Medical Imaging Market Size by Product (X-Ray Devices, MRI, Ultrasound, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers), Global Forecast, 2023- 2032

Medical Imaging Market Size by Product (X-Ray Devices, MRI, Ultrasound, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers), Global Forecast, 2023- 2032

Medical Imaging Market Size

Medical Imaging Market size was worth USD 40 billion in 2022 and is poised to grow at 5.5% CAGR from 2023 to 2032, driven by the incremental innovations and advancements in medical imaging technology.
 

Technologically improved imaging equipment aids in the early and precise detection of underlying ailments, allowing physicians to provide timely treatment to patients. To that end, top market companies are investing and prioritizing R&D for breakthrough technologies to deliver better treatment alternatives. For instance, in October 2022, Google Cloud introduced Medical Imaging Suite, a new technology to improve radiology and other imaging data accessibility and interoperability.
 

Furthermore, virtual reality and 3D imaging technologies offer significant ramifications for the healthcare industry. The influx of new augmented reality technologies, such as EchoPixel True 3D to assist healthcare surgeons in studying tissues and structures in 3D by utilizing MRI or CT scan pictures will also drive the market progress.
 

Growing changes in reimbursement regulations in the medical imaging sector may hinder the market revenue growth to some extent. In 2021, the Centres for Medicare and Medicaid Services proposed significant reductions in compensation for radiology services, such as diagnostic radiology (11%), interventional radiology (9%), and nuclear medicine (8%).  Such reductions in reimbursement rates for medical operations along with the rising difficulties associated with medical bills and the complexities related to the verification of documentation may also restrict the market expansion.

COVID-19 Impact

The COVID-19 pandemic imposed huge burden on medical systems worldwide. The widespread application of diagnostic imaging for determining the severity of the infection had considerable positive impact on the growth of the medical imaging industry. The onset of the second wave of the outbreak made way for the increasing demand for medical imaging modalities. In June 2021, the Journal of the Radiological Society of North America revealed that chest CT was 80% accurate in detecting COVID-19 pneumonia and forecasting the requirement for intubation. The rise in such research instances created favorable environment for market expansion.

Medical Imaging Market Trends

The integration of AI and machine learning technologies in radiology is expected to boost the market outlook. AI-powered imaging devices and software improve the efficiency and accuracy of radiographic interpretation to provide additional information that may not be evident to human radiologists. To cite an instance, in July 2022, Philips received FDA 510(k) clearance for its AI-powered and MRI-enhancing smartspeed software to offer three times faster scanning than conventional MRI scanners.  The rise in such improvements to reduce errors and enhance patient outcomes will contribute to the market growth.

Medical Imaging Market Analysis

The x-ray devices segment, comprising analog and digital X-ray devices, accounted for more than 32% share of the medical imaging market in 2022 and is projected to amass USD 22.6 billion by 2032. The need for X-ray services is rising due to the high prevalence of serious diseases, including cancer, TB, and heart and chest ailments worldwide. To cite an instance, in February 2023, Mylab Discovery Solutions, a biotech business, collaborated with Qure.ai, a major developer of AI software for medical imaging, to implement an AI-enabled chest X-Ray for diagnosing the early stages of TB. Moreover, the growing concentration of several businesses on producing high-quality scanners will foster the segment progression.

Medical imaging market from the hospitals segment is expected to generate USD 28.5 billion in revenue by 2032. Most diagnostic imaging procedures are carried out in hospitals owing to the availability of technologically improved medical imaging instruments, such as MRI systems and CT scanners. The lack of radiologists in developing countries is further fueling the need for user-friendly AI-powered medical imaging equipment. For instance, in February 2023, South Africa’s Envisionit Deep AI received $1.65M to increase access to medical imaging to ease the load on the healthcare system, particularly in Africa.

North America medical imaging market size is projected to expand at 5.3% CAGR from 2023-2032. The presence of advanced healthcare facilities in diagnostic centers and hospitals as well as the rising patient awareness about the benefits of early diagnosis will propel the market trends. Additionally, government initiatives and reimbursement policies supporting medical imaging have encouraged healthcare providers to invest in state-of-the-art imaging modalities, subsequently fueling the regional industry expansion.

Medical Imaging Market Share

The competitive landscape of the medical imaging market includes leading companies, such as

• Koninklijke Philips N.V
• Canon Medical Systems Corporation
• Fujifilm Holdings Corporation
• GE Healthcare
• Konica Minolta, Inc
• Hologic Inc
• Samsung Medison Co. Ltd
• Siemens Healthineers
• Carestream Health Inc
• Esaote SpA
   

Medical Imaging Industry News

• In May 2022, Samsung unveiled GM85 Fit, a new mobile radiography device approved by the U.S. FDA in a bid to expand its client base and extend the sale of its products in the American market.
   

Medical imaging market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments

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By Product (USD Million & Units)

• X-ray devices 
• Digital 
• Direct radiography system
• Computed radiography system 
• Analog
• MRI
• Ultrasound
• 2D ultrasound
• 3D ultrasound
• Others 
• Computed tomography
• Nuclear imaging
• Mammography

By End-use (USD Million)

• Hospitals
• Diagnostic Centers
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Switzerland
  • The Netherlands
  • Denmark
  • Poland
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • New Zealand
  • Thailand
  • Vietnam
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Turkey
  • Egypt