Medical Imaging Market Size Growth Report [2023-2031]

(MENAFN- Straits Research) Introduction

Through medical imaging, doctors can precisely assess their patients' bones, tissues, organs, and blood arteries. It directs doctors when performing joint replacements or the treatment of fractures, assists other procedures requiring the implantation of devices inside the body, discovers tumors for treatment and removal, finds blood clots or other obstructions, and decides whether surgery would be a viable treatment option. The global market for medical imaging is being driven by the increased prevalence of chronic diseases and growing awareness of the importance of early diagnosis. The market expansion is also aided by the expansion of hospitals and diagnostic facilities as well as the rising per-capita costs of healthcare in developing nations.

Market Dynamics

Aging Population Drives the Global Market

The increase in the aging population is attributable to the decline in fertility rates and the enhancement of healthcare quality, which has increased survival rates. By 2050, there will be 2.1 billion people in the world who are 60 years of age or older, according to a UN report. Growing aging populations are linked to an increase in the prevalence of chronic diseases, which is anticipated to result in more people being admitted to hospitals. Additionally, falls are a major worry as people age and frequently cause hospital hospitalizations, as well as injuries among the elderly.

Regional Analysis

North America is anticipated to dominate the global medical imaging market due to improved healthcare services and infrastructure as well as the rise in chronic disease prevalence. The availability of cutting-edge medical imaging technologies, such as portable ultrasonography and portable CT scanners, which deliver prompt and useful health information for clinical evaluation, will support the growth of the sector in the region. As more disciplines adopt these technologies, such as cardiology, emergency medicine, obstetrics and gynecology, and critical care anesthesiology for ICU patients, the need for these systems will increase. Additionally, the region's aging population will raise the demand for medical imaging technology to diagnose and treat illnesses accurately.

Europe is expected to account for a significant share of the market based on the significant presence of large players in the area and a population that is highly informed about the early detection of serious illnesses, such as cancer and cardiovascular disorders. The considerable investments made in the development of cutting-edge medical imaging goods and services are one of the primary growth factors in this industry. The population's high disposable incomes and the nation's high healthcare costs have also contributed to growth. Given that a few well-known companies, such as Siemens and Accenture, offer medical imaging services, the market is also anticipated to grow. Germany is currently dominating the European market as a result of the rise in chronic diseases and the development of a highly developed
healthcare system.

Asia Pacific is the fastest-growing market for medical imaging due to a large population with chronic illnesses, the rising frequency of cardiovascular disease, and the development of the infrastructure for healthcare and diagnostics. An aging population, an increase in hospitals and diagnostic facilities, supportive government policies and initiatives, rising healthcare costs, improved infrastructure, and a growing concentration of key players in this region are additional factors anticipated to propel the market's growth in the region. Additionally, a number of products are predicted to be released throughout the course of the forecast year as a result of technological advancements in the industry, which might also positively affect market growth. New product launches are causing the market's growth to accelerate.

Latin America is expected to account for the least share of the global medical imaging market owing to the poor healthcare infrastructure and lack of awareness regarding the severity of chronic diseases being diagnosed late. The Middle East & Africa is expected to grow significantly, owing to rising per capita income and healthcare expenditure. The Middle East and African medical imaging market are being driven by a number of factors, including the high unmet need for medical and diagnostic imaging procedures, cancer and cardiovascular diseases, technological advancements, and the development of medical imaging reagents. Furthermore, because older people are more prone to have chronic conditions, it is projected that the expanding geriatric population would raise the demand for medical imaging.

Key Highlights

• The global medical imaging market was valued at USD 37.9 billion in 2022. It is projected to reach USD 60.32 billion by 2031, growing with a CAGR of 5.3% during the forecast period (2023–2031).
• By product, the global medical imaging market is segmented into computed tomography (CT) scanners, X-ray imaging systems, and magnetic resonance imaging (MRI) systems.
• By application, the medical imaging market is segmented into diagnostic imaging, clinical review, and advanced imaging. Amongst applications, the diagnostic imaging segment is expected to hold the major market.
• Based on clinical specialty, the market is segregated into oncology, cardiology, general imaging/radiology, obstetrics & gynecology, orthopedics, mammography, urology, and other clinical specialties.

Competitive Players

Major players in the market are Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Varian Medical Systems (U.S.), GE Healthcare (U.S.), Hologic, Inc. (U.S.), Carestream (U.S.), Hitachi Medical Corporation (Switzerland), Samsung Medison (South Korea), Toshiba Medical Systems Corporation (U.K), Shimadzu Corporation (Japan), Aribex Corporation (U.S.), Fujifilm Corporation (Japan), Canon Medical Systems Corporation (Japan), and Carl Zeiss Meditec AG (Germany).

Market News

• In November 2021, The RSNA annual meeting saw the introduction of new AI-enabled advancements in MR imaging from Philips, a world leader in health technology. The new intelligent integrated MR portfolio from Philips is made to increase diagnostic quality, accelerate workflows, and assure the effectiveness and sustainability of radiology operations.
• In October 2022, In order to increase the interoperability and utility of medical imaging data with artificial intelligence, Google Cloud has launched a new product suite. Hologic is utilizing it to boost its diagnostic platform that screens women for cervical cancer, and Hackensack Meridian Health has started using it to identify metastases in prostate cancer patients.

Medical Imaging Market Segmentation By Product

• Computed Tomography (CT) Scanners
• X-Ray Imaging Systems
• Magnetic Resonance Imaging (MRI) Systems

• Diagnostic Imaging
• Clinical Review
• Advanced Imaging

• Oncology
• Cardiology
• General Imaging/Radiology
• Obstetrics & Gynecology
• Orthopedics
• Mammography
• Urology
• Other Clinical Specialties

• North America
• Europe
• Asia-Pacific
• LAMEA

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