Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global medical imaging market, valued at USD 52.03 Billion in 2032, is set to experience substantial growth, with a projected revenue Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period. Key drivers include the increasing prevalence of chronic diseases, particularly cancer and cardiac conditions, coupled with notable technological advancements in the field.
The surge in chronic diseases globally, particularly among the elderly population, is a primary catalyst for the expanding medical imaging market. The Centers for Disease Control and Prevention (CDC) estimates that over 80% of the elderly in the United States suffer from at least one chronic illness. The rise in age-related disorders, such as Alzheimer's disease, Cardiovascular Diseases (CVDs), and cancer, is expected to contribute to the growth of the medical imaging sector. Research predicts approximately 18.1 million new cancer cases globally in 2020, showcasing a substantial increase from 2012.
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The integration of Artificial Intelligence (AI) in medical imaging is a notable trend, offering efficient and accurate radiographic interpretation. Few market players are already providing AI-enabled imaging solutions to the healthcare sector. For instance, Koninklijke Philips N.V. introduced a new AI-enabled Magnetic Resonance (MR) range in November 2021, enhancing diagnostic tools and workflow solutions. AI technologies aim to expedite diagnosis and predictive analysis, contributing to market revenue growth.
Despite the optimistic outlook, challenges hinder market growth. The high cost of diagnostic imaging systems, coupled with the capital investment required for installation, poses a barrier, especially in developing countries. Limited affordability in healthcare facilities hampers the adoption of these systems. Additionally, a shortage of trained radiologists and decreasing reimbursements for diagnostic imaging scans impede market growth.
in terms of applications, the oncology segment is poised to experience the fastest revenue growth, attributed to the increasing incidence of cancer globally. Medical imaging plays a crucial role in cancer treatment by determining the stage and location of tumors. The orthopedics segment is expected to account for the largest revenue share, driven by technological advancements in imaging technologies and an increase in orthopedic injuries.
Among product types, the ultrasound segment demonstrated the fastest revenue growth in 2022. The increased demand for advanced ultrasound equipment across various medical specializations, coupled with innovations like portable ultrasonography, contributed to this growth. The X-ray segment, owing to the rising use of interventional X-ray systems, accounted for the largest revenue share.
The diagnostic imaging centers segment is anticipated to witness the fastest revenue growth, driven by the use of diverse imaging machines and their application in minimally invasive procedures. These centers, offering services such as ultrasound, X-rays, CT scans, and fluoroscopy, are essential for various medical treatments, further contributing to revenue growth.
North America dominated the market in 2022, driven by the increasing number of imaging centers and the adoption of advanced imaging technology. Asia Pacific is expected to register a significantly fast revenue growth rate, fueled by the growing prevalence of chronic diseases and an increasing aging population.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 30.10 Billion |
| CAGR (2023–2032) | 5.6% |
| Revenue forecast to 2032 | USD 52.03 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Application, product type, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | 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. |
| Customization scope | 10 hours of free customization and expert consultation |
Major 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
Strategic Development
- 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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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)
- Cardiology
- Oncology
- Neurology
- Orthopedics
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- X-ray Devices
- Magnetic Resonance Imaging(MRI)
- Ultrasound
- CT scan
- Nuclear Imaging
- Mammography
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals
- Diagnostic Imaging Centers
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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