Medical Imaging Market Size, Share | Industry Report 2024

The global medical imaging market was valued at $25.7bn in 2016 and is forecast to grow at a modest 5.4% CAGR between 2017 and 2024, culminating in 2024 global sales of $43.3 bn.

The factors such as the growing geriatric population, rising prevalence of chronic diseases, technological advancements, increase in public and private healthcare expenditure, the rise in the number of diagnostic imaging centers and growing thrust for preventive screening are expected to drive the market growth over the next few years. However, some of the factors such as high costs, access to latest technology, shortage of key raw materials and unfavorable healthcare reforms in U.S. are anticipated to impact the market growth rate.

The rise in a number of minimally invasive treatments is also a key aspect boosting the usage of advanced medical imaging and diagnostics. In the U.S., as per the Administration of Aging (AoA), in 2014 there were nearly 46.2 million people aged 65 years and above, and this population is expected to reach over 98 million by 2060. The growth of the aging population coupled with the growing prevalence of chronic diseases such as cancer, cardiovascular and neurological diseases, increase in the number of accidents, and emergency cases are expected to boost the usage of various medical imaging products over the forecast period.

The key regions analyzed in the study include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. In 2016, North America dominated the market with a revenue share of over 31%. The high share can be attributed to the presence of a large patient pool, access to latest technology, well-developed regulatory and reimbursement framework and high collaboration amongst the different stakeholders such as research centers, manufacturers, healthcare practitioners and federal agencies to improve the overall healthcare outcomes.

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Key findings from the study: -

• The factors such as the growing geriatric population, rising prevalence of chronic diseases, technological advancements, increase in public and private healthcare expenditure, the rise in the number of diagnostic imaging centers and growing thrust for preventive screening are expected to drive the market growth over the next few years.
• Companies such as GE Healthcare and Siemens Healthcare are focusing on reverse engineering to lower the development costs and ensure that the products are positioned at an optimal price point to boost the product sales across different regions.
• The growing use nuclear imaging coupled with the use of CT scan and MRI systems in conventional surgeries and minimally invasive procedures are expected to reinforce the market growth over the forecast period.
• As of 2016, major players in the market include GE Healthcare (U.S), Siemens Healthcare GmBH (Germany) Koninklijke Philips N.V. (The Netherlands), Toshiba Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Fujifilm Corporation (Japan), Samsung Medison (South Korea), and Shimadzu Corporation (Japan)

Ameri Research has segmented the Medical Imaging Market by product, Technology, Application and End-Use.

Market Segmentation:

Medical Imaging Systems Market by Product (Revenue, USD Million, 2014- 2024)

• X-ray
o Stationary
o Mobile
o Handheld
• Computed Tomography
o Stationary
o Portable/Mobile
• Ultrasound Systems
o Trolley/Cart based
o Compact/Portable
• Magnetic Resonance Imaging
o Closed
o Open
• Nuclear Imaging Devices

Medical Imaging Systems by Technology (Revenue, USD Million, 2014 – 2024)

X-ray
• Analog
• Computed Radiography

Digital Radiography
• Computed Tomography
o Low – Slice Scanners
o Medium – Slice Scanners
o High – Slice Scanners
• Ultrasound Systems
o 2D
o 3D & 4D
o Doppler
o HIFU
o Lithotripsy
• Magnetic Resonance Imaging
o High Field
o Mid Field
o Low Field
• Nuclear Imaging Devices
o SPECT
o PET

Medical Imaging Systems Market by Application (Revenue, USD Million, 2014- 2024)

• Obstetrics/gynecology (OB/GYN) health
• Cardiovascular and thoracic
• Neurology and Spine
• Oncology
• General Imaging
• Orthopedics and musculoskeletal
• Breast Health and others

Medical Imaging Systems Market by End-Use (Revenue, USD Million, 2014- 2024)
• Hospitals
• Diagnostic Imaging Centers
• Others

Medical Imaging Systems Regional Outlook (Revenue, USD Million, 2014- 2024)
• North America
o U.S.
o Canada

• Europe
o UK
o Germany
o France
o Italy
o Spain

• Asia Pacific
o Japan
o China
o India
o Australia

• Latin America
o Brazil
o Mexico
o Columbia

• Middle East and Africa
o South Africa
o Saudi Arabia

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