Medical Imaging Market to Witness Growth Acceleration by Top Key Players 2021-2030

The Global Imaging Market size is estimated to be USD 26.63 billion in 2019 and is predicted to reach USD 36.46 billion by 2030 with a CAGR of 2.9% from 2020-2030.

Medical imaging or diagnostic imaging has received significant importance with developments in medical technologies and growing number of diagnostic services in healthcare centers across the world. MRI, CT scan and X-ray are commonly used medical imaging devices for diagnosis of number of disease conditions by healthcare professionals.

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Top Companies: Philips Healthcare, Fujifilm Corporation, GE Healthcare, EsaoteS.p.A, Shimadzu Corporation, Varian Medical Systems, Hologic, Inc., Siemens Healthineers, Toshiba Medical Systems, and Carestream Health, Inc and others.

Market Dynamics and Trends:

The medical imaging market is anticipated to exhibit lucrative growth and is driven by increase in the prevalence of chronic diseases such as diabetes, obesity, cancer and cardiovascular diseases and rise in demand for diagnostic devices in hospitals and ambulatory care centers. According to the World Health Organization (WHO), nearly 17.9 million deaths occur each year from Cardiovascular Diseases (CVDs) accounting for 31% of all deaths across the globe. It also stated that 108 million people had diabetes in 1980, which rose toto 422 million in 2014.WHO also reported that 1.9 billion people worldwide are overweight and 650 million people classified as obese.

Additionally, rise in the geriatric population with orthopedic and cardiac diseases and rise in the awareness about importance of early diagnosis of diseases strengthens the growth of the market. There has also been an increase in the number of diagnostic imaging centers and shift towards minimally invasive treatmentsare other factors contributing to the growth of the medical imaging market. However, high cost of diagnostic imaging devices may restrain the growth of the market.

Moreover, themedical imagingmarket is also driven by increasing investments and funds by granted by the government in developing economies of Asia Pacific such as India, China and Japan and increase in the research and development expenditure by key market players.

In medical imaging, technological advancement and strategic approaches by the prominent market players such as product launch, geographical expansion, acquisition, collaborations and partnerships further provide growth opportunities in the market. For instance, in June 2018, Siemens Healthineerslaunched new ultrasound system, the AcusonSequoi, a general imaging ultrasound system. Furthermore, integration of healthcare IT with medical imaging technologies has revolutionized the medical imaging technologies thereby creating enormous growth opportunities in the medical imaging market. Most of the market players also focus on geographical expansion to expand their global reach and achieve significant growth in the market. In February 2015, Shimadzu Corporation opened a new subsidiary enabling the company to strengthen its business operations in the Asia.

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Market Segmentations and Scope of the Study:

The global medical imaging market share is analyzed on the basis of product, application, end user and geography. On the basis of product, the market is segmented into X-ray, computed tomography (CT), ultrasound equipment, MRI equipment, and nuclear imaging.According to the application, the marketis classified into the obstetrics/gynecology (Ob/Gyn), orthopedics, neurology, cardiology, dentistry, oncology, and others.On the basis of end user, the market is segmented into hospitals, clinics and diagnostic centers. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.

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