding healthcare infrastructure and the growing geriatric population.

Medical Imaging Market Trends:

Increasing Prevalence of Chronic Diseases

The rising occurrence of chronic conditions like cardiovascular diseases, cancer, and diabetes is a one of the major factors propelling the medical imaging market growth. For instance, an estimated 129 million people in the United States have at least one major chronic disease. Also, about 42% have two or more, and 12% have at least five. These diseases require regular monitoring and early diagnosis to improve treatment outcomes, driving the demand for advanced imaging technologies such as computed tomography (CT) scans, magnetic resonance imaging (MRI), and ultrasound. For example, cardiovascular diseases remain a leading cause of death across the globe, and imaging plays a pivotal role in the early detection of complications like blockages or abnormal heart functions.

Rapid Technological Advancements in Imaging Equipment

The continuous improvements in hardware, software, and integration capabilities are expanding the medical imaging market scope. Moreover, the burgeoning integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), three-dimensional (3D) imaging, and hybrid imaging systems is fueling the market growth. In line with this, the widespread application of AI to assist radiologists in analyzing large volumes of images more quickly and with fewer errors, thus helping early disease detection and personalized treatment plans, is enhancing the market growth. Besides this, the introduction of high-definition (HD) imaging tools that provide enhanced clarity and depth in diagnostics, aiding in the identification of complex conditions, is fostering the market growth.

Growing Demand for Early Disease Detection

The increasing focus of the healthcare industry on early detection and preventive care is another major driver boosting the medical imaging market share. Early diagnosis improves the prognosis for many serious conditions and reduces the overall cost of treatment by avoiding complications that arise from delayed diagnosis. Moreover, the introduction of various awareness campaigns by governments and healthcare organizations to educate the public about the importance of regular screenings and early detection is anticipated to drive the market growth. For example, in cancer care, regular mammograms are recommended for early breast cancer detection, which significantly increases the demand for mammography imaging systems.
 

Medical Imaging Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product, application, and end user.

Breakup by Product:

• CT Scanners
• X-Ray Imaging Systems
• MRI Systems
• Ultrasound Imaging Systems
• Nuclear Imaging Systems
• Mammography Systems
   

Breakup by Application:

• Obstetrics and Gynecology Health
• Orthopedics and Musculoskeletal
• Neuro and Spine
• Cardiovascular and Thoracic
• General Imaging
• Breast Health
• Others
   

Breakup by End User:

• Hospitals
• Diagnostic Centers
• Academic Institutes and Research Organizations
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the medical imaging industry include:

• Canon Medical Systems Corporation (Canon Inc.)
• Carestream Health
• Cubresa Inc.
• Esaote SpA
• FUJIFILM VisualSonics Inc.
• GE HealthCare (General Electric Company)
• Hologic Inc.
• Koning Corporation
• Koninklijke Philips N.V.
• Materialise NV
• Mindray Medical International Limited
• Samsung Medison Co. Ltd. (Samsung Electronics Co. Ltd.)
• Siemens Healthineers AG (Siemens AG)
   

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Medical Imaging Market News:

• In November 2023, GE HealthCare launched MyBreastAI suite. It is a platform of artificial intelligence (AI) apps, which assists in breast cancer detection and imaging workflows. This platform integrates three AI applications from iCAD including ProFound AI for DBT, SecondLook for 2D Mammography and PowerLook Density Assessment. These applications help support early detection and improve patient outcomes. They also help radiology departments in improving operational productivity.
• In February 2024, Hologic, Inc. announced that the company’s Genius Digital Diagnostics System with the Genius Cervical AI algorithm received clearance from the U.S. Food and Drug Administration (FDA). It is the first and only FDA-cleared digital cytology system that combines deep-learning-based artificial intelligence (AI) with advanced volumetric imaging technology to help identify pre-cancerous lesions and cervical cancer cells.

Medical Imaging Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the medical imaging market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global medical imaging market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the medical imaging industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.