Medical Imaging Market Size Worth USD 52.03 Billion in 2032 | Emergen Research

The global medical imaging market size was USD 30.10 Billion in 2022 and is expected to register a revenue CAGR of 5.6% during the forecast period. The global medical imaging market is set to experience substantial growth in the coming years, driven by a surge in demand fueled by the increasing prevalence of chronic diseases and advancements in technology. Market research indicates a significant rise in demand for medical imaging equipment, particularly in developed countries, as healthcare providers seek innovative solutions to diagnose and treat diseases more effectively.

According to recent findings, the global burden of chronic diseases is on the rise, with over 80% of the elderly population in the United States alone affected by at least one chronic illness. This trend is expected to continue, with projections suggesting that by 2020, approximately 60% of individuals aged 65 and above will have multiple chronic conditions. As the population ages, the prevalence of age-related disorders such as Alzheimer's disease, cardiovascular diseases (CVDs), and cancer is also expected to increase significantly.

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Key Drivers of Market Growth

Technological advancements in medical imaging are playing a pivotal role in driving market revenue growth. The introduction of Artificial Intelligence (AI)-enabled diagnostic equipment has revolutionized the field, offering healthcare providers faster diagnosis and predictive analysis capabilities. For example, the recent launch of AI-enabled Magnetic Resonance (MR) tools by Koninklijke Philips N.V. showcases the potential of AI in improving diagnostic accuracy and workflow efficiency.

Challenges and Opportunities

Despite the promising outlook, the market faces challenges such as the high cost of diagnostic imaging systems and a shortage of trained radiologists. The expense associated with acquiring and maintaining imaging equipment poses a barrier to adoption, particularly in developing countries where healthcare facilities may lack the financial resources to invest in advanced technology. Additionally, the shortage of trained professionals further exacerbates the challenge of effectively utilizing imaging equipment.

Trends Shaping the Market

The integration of AI technologies and machine learning in radiology is a significant trend driving market growth. AI-powered imaging devices and software enhance the efficiency and accuracy of radiographic interpretation, leading to improved patient outcomes. Recent advancements, such as Philips' AI-powered Magnetic Resonance Imaging (MRI) software, demonstrate the potential of AI to revolutionize medical imaging.

Segment Insights

In terms of applications, oncology and orthopedics are expected to be key revenue drivers in the medical imaging market. The increasing incidence of cancer worldwide underscores the importance of medical imaging in cancer diagnosis and treatment planning. Similarly, orthopedic conditions such as joint injuries and fractures drive demand for imaging technologies such as X-rays and MRI.

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Medical Imaging Top Companies and Competitive Landscape

The global medical imaging market is moderately
fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective medical imaging solutions.

Some major players included in the global medical imaging market report are:

• 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.
• Johnson & Johnson Services, Inc.
• Narang Medical Limited
• ONRAD, Inc.
• Hitachi, Ltd.
• Carestream Health
• Shimadzu Corporation
• Akumin Inc.
• RamSoft, Inc.

Medical Imaging Latest Industry News

• In 2022, the Definium 656 HD, which is GE Healthcare's most advanced fixed X-ray system to date, was launched. This latest generation of the Overhead Tube Suspension (OTS) system, which leads GE Healthcare's portfolio of fixed X-ray products, delivers consistent, highly automated, efficient exams that instil clinical confidence while simplifying workflow, improving consistency, and reducing errors to help keep radiology departments running smoothly.

• In 2022, Siemens Healthineers introduced MAGNETOM Viato.Mobile, their latest MRI scanner optimized for mobile use and with a patient bore of 70 cm. Installed in a trailer setup to enable greater flexibility in MR imaging deployment, the scanner can simply be moved from one location to another or stay at the customer's site for extended use.

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Medical Imaging Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global medical imaging market on the basis of application, product type, end-use, and region:

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Cardiology
o Oncology
o Neurology
o Orthopedics
• Product Type Outlook (Revenue, USD Billion; 2019-2032)
o X-ray Devices
o Magnetic Resonance Imaging(MRI)
o Ultrasound
o CT scan
o Nuclear Imaging
o Mammography
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Hospitals
o Diagnostic Imaging Centers
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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