Global Medical Imaging Market – Industry Trends and Forecast to 2030

Global Medical Imaging Market, By Procedure (X-Ray Imaging, Computed Tomography (CT) Scan, Magnetic Resonance Imaging (MRI), Ultrasound, Nuclear Imaging (SPECT/PET), Mammography, Molecular Imaging, Others), Technology (Direct Digital Radiology, Computed Radiology), Modality (Stationary, Portable), Patient Age (Adults, Paediatric), Application (General Imaging, Thoracic Cardiology, Obstetrics, Orthopaedics and Musculoskeletal, Neuro and Spine, Pelvic and Abdominal, Oncology, Radiography, Fluoroscopy, Gynaecology, Urology, Musculoskeletal, Dental, Others),  End Users (Hospitals, Diagnostic Centers, Imaging Centers, Specialty Clinics, Ambulatory Surgical Centers, Academic and Research Institutes, Others) – Industry Trends and Forecast to 2030.

Medical Imaging Market Analysis and Size

Medical imaging refers to techniques for generating images of the human body (or particular body parts) for various clinical applications, such as procedures and diagnoses, as well as medical science, which includes the investigation of typical anatomy and function. This category of biological imaging includes radiography, endoscopy, thermography, medical photography, and microscopy  in a more general sense. Medical imaging includes measurement and recording methods such as electroencephalography (EEG) and magnetoencephalography (MEG), producing data visualized as maps rather than images.

Data Bridge Market Research analyses that the medical imaging market, valued at USD 21.24 billion in 2022, will reach USD 33.08 billion by 2030, growing at a CAGR of 5.69% during the forecast period of 2023 to 2030.  In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Medical Imaging Market Scope and Segmentation  

Market Definition

The term "medical imaging" refers to several different technologies used to view the human body to monitor, diagnose, or treat medical conditions. Each type of technology offers specific information about potential illnesses, damage to the body part being studied or treated, or the effectiveness of medical treatment. Through the visual representation of tissues and organs, medical imaging aims to represent the body's interior for clinical diagnosis and medical intervention.

Medical Imaging Market Dynamics

Drivers

• Rise in the prevalence of chronic illnesses

The global market for medical imaging reagents is driven by the development of products and the significant unmet need for diagnostic imaging procedures and diseases such as cancer and cardiovascular disease. For instance, cardiovascular disease is one of the main causes of death worldwide. Furthermore, because older people are more likely to develop chronic diseases, the growing geriatric population is anticipated to increase the demand for medical imaging reagents. The widespread occurrence of numerous chronic diseases among people has also been linked to a sizeable portion of the market's robust growth.

• Increasing demand for advanced diagnostic imaging

Imaging techniques are needed to detect structural abnormalities and pathological changes in the body because traumatic injuries are common and frequent. Imagine techniques have been used to detect the minor changes the human eye cannot detect. With the aid of an advanced diagnostic system, a precise diagnosis of the patient's condition can be made, making choosing the best course of treatment. Thus the market is expanding due to the rise in cancer patients who require sophisticated imaging reagents and diagnostic imaging techniques for a more precise diagnosis, such as photoacoustic imaging.

Opportunities

• Adoption of AI technology can create the growth

Artificial intelligence-enhanced imaging techniques are created to help medical professionals accurately assess patients' conditions and choose how to best proceed with their care. Teaching hospitals have taken several measures to ensure that the medical staff is adequately trained to use cutting-edge technology, which is crucial to the health care industry. Throughout the forecast period, the adoption of artificial intelligence in imaging techniques has improved outcomes and accelerated market growth.

• Improvement in governmental standards and policies regarding helping the market grow

The market for medical imaging has also been boosted by the improvement in governmental standards and policies regarding the reimbursement services provided to patients. The attractive reimbursement options offered by insurance companies have significantly increased the market. To entice customers to purchase larger policies, insurance companies work tirelessly to give them the best amenities, further propelling market growth.

Restraints/Challenges

• Less adoption of advanced imaging equipment limits the growth

Factors include decreased imaging volumes, economic hardships resulting in less adoption of advanced imaging technology, staff reductions at radiology centers and hospitals, and a rise in teleradiology services. Additionally, computer vision is used to identify invisible diseases to the human eye. Despite technical advancements and a rise in the use of sophisticated imaging tools, the market experienced a decline. However, the market expansion is constrained by the high cost of medical diagnostic/imaging devices and the unfavorable reimbursement environment of advanced imaging equipments.

• Hospital's selective behavior limits the expansion

The hospital's selective behavior regarding the procedures carried out to prevent cross-infection to the patient and the medical staff negatively impacts the market. Hospitals avoided routine checkups and follow-ups to reduce the risk of disease transmission and only dealt with severe cases. As a result, orthopedic patients are used in imaging procedures less frequently. The rising risk of patients scanned using the same imaging equipment as the other infected patients have severely restricted the market's growth.

This medical imaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical imaging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022, Nordisk Rontgen Teknik will be acquired by Canon Medical System, according to the announcement. A renowned manufacturer of diagnostic X-Ray systems is Nordisk Rontgen Tetnik. The company's ability to operate globally in the X-ray industry has been aided by this acquisition.
• In 2022, Siemens Healthineers presented its new MANGETOM free star and NAETOM alpha in MRI and CT pipelines at the 74th National Conference IRIA 2022 in Bengaluru. As, they offered cutting-edge medical imaging technology, these products assisted the business in growing its customer base.
• In 2021, The state-of-the-art, wireless Vscan AirTM pocket ultrasound from GE Healthcare offers doctors brilliant image quality, whole-body scanning capabilities, and user-friendly software.
• In 2021, Esaote North America has made the MyLab X8 Ultrasound System available in Canada. The MyLab X8 premium imaging system offers a full range of features, integrates the most recent technological advancements, and produces images of higher quality without sacrificing productivity or efficiency. In the past, the FDA in the United States had approved it.

Global Medical Imaging Market Scope

The medical imaging market is segmented on the basis of procedures, technology, modality, patient type, application and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Procedure

• X-Ray Imaging
• Digital
• Direct Digital Radiology
• Computed Radiology
• Analog
• Computed Tomography (CT) Scan
• Magnetic Resonance Imaging (MRI)
• Ultrasound
• 2D Ultrasound
• 3D ultrasound
• Others
• Nuclear Imaging (SPECT/PET)
• Mammography
• Molecular Imaging
• Others

Technology

• Direct Digital Radiology
• Computed Radiology

Modality

• Stationary
• Portable

Patient type

• Adults
• Pediatric

Application

• General Imaging
• Thoracic
• Cardiology
• Obstetrics
• Orthopaedics and Musculoskeletal
• Neuro and Spine
• Pelvic and Abdominal
• Oncology
• Radiography
• Fluoroscopy
• Gynaecology
• Breast Health
• Urology
• Musculoskeletal
• Dental
• Others

End Users

• Hospitals
• Diagnostic Centers
• Imaging Centers
• Specialty Clinics
• Ambulatory Surgical Centers
• Academic and Research Institutes
• Others

Medical Imaging Market Regional Analysis/Insights

The Medical Imaging Market is analysed and market size insights and trends are provided by country, procedures, technology, modality, patient type, application and end users as referenced above.

The countries covered in the Medical Imaging Market report are  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are changing consumer preferences and expanding consumer spending patterns. Additionally, it is anticipated that improvements and the growth of several production industries will aid in developing the rubber compound industry.

Asia-Pacific will undergo the highest growth rate during the forecast period owing to an increasing number of businesses in emerging nations. Furthermore, the number of businesses in emerging nations is increasing due to the demand for diagnostics in clinics, hospitals, and other industries. In addition, the number of hospitals and clinical diagnostic labs in China and India and rising healthcare spending are causing a rise in demand for medical imaging.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Medical Imaging Market Share Analysis

The Medical Imaging Market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Medical Imaging Market.

Some of the major players operating in the medical imaging market are:

• Koninklijke Philips N.V. (Netherlands)
• RamSoft, Inc. (Canada)
• InHealth Group (U.K)
• Siemens Healthcare GmbH (Germany)
• Sonic Healthcare Limited (Australia)
• GE HealthCare (U.S)
• Akumin Inc. (U.S)
• Hologic Inc. (U.S)
• Shimadzu Corporation (Japan)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
• CANON MEDICAL SYSTEMS CORPORATION (Japan)
• ZEISS (Germany)
• FUJIFILM Corporation (Japan)
• Hitachi, Ltd. (Japan)
• Carestream Health (U.S)
• UNILABS (Switzerland)
• ONRAD, Inc. (U.S)
• Narang Medical Limited (India)
• Johnson & Johnson Services, Inc (U.S.)
• BD (U.S.)