The global medical imaging market size was estimated to be USD 40.76 billion in 2023 and is expected to reach at USD 84.22 billion by 2034 with a CAGR of 6.82% during the forecast period 2024-2034. Increasing demand for early detection tools, rising prevalence of lifestyle- related diseases, surge in technological advancements to improve turnaround time, growing investment by the government, increasing need for cutting-edge imaging modalities to instruct students in cutting-edge technologies is growing in teaching hospitals and institutions, rising introduction of 3D MRI & CT scans, and surge in adoption of AI to MR image quantification & identification process are some of the key factors boosting the market growth.
Surge in adoption of AI to medical imaging quantification & identification process is predicted to boost the market growth during the forecast period. Advanced diagnostic tools with Al capabilities are being used more often in industrialized nations for quick diagnosis and predictive analysis. For instance, in July 2022, Royal Philips N.V. has revealed its incorporation of cloud-based artificial intelligence (AI) and 3D mapping into the Zenition mobile C-arm System Series. This integration aims to enhance the efficiency of workflows and elevate the results of endovascular treatments.
By product, ultrasound was the highest revenue-grossing segment in the global medical imaging market in 2023 owing to the surge in number of ultrasound applications, rising developments of advanced ultrasound transducers, growing focus on the development of portable ultrasound devices, increasing integration of artificial intelligence into ultrasound systems, and surge in launch of advanced products. For instance, in December 2022, At RSNA 2022, Koninklijke Philips N.V. introduced a compact 5000 Series ultrasound system. This novel system offers the high-quality imaging necessary for enabling a confident diagnosis, all within a portable unit. Additionally, CT is predicted to grow at fastest CAGR during the forecast period owing to the growing demand for point of care CT device, increasing focus on development of a high-precision CT scanner by the integration of AI & advanced visualization systems.
By application, orthopaedics was the highest revenue-grossing segment in the global medical imaging market in 2023 owing to the increasing prevalence of trauma & sports injuries, growing technological advancements, and surge in launch of innovative products. Additionally, oncology is predicted to grow at fastest CAGR during the forecast period owing to the growing burden of cancer, increasing emphasis on early diagnosis of cancer, and rising approvals by regulatory bodies. For instance, in June 2022, Siemens Healthcare GmbH has obtained FDA clearance for the recently unveiled Symbia Pro.specta system, which combines single photon emission computed tomography/computed tomography (SPECT/CT) technologies. This achievement signifies progress in the realms of SPECT and CT imaging.
By end-user, hospitals was the highest revenue-grossing segment in the global medical imaging market in 2023 owing to the increasing demand for advanced imaging modalities, surge in integration of surgical suits with imaging technologies, growing demand for these modalities in teaching hospitals, and rising number of new hospitals. Additionally, diagnostic Imaging is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of advanced technology, surge in improved infrastructure, increasing use of proactive diagnostic procedures, and rising launch of advanced products. For instance, in December 2022, Fujifilm Healthcare Americas Corporation, a company offering diagnostic and enterprise imaging solutions, has unveiled the SCENARIA View Focus Edition system. This Computed Tomography (CT) scanner comes with an innovative Cardiac Motion Correction feature called Cardio StillShot, which utilizes advanced 4D Motion Estimation technology to assist healthcare professionals in obtaining sharp heart images.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in new product launches, rising adoption of advanced medical imaging equipment, increasing favorable reimbursement policies, growing geriatric population, surge in prevalence of chronic diseases, presence of leading market players, and rising launch of innovative systems. For instance, in October 2022, Google Cloud has introduced the Medical Imaging Suite, a novel technology designed to enhance the accessibility and compatibility of radiology and various other imaging data. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of chronic diseases, surge in demand for advanced imaging devices, increasing healthcare infrastructure, growing technological advancements, and rising initiatives by leading market players. For instance, in April 2022, Siemens Healthineers has established a new production facility for CT scanners in India, aiming to meet the increasing demand for these scanners and strengthen its market presence.
Surge in adoption of AI to medical imaging quantification & identification process is predicted to boost the market growth during the forecast period. Advanced diagnostic tools with Al capabilities are being used more often in industrialized nations for quick diagnosis and predictive analysis. For instance, in July 2022, Royal Philips N.V. has revealed its incorporation of cloud-based artificial intelligence (AI) and 3D mapping into the Zenition mobile C-arm System Series. This integration aims to enhance the efficiency of workflows and elevate the results of endovascular treatments.
By product, ultrasound was the highest revenue-grossing segment in the global medical imaging market in 2023 owing to the surge in number of ultrasound applications, rising developments of advanced ultrasound transducers, growing focus on the development of portable ultrasound devices, increasing integration of artificial intelligence into ultrasound systems, and surge in launch of advanced products. For instance, in December 2022, At RSNA 2022, Koninklijke Philips N.V. introduced a compact 5000 Series ultrasound system. This novel system offers the high-quality imaging necessary for enabling a confident diagnosis, all within a portable unit. Additionally, CT is predicted to grow at fastest CAGR during the forecast period owing to the growing demand for point of care CT device, increasing focus on development of a high-precision CT scanner by the integration of AI & advanced visualization systems.
By application, orthopaedics was the highest revenue-grossing segment in the global medical imaging market in 2023 owing to the increasing prevalence of trauma & sports injuries, growing technological advancements, and surge in launch of innovative products. Additionally, oncology is predicted to grow at fastest CAGR during the forecast period owing to the growing burden of cancer, increasing emphasis on early diagnosis of cancer, and rising approvals by regulatory bodies. For instance, in June 2022, Siemens Healthcare GmbH has obtained FDA clearance for the recently unveiled Symbia Pro.specta system, which combines single photon emission computed tomography/computed tomography (SPECT/CT) technologies. This achievement signifies progress in the realms of SPECT and CT imaging.
By end-user, hospitals was the highest revenue-grossing segment in the global medical imaging market in 2023 owing to the increasing demand for advanced imaging modalities, surge in integration of surgical suits with imaging technologies, growing demand for these modalities in teaching hospitals, and rising number of new hospitals. Additionally, diagnostic Imaging is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of advanced technology, surge in improved infrastructure, increasing use of proactive diagnostic procedures, and rising launch of advanced products. For instance, in December 2022, Fujifilm Healthcare Americas Corporation, a company offering diagnostic and enterprise imaging solutions, has unveiled the SCENARIA View Focus Edition system. This Computed Tomography (CT) scanner comes with an innovative Cardiac Motion Correction feature called Cardio StillShot, which utilizes advanced 4D Motion Estimation technology to assist healthcare professionals in obtaining sharp heart images.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in new product launches, rising adoption of advanced medical imaging equipment, increasing favorable reimbursement policies, growing geriatric population, surge in prevalence of chronic diseases, presence of leading market players, and rising launch of innovative systems. For instance, in October 2022, Google Cloud has introduced the Medical Imaging Suite, a novel technology designed to enhance the accessibility and compatibility of radiology and various other imaging data. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of chronic diseases, surge in demand for advanced imaging devices, increasing healthcare infrastructure, growing technological advancements, and rising initiatives by leading market players. For instance, in April 2022, Siemens Healthineers has established a new production facility for CT scanners in India, aiming to meet the increasing demand for these scanners and strengthen its market presence.
Segmentation: Medical Imaging Market Report 2022 - 2033
Medical Imaging Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Magnetic Resonance Imaging
- X-ray Devices
- Computed Tomography
- Ultrasound
- Nuclear Imaging
Medical Imaging Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Oncology
- Cardiology
- Orthopaedics
- Gynaecology
- Neurology
- Others
Medical Imaging Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Diagnostic Imaging Centers
- Hospitals
- Others
Medical Imaging Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Medical Imaging Market: Product Estimates & Trend Analysis
8. Medical Imaging Market: Application Estimates & Trend Analysis
9. Medical Imaging Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Medical Imaging Market
12. Europe Global Medical Imaging Market
13. Asia Pacific Global Medical Imaging Market
14. Latin America Global Medical Imaging Market
15. MEA Global Medical Imaging Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Koninklijke Philips N.V.
- Siemens AG
- Hitachi Ltd
- Hologic Inc.
- General Electric Company
- Carestream Health Inc
- Esaote SpA
- Planmeca oy
- CANON INC.
- Materialise NV
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2023 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 40.76 Billion |
| Forecasted Market Value ( USD | $ 84.22 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
