The global medical/diagnostic imaging market was valued at $38,514.8 million in 2020, and is projected to reach $68,826.6 million by 2030, registering a CAGR of 5.8% from 2021 to 2030.
Medical/diagnostic imaging is the use of electromagnetic radiation and certain other technologies to produce images of internal structures of the body for the purpose of accurate diagnosis. Diagnostic imaging is roughly equivalent to radiology, the branch of medicine that uses radiation to diagnose and treat diseases.
The increase in prevalence of chronic diseases such as cancer, cardiovascular disease globally drives the growth of medical/diagnostic imaging market. For instance, according to World Health Organization (WHO), it was reported that cancer is one of the leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, which is nearly one in six deaths. In addition, increase in healthcare expenditure and rise in demand for advanced imaging for accurate diagnosis propels the growth of medical/diagnostic imaging market. The increase in R&D activities to use the advanced technology in diagnosis of disease contributes in the growth of market. Furthermore, rise in number of hospitals and well-developed healthcare infrastructure contributes in market growth.
In addition, advancement in technology in medical imaging system and surge in product launch contribute to the growth of the medical/diagnostic imaging market. However, the high cost of medical imaging technology is expected to limit the growth of market.
The medical/diagnostic imaging market is segmented on the basis of product type, application, and region. By product type, the market is mainly categorized into MRI systems, Ultrasound imaging systems, X-ray imaging systems, CT Scanners, Nuclear imaging systems, and mammography systems. MRI systems segment is further classified into MRI architecture and MRI field strength. MRI architecture is further bifurcated into closed MRI systems and open MRI systems. MRI field strength is categorized by low to mid field systems, high field systems, very high field systems, and field systems. Ultrasound imaging systems is divided into 2D imaging systems, 3D & 4D imaging systems, Doppler imaging, high-intensity focused ultrasound (HIFU), and Extracorporeal Shock Wave Lithotripsy (ESWL). X-ray imaging systems are further divided into probability based x-ray imaging systems and technology based x-ray imaging systems. Portability based X-Ray imaging systems is categorized into stationary devices and portable devices. Technology based X-Ray imaging systems is further divided into digital imaging and analog imaging. CT scanners segment is fragmented into high end slice, mid end slice and low end slice. Nuclear imaging systems segment is further categorized into PET and SPECT. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Canon Inc. (Canon Medical Systems USA, Inc.), Carestream Health, Inc., Esaote SpA, General Electric Company (GE Healthcare), Hitachi Ltd. (Hitachi Healthcare America Corporation), Hologic, Inc., Koninklijke Philips N.V., Materialise NV, Planmeca OY and Siemens AG.
Medical/diagnostic imaging is the use of electromagnetic radiation and certain other technologies to produce images of internal structures of the body for the purpose of accurate diagnosis. Diagnostic imaging is roughly equivalent to radiology, the branch of medicine that uses radiation to diagnose and treat diseases.
The increase in prevalence of chronic diseases such as cancer, cardiovascular disease globally drives the growth of medical/diagnostic imaging market. For instance, according to World Health Organization (WHO), it was reported that cancer is one of the leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, which is nearly one in six deaths. In addition, increase in healthcare expenditure and rise in demand for advanced imaging for accurate diagnosis propels the growth of medical/diagnostic imaging market. The increase in R&D activities to use the advanced technology in diagnosis of disease contributes in the growth of market. Furthermore, rise in number of hospitals and well-developed healthcare infrastructure contributes in market growth.
In addition, advancement in technology in medical imaging system and surge in product launch contribute to the growth of the medical/diagnostic imaging market. However, the high cost of medical imaging technology is expected to limit the growth of market.
The medical/diagnostic imaging market is segmented on the basis of product type, application, and region. By product type, the market is mainly categorized into MRI systems, Ultrasound imaging systems, X-ray imaging systems, CT Scanners, Nuclear imaging systems, and mammography systems. MRI systems segment is further classified into MRI architecture and MRI field strength. MRI architecture is further bifurcated into closed MRI systems and open MRI systems. MRI field strength is categorized by low to mid field systems, high field systems, very high field systems, and field systems. Ultrasound imaging systems is divided into 2D imaging systems, 3D & 4D imaging systems, Doppler imaging, high-intensity focused ultrasound (HIFU), and Extracorporeal Shock Wave Lithotripsy (ESWL). X-ray imaging systems are further divided into probability based x-ray imaging systems and technology based x-ray imaging systems. Portability based X-Ray imaging systems is categorized into stationary devices and portable devices. Technology based X-Ray imaging systems is further divided into digital imaging and analog imaging. CT scanners segment is fragmented into high end slice, mid end slice and low end slice. Nuclear imaging systems segment is further categorized into PET and SPECT. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Canon Inc. (Canon Medical Systems USA, Inc.), Carestream Health, Inc., Esaote SpA, General Electric Company (GE Healthcare), Hitachi Ltd. (Hitachi Healthcare America Corporation), Hologic, Inc., Koninklijke Philips N.V., Materialise NV, Planmeca OY and Siemens AG.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical/diagnostic imaging market analysis from 2020 to 2030 to identify the prevailing medical/diagnostic imaging market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical/diagnostic imaging market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical/diagnostic imaging market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- CT Scanners
- X ray Imaging Systems
- MRI Systems
- Ultrasound Imaging Systems
- Nuclear Imaging Systems
- Mammography Systems
By Application
- Obstetrics and Gynecology Health
- Orthopedics and Musculoskeletal
- Neuro and Spine
- Cardiovascular and Thoracic
- General Imaging
- Breast Health
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEDICAL/DIAGNOSTIC IMAGING MARKET, BY PRODUCT TYPE
CHAPTER 5: MEDICAL/DIAGNOSTIC IMAGING MARKET, BY APPLICATION
CHAPTER 6: MEDICAL/DIAGNOSTIC IMAGING MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Medical/Diagnostic Imaging Market,' the medical imaging market size was valued at $38.5 Billion in 2020, and is estimated to reach $68.8 Billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030. Medical imaging refers to several different technologies that are used to view the human body in order to diagnose, monitor, or treat medical conditions. Each type of technology gives different information about the area of the body being studied or treated, related to possible disease, injury, or the effectiveness of medical treatment.Factors that drive the growth of the medical/diagnostic imaging market analysis include rise in number of hospitals and increase in prevalence of pneumonia. According to World Health Organization (WHO), in 2019, it was reported that pneumonia killed 740, 180 children under the age of 5, accounting for 14% of all deaths of children under five years old. Furthermore, increase in R&D activity in 3D medical imaging technology contribute in the medical imaging market growth. In addition, the increase in need for medical imaging surge the growth of medical imaging market.
The medical imaging market share is segmented on the basis of product type, application, and region.
By product type, the market is divided into MRI systems, ultrasound imaging systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems. The X-ray imaging systems segment dominated the market in 2020, and this trend is expected to continue during the diagnostic imaging market forecast period, owing to advancements in X-ray technology and innovation in technology in medical imaging.
By application, the market is divided into obstetrics/gynecology (ob/gyn) health, orthopedics &musculoskeletal, neuro & spine, cardiovascular & thoracic, general imaging, and breast health. The cardiovascular and thoracicsegment dominated the market in 2020, and this trend is expected to continue during the forecast period due tosurge in prevalence of cardiovascular disease, increase in geriatric population, and rise in sedentary lifestyle.
What is the IMPACT OF COVID-19 Pandemic on the Medical/Diagnostic Imaging Market?
- The COVID-19 outbreak had a negative impact on the growth of the medical imaging market size as most hospitals were not operating due to COVID-19 and the ongoing lockdowns in many countries. The spread of COVID-19 led to major public health issues. However, a huge number of clinics andhospitals across the globe were restructured to increase the hospital capacity to provide better healthcare facility. In the middle of COVID-19 pandemic, the elective imaging services and ambulatory imaging dropped for a while. Moreover, several policies were updated in radiology department and hospitals regarding technologist, PPE availability, and COVID-19 testing.
- On the basis of region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. North America accounted for a majority of the global medical/diagnostic imaging market share in 2020, and is anticipated to remain dominant during the forecast period due to rise in prevalence of chronic diseases, presence of key players for development of medical imaging outsourcing, and well-established healthcare infrastructure in the region. Asia-Pacific is anticipated to witness lucrative growth owing to increase in the number of hospitals, surge in demand for early diagnosis, upsurge in prevalence of cancer & cardiac disease, and rise in number of geriatric population.
Key Findings of Study
- On the basis of product type, the X-ray imaging systems segment was the highest contributor to the medical imaging market in 2020.
- By application, the cardiovascular and thoracic segment was the highest contributor to the medical imaging market in 2020
Companies Mentioned
- Canon Inc. (Canon Medical Systems USA Inc.)
- Carestream Health Inc.
- Esaote SpA
- General Electric Company (GE Healthcare)
- Hitachi Ltd. (Hitachi Healthcare America Corporation)
- Hologic Inc.
- Koninklijke Philips N.V.
- Materialise NV
- Planmeca OY
- Siemens AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 160 |
| Published | March 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 38514.8 million |
| Forecasted Market Value ( USD | $ 68826.6 million |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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