Medical Imaging Market Size, Share, and Analysis by 2031

The medical imaging market size is projected to reach US$ 38.16 billion by 2031 from US$ 26.61 billion in 2023. The market is expected to register a CAGR of 4.6% during 2023-2031. Introduction of 3D capabilities in medical imaging devices is likely to remain key trend in the market.

Medical Imaging Market Analysis

Increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population, and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations is fueling the growth of the medical imaging market. In addition, government initiatives to promote medical imaging for disease prevention, rising investment in R&D activities for development of innovative medical imaging, and increasing adoption of medical imaging in developing countries is fueling the growth of the market share.

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Medical Imaging Market Overview

Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. Increasing focus on market players on introduction of technologically developed medical imaging for various diseases is fueling the growth of the market. India is ranked among the top 20 global medical devices manufacture and is the fourth largest medical devices manufacture in Asia, followed by Japan, China, and South Korea. The country is likely to experience potential growth on the back of its billion plus population base, health consciousness, economic prosperity, technological expertise, enrichment of skilled personnel, and developing facilities towards health.

Increasing Demand for Early Diagnosis to Favor Market

Diagnostic testing is a crucial component of the healthcare system, providing essential information to enable providers and patients to make the right clinical decisions. Around 75% of clinical decisions are based on a diagnostic test. Demand for access to quicker and accurate diagnosis is rising at a rate of 10% per year, increasing the cost and putting pressure on the capacity and capability of diagnostic providers. From the patient point of view, early detection and diagnosis can prevent unnecessary pain and suffering. It can also reduce the scale and cost of treatment. A large number of research links early diagnosis to measurable health benefits, such as improved survival rates and lower treatment costs. Further, government awareness will further propel the market growth. For instance, Be Clear on Cancer campaigns aim to enhance early diagnosis of cancer by promoting public awareness of signs and symptoms of cancer and encourage people to visit their GP without delay. Public Health England is responsible for the programme, collaborating with the Department of Health and NHS England. Thus, an increase demand for early diagnosis is fueling the growth of the medical imaging market.

Big Data and Analytics act as an Opportunity for Market Growth

According to an article on ITN, Dhaval Shah and Prashanth Kollaikal of CitiusTech which discussed the potential of big data in diagnostic imaging stated that new and interesting features in the radiology information system (RIS) and PACS systems, specifically those in the cloud. These might also include analytics and impressive reports on operational and clinical data is stated in the article. Enterprise-wide key performance indicators (KPIs) are derived from a variety of sources. These KPIs are used generally to suit the provider needs, and taking clinical and operational efficiency as well as patient comfort into consideration. Although these KPIs have been used for optimization for many years, the overall efficiency can be easily measured and can be improved with the technological proficiency of devices, increased modalities, advanced software systems, and mobile devices. Thus, growing focus on use of bid data and analytics in medical imaging acts as opportunity for medical imaging market growth.

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This release was published on openPR.