Medical Imaging Market Overview 2024-2033 - Share, Size, Insights, Forecast

The medical imaging market size has grown strongly in recent years. It will grow from $40.35 billion in 2023 to $42.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, aging population demographics, government initiatives and healthcare investments, increasing awareness and early diagnosis, rise in minimally invasive procedures.

The medical imaging market size is expected to see strong growth in the next few years. It will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to personalized medicine approaches, emerging modalities and hybrid imaging, global health challenges and preparedness, integration with electronic health records (EHRs), patient-centric care and experience. Major trends in the forecast period include telemedicine and remote imaging, artificial intelligence (AI) integration, advancements in technology, advancements in 3D and 4D imaging, increasing use of portable and point-of-care imaging devices.

Market Overview -

Medical imaging comprises a variety of technologies and devices that are used to create images of body parts to identify, observe, or treat medical disorders. Each technology type provides distinct information on the part of the body being investigated or treated, concerning potential illness, damage, or the efficacy of medical care.

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Rising Prevalence Of Chronic Illnesses Drives Growth In The Medical Imaging Market
The increasing prevalence of chronic illnesses is expected to propel the growth of the medical imaging market in the coming future. Chronic illness is a medical condition or illness that often lasts for three months or more and has the potential to get worse over time. Older people are more likely to have chronic illnesses, which can often be managed but not cured. The increasing number of chronic illnesses boosts the medical imaging market as they are used in the diagnosis and detection of chronic ailments. For instance, in March 2022, the Australian Bureau of Statistics, an Australia-based independent statutory body in charge of data gathering and analysis as well as providing federal, state, and territory governments with recommendations based on facts, 78.6% of Australian population had at least one long-term health issue and, about 46.6% or 11.6 million had at least one chronic illness in 2021. Further, in September 2022, according to World Health Organization, a Switzerland-based agency responsible for international public health, there were around 4.1 million deaths related to chronic respiratory diseases annually. Therefore, the increasing prevalence of chronic illnesses is driving the medical imaging market.

Competitive Landscape -

Major companies operating in the medical imaging market report are Hitachi Medical Corporation, General Electric Company, Medtronic PLC, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Koninklijke Philips N V, Hologic Inc., Mindray Medical International Limited, PerkinElmer Inc., Shimadzu Corporation, Varian Medical Systems Inc., Agfa-Gevaert Group, Neusoft Medical Systems Co Ltd., Carestream Health Inc., Esaote SpA, Analogic Corporation, Samsung Medison Co Ltd., Canon Medical Systems Corporation, TomTec Imaging Systems GmbH, IBM Watson Health, Ziehm Imaging GmbH, MIM Software Inc., SuperSonic Imagine SA, EOS Imaging SA, Cubresa Inc., Planmed Oy, CurveBeam LLC, ContextVision AB, Koning Health, Intrasense SA

Innovative Technologies Drive Technological Advancement In The Medical Imaging Market

Technological advancement is the key trend gaining popularity in the medical imaging market. Major companies operating in the medical imaging market are focused on developing innovative technologies to strengthen their position in the market. For instance, in November 2021, Koninklijke Philips N.V., a Netherlands-based manufacturer of medical imaging tools, electronics and electronic components, lighting, and computer equipment, launched its new AI (artificial intelligence)-enhanced MR product line, Philips SmartSpeed, MR 5300, and MR 7700 smart connected systems. Philips SmartSpeed is intended to accelerate the collection of images and enhance image quality and detection assurance for every patient, as well as the firm's new MR Workspace with AI assistance, which provides a simple option that streamlines the procedure from image collection to diagnosis, thereby improving MR operations and staff expertise.

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Key Segments -

The medical imaging market covered in this report is segmented -

1) By Product: X-Ray Devices, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography, Nuclear Imaging, Mammography
2) By Application: Obstetrics And Gynecology Health, Orthopedics And Musculoskeletal, Neuro And Spine, Cardiovascular And Thoracic, General Imaging, Oncology, Urology, Breast Health, Other Applications
3) By End User: Hospitals, Specialty Clinics, Diagnostic Imaging Centers, Other End Users

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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