Medical Imaging Market - By Product, By End Use, Global Forecast, 2024 - 2032

Medical Imaging Market Size

The global medical imaging market size reached USD 41.6 billion in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2032, driven by the increasing prevalence of chronic diseases, advancements in imaging technologies, and rising healthcare expenditure globally. As per WHO, chronic diseases kill 41 million people each year, equivalent to 74% of all deaths globally.
 

Medical imaging is crucial for diagnosing and monitoring a wide range of conditions, from bone fractures to complex diseases like cancer and cardiovascular diseases. As the demand for early diagnosis and treatment rises, the market continues to expand with innovative solutions that improve diagnostic accuracy and treatment outcomes.
 

The growing incidence of chronic diseases such as cardiovascular diseases, cancer, and neurological disorders is a key driver of the market. As per WHO, Cardiovascular diseases are the primary cause of death globally, claiming approximately 17.9 million lives annually. Additionally, the demand for non-invasive diagnostic methods is propelling the adoption of medical imaging technologies. Technological advancements, such as the development of AI-powered imaging tools, are enhancing image quality and enabling faster, more accurate diagnoses. The global aging population is another significant factor, as older individuals are more prone to health conditions requiring medical imaging.
 

Despite the numerous growth drivers, the medical imaging market faces several challenges. One of the primary hurdles is the high cost of advanced imaging equipment, which limits its accessibility, particularly in low- and middle-income countries. Additionally, the need for highly skilled personnel to operate and interpret medical imaging devices further adds to the cost. Moreover, regulatory issues and the lengthy approval processes for new imaging technologies can delay market entry for innovative solutions. The market is also confronted with issues related to data security, as the digitalization of medical imaging increases the amount of sensitive patient data being stored and transmitted.
 

Medical Imaging Market Trends

The market is witnessing several key trends shaping its future. One of the most notable trends is the increasing use of artificial intelligence (AI) and machine learning to improve the accuracy, speed, and efficiency of image analysis. AI algorithms can assist radiologists in detecting abnormalities such as tumors, fractures, and cardiovascular conditions, reducing the likelihood of human error and improving diagnostic precision. The integration of AI with imaging technologies such as MRI, CT, and X-ray is transforming the landscape of medical imaging, making it more efficient and accessible. For instance, in May 2024, iHridAI launched HarmonyCVI, for detailed and accurate cardiovascular assessments. HarmonyCVI is a comprehensive AI/ML-based rapid diagnostics and perceptions tool that assists radiologists and cardiologists in improved analysis of cardiac MRI scans.
 

Another trend driving the market is the shift towards less invasive and more portable imaging technologies. Portable X-ray machines, handheld ultrasound devices, and compact MRI systems are gaining popularity, particularly in emergency care, rural healthcare, and at-home diagnostics. These portable devices offer greater flexibility and convenience, enabling healthcare providers to conduct diagnostic imaging outside traditional hospital settings.
 

Medical Imaging Market Analysis

Based on product, the market from the X-ray devices segment, consisting of analog and digital X-ray devices, generated 32.5% share of the market in 2023 and is projected to amass USD 22.6 billion by 2032 due to their widespread use in hospitals and clinics for diagnostics. The segment is expected to grow significantly, driven by innovations in X-ray technology such as portable and digital X-ray systems. In 2023, digital X-ray systems dominated the market, owing to their advantages over traditional analog X-rays, including enhanced image quality, faster results, and lower radiation exposure. The ability to store and transfer digital images electronically has further increased the adoption of digital X-rays in healthcare facilities.
 

Based on end use, the medical imaging market from the hospitals segment is expected to generate USD 28.5 billion in revenue by 2032 driven by the rising demand for diagnostic imaging services in inpatient and outpatient settings. Hospitals are the primary centers for advanced medical imaging procedures due to their comprehensive infrastructure, trained medical staff, and access to state-of-the-art imaging equipment. In 2023, the hospital segment accounted for a significant portion of the market, with a growing number of hospitals adopting advanced imaging modalities such as MRI, CT scans, and X-ray devices.
 

The increasing volume of outpatient visits and diagnostic procedures has further bolstered the hospital segment’s growth. With rising patient populations, especially among the elderly, hospitals are investing in advanced imaging equipment to cater to the growing demand for early diagnosis and effective treatment.
 

North America medical imaging market size is projected to expand at 5.5% CAGR from 2024-2032 due to its advanced healthcare infrastructure, high healthcare expenditure, and widespread adoption of the latest imaging technologies. The U.S. government’s investment in healthcare, along with private sector innovation, has created a favorable environment for the growth of medical imaging. The region’s well-established healthcare infrastructure ensures the widespread availability of advanced imaging technologies in hospitals, outpatient diagnostic centers, and research institutions.
 

Furthermore, the growing focus on personalized medicine and precision diagnostics in North America has spurred the adoption of advanced imaging techniques, such as molecular imaging, that allow for more accurate and tailored treatment plans. Additionally, the rapid integration of artificial intelligence (AI) and machine learning into medical imaging devices has contributed to the region’s dominance. AI technologies are being used to enhance image analysis, reduce the time required for diagnosis, and improve patient outcomes.
 

Medical Imaging Market Share

Companies such as Koninklijke Philips N.V, Fujifilm Holdings Corporation, GE Healthcare, Canon Medical Systems Corporation, and Hologic Inc. dominate this market due to their strong research abilities, innovative drug inventions, and commitment to addressing chronic diseases. These leaders continually invest in developing advanced medical imaging products to meet the growing demand for effective and patient-friendly solutions.
 

Medical Imaging Market Share

The competitive landscape of the medical imaging industry includes

• Carestream Health Inc
• Esaote SpA
• Hologic Inc
• GE Healthcare
• Siemens Healthineers
• Canon Medical Systems Corporation
• Samsung Medison Co. Ltd
• Konica Minolta, Inc

Medical Imaging Industry News

In July 2024, FUJIFILM Healthcare Americas Corporation launched the APERTO Lucent™ in the U.S. This advanced 0.4T MRI system featured Fujifilm's renowned permanent magnet technology and a distinctive single-pillar design.

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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• 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