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The global medical imaging market was valued at USD 41.3 billion in 2023 and it is anticipated to grow up to USD 58.9 billion by 2033, at a CAGR of 3.6% during the forecast period.
Medical imaging forms an important component of healthcare industry for better diagnosis and treatment planning. Medical imaging techniques such as an ultrasound, X-ray, MRI, and CT scans help to visualize body organs internally allowing better care for the patients. Medical imaging, also known as radiology, is the field of medicine in which medical professionals recreate various images of parts of the body for diagnostic or treatment purposes. Medical imaging procedures include non-invasive tests that allow doctors to diagnose injuries and diseases without being intrusive.
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Market Trends and Drivers
The increase in prevalence of cardiac disease drives the growth of the medical/diagnostic imaging market size. The imaging system such as radionuclide imaging, ultrasound, optical imaging, and CT scan are used in diagnosis of cardiac disorders to maximize diagnosis accuracy and enhance patient care. For instance, according to World Health Organization (WHO), in June 2021, it was observed that cardiovascular diseases (CVDs) are the leading cause of death globally. In addition, upsurge in number of hospitals and diagnostics centers, and initiative taken by government and private organization to develop medical sectors drives the medical imaging market trends. Furthermore, the increased R&D activities in imaging technology and rise in number of approval for products boost the medical/diagnostic imaging industry. For instance, in April, 2021, Canon Medical Systems USA, Inc., a leading developer of medical devices, received U.S. FDA approval for One-Beat Spectral Cardiac CT, for cardiovascular imaging.
Rising healthcare expenditure in developed as well as developing countries surge the demand for medical imaging. All these factors together will drive the medical imaging industry over the forecast period. Furthermore, increasing R&D activities coupled with rising healthcare infrastructure and adaptation of innovative medical imaging modalities are expected to drive market growth over the forthcoming years. Growing incidence of chronic diseases especially in geriatric population increases the demand for medical imaging in hospitals and diagnostic centers. Several technological advancements and innovations increase the reliability of medical imaging thereby increasing its demand in healthcare.
Market Restraints and Challenges
Technological limitations associated with standalone systems may impede the market growth. Technological limitations associated with standalone imaging modalities deter researchers from purchasing them, negatively affecting their market growth. For instance, MRI takes longer to scan large volumes or high-resolution images, whereas PET has a lower spatial resolution. Ultrasound systems are heavily operator-dependent, require direct contact with the body, and have limited tissue depth penetration. SPECT has low detection sensitivity, and CT has poor soft-tissue contrast, providing less information about functional characteristics, and carries the risk of radiation exposure for both physicians and patients.
In response to increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with the suppliers and manufacturers of medical devices. GPOs, IHNs, and IDNs negotiate heavily for bulk purchases of diagnostic imaging devices. The rising cost of prescription drugs and a sharp decline in the proposed budget allocations for Health and Human Services in the US, as of 2019, have significantly reduced hospital budgets. A study by the American Hospital Association estimates that federal payment cuts to hospitals would amount to USD 218 billion by 2028, forcing hospitals to allocate smaller budgets annually.
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COVID-19 Impact
The COVID-19 pandemic had a substantial impact on the medical imaging market. The medical imaging industry witness significant growth during the COVID-19 pandemic owing to the usefulness of medical imaging in the diagnosis and treatment guidance of severe COVID-19 infections. Medical imaging procedures are also used in the management of patients post COVID-19. Chest X-rays, ultrasound and CT are commonly used to gauge the severity of COVID-19 infections and detect spread of disease in the lungs. These factors help to surge the global market demand.
Global Medical Imaging Market Segmentation
By Product
- X-Ray Devices
- Digital
- Analog
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- 2D Ultrasound
- 3D Ultrasound
- Others
- Computed Tomography
- Nuclear Imaging
- Mammography
By End-use
- Hospitals
- Diagnostic Centers
- Others
Major Players in the Global Medical Imaging Market
The key players in the medical imaging market are Siemens Healthineers, Canon Medical System Corporation, Samsung Medison, Koninklijke Philips, Carestream Health, Fujifilm, Esaote, GE Healthcare, Hologic, and Konica Minolta, among others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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