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The medical imaging market size is estimated to grow by USD 14.2 billion at a CAGR of 5.95% between 2023 and 2028. The market growth is fueled by the rising incidence of chronic illnesses and continuous advancements in medical devices. Additionally, increased merger and acquisition activities contribute to market expansion. However, challenges such as the high costs linked to medical imaging and stringent regulations pose obstacles to market growth. Product recalls further add to the challenges, highlighting the need for compliance with quality standards and regulations. Advancements in medical technology are focused on enhancing the quality of images, lowering diagnostic expenses, and elevating patient care. Numerous manufacturers engage in extensive research and development efforts to introduce sophisticated medical solutions, which encompass compact and portable devices, state-of-the-art 3D ultrasound and 5D ultrasound systems, wireless detectors for digital radiography, and innovative hybrid imaging.
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The medical imaging market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Our segment comprises two primary segments, each with its respective sub-segments for further detailed analysis within specific national markets. Furthermore, our market coverage extends across geographic regions, with comprehensive breakdowns to provide in-depth insights. The Market is experiencing significant growth driven by novel technologies and advanced diagnostic imaging systems. magnetic resonance imaging (MRI) systems and CT scanners are leading due to their critical role in diagnosing neurological diseases, stroke, and cardiovascular diseases. However, the premium price and high capital investments pose challenges, particularly for medium-sized and small healthcare facilities. To mitigate these issues, the market is seeing a rise in refurbished medical devices which offer cost-effective solutions. Favorable government and private policies, along with the provision of reimbursement and insurance schemes, are boosting the adoption rate. These factors, along with incremental growth drivers and sustainable practices, provide substantial growth opportunities and a sustainable market for medical imaging technology.
Based on product, the market share growth by the hospitals segment will be significant during the forecast period. The growing demand for cutting-edge imaging techniques in hospitals to provide high-tech solutions is expected to significantly impact market growth during the forecast period. Furthermore, the adoption of artificial intelligence to automate the image quantification and recognition process is expected to boost market growth. The increasing prevalence of chronic diseases, especially among the elderly, increases the demand for medical imaging in hospitals and diagnostic centers.
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The hospitals segment in the global market has steadily grown from USD 14.70 billion in 2018. Several technological advances and innovations are increasing the reliability of medical imaging and thus increasing its demand in healthcare. Rising healthcare costs in developed and developing countries are driving the demand for medical imaging. All these factors together will drive the growth of the medical imaging industry during the forecast period. Additionally, increasing research and development activities, growing healthcare infrastructure, and the adoption of innovative medical imaging techniques, including robotic medical imaging systems, are expected to boost market growth during the forecast period.
North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period.
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The North American market is projected to grow moderately during the forecast period, driven by factors such as increasing chronic disease prevalence, technological advancements, product launches, and awareness programs for early disease diagnosis. New technologies are expected to expand the clinical applications of diagnostics and boost the number of scans performed in the region. Government support and incentives for research and development further fuel the market. The shift toward precision medicine and rising equipment usage across various applications also contribute to market growth. High healthcare spending and a growing geriatric population in Canada are expected to drive steady growth in the country's market.
The market is experiencing significant growth, driven by the increasing prevalence of lifestyle-related diseases and the demand for early detection tools. Technological advancements, particularly in artificial intelligence (AI), have revolutionized imaging modalities and computed tomography (CT), reducing turnaround time and enhancing accuracy. Investments and reimbursement initiatives by governments are further fueling market expansion, leading to the establishment of new facilities, especially in developing nations like India's X-Ray Setu initiative. Companies like Siemens Healthineers are at the forefront, with innovations such as AI-enabled MR imaging portfolios and state-of-the-art CT scanner production units. The cardiovascular ultrasound portfolio and the AI-enabled MR imaging portfolio are enhanced by the integration of an AI platform and an optical CT scanner, alongside training for advanced technology to ensure optimal utilization and advanced diagnostic capabilities. There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The market is witnessing significant growth, driven by the increasing prevalence of lifestyle-related diseases. With the rise in chronic conditions like cancer, cardiovascular disorders, and neurological maladies, there's a growing demand for early detection tools. Technological advancements, including artificial intelligence (AI) integration, are revolutionizing imaging modalities, reducing turnaround time, and enhancing diagnostic accuracy.
Furthermore, governments and healthcare institutions are investing in new facilities, with companies like Siemens Healthineers leading the way with AI-enabled MR and cardiovascular ultrasound portfolios. Collaborations with institutions are pushing the boundaries, with innovations like optical CT scanners for conditions like age-related macular degeneration. Radiologists and healthcare providers are leveraging these state-of-the-art technologies to improve patient outcomes and advance radiology operations globally.
The fusion of artificial intelligence (AI) stands as a prominent trend that is molding the trajectory of market expansion. The ascent of startups centered on AI within the workflows, coupled with augmented financial support for the development of AI-driven solutions, is set to fuel the incorporation of AI technologies in this domain. Pioneering entities such as NANOX IMAGING Ltd. have secured FDA clearance for the commercialization of their Nanox. ARC digital X-ray system, thereby further accelerating the integration of AI into the practices.
The amplified investments by major industry players, the proliferation of startups dedicated to AI-powered medical innovations, and the heightened infusion of funding will collectively propel the uptake of AI advancements in medical imaging. This, in turn, will amplify the caliber of the apparatuses, consequently steering the growth trajectory of the global market.
The major hurdle dampening market growth is the significant expense associated with equipment and procedures. This financial burden affects both end-users and patients. For instance, MRI machines can cost between USD 150,000 and USD 300,000, with additional costs for remodeling, installation, and upkeep. Annual service expenses for medical equipment, like PET/CT scanners, can range from USD 95,000 to USD 120,000.
Replacing a CT system's tube may run from USD 100,000 to USD 140,000. Diagnostic procedures across oncology, cardiology, and gynecology exhibit varied costs, spanning USD 50 to USD 2,200 for MRI, USD 50 to USD 1,500 for CT scans, and USD 50 to USD 450 for X-rays. Such financial constraints, especially in developing nations, could limit adoption and curtail market growth in the forecasted period.
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The medical imaging market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the medical imaging market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
Panasonic Holdings Corp. - The company's key offerings include medical imaging, such as GP-KH232CB and GP-KH232HU. It operates under multiple segments including appliances, automotive, connected solutions, etc. with a high focus on the appliances segment. The company offers heating and cooling solutions, home appliances, and smart living networks.
We also have detailed analyses of the market's competitive landscape and offer information on 15 market companies, including :
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing rapid advancements propelled by innovative technologies like robotic imaging devices, 3D MRI and AI-enabled MR imaging portfolios. Leading players are revolutionizing cardiovascular ultrasound and diagnostic imaging. This growth is further fueled by increasing government investments and reimbursement initiatives, especially in regions like the UK. Market leaders are dominating segments such as computed tomography and ultrasound, while teleradiology services expand accessibility. With a focus on early detection tools and lifestyle-related diseases, medical imaging plays a crucial role in diagnosing heart conditions, neurology, gastroenterology, and orthopedics. Its significance in older populations is highlighted, with teaching hospitals and universities driving research and education. The market's trajectory underscores its vital role in modern healthcare, enhancing diagnosis and treatment across diverse modalities and specialties.
The market experiences steady growth driven by several factors, including the rising prevalence of lifestyle-related diseases and continuous technological advancements. Investments in new facilities, such as the X-Ray Setu and CT scanner production units, further fuel market expansion. Cutting-edge imaging modalities like Google's Deepmind and optical CT scanners enhance diagnostic capabilities, particularly in diagnosing conditions like age-related macular degeneration. With the integration of artificial intelligence, radiology operations become more efficient, particularly in emergency and ambulatory care settings. Moreover, favorable government policies and reimbursement initiatives promote access to diagnostic imaging, benefiting both developed and emerging economies. Overall, the market thrives on innovation, infrastructure development, and collaborative efforts between public and private sectors to improve healthcare outcomes globally.
Moreover, the market is witnessing significant growth driven by various factors such as investment and reimbursement initiatives, the introduction of state-of-the-art imaging modalities, and advancements in AI technology. Key players and multinational healthcare service providers are contributing to the development of innovative solutions in cardiovascular ultrasound and other diagnostic imaging segments. Moreover, the market is experiencing a rise in the demand for portable ultrasound devices, especially in emergency care settings. Despite challenges such as high investment costs and stringent regulations, public-private organizations and private players are actively involved in promoting the adoption of technologically advanced diagnostic imaging modalities. With the support of grants and reimbursements, the market is poised for sustainable growth, particularly in emerging countries and developing economies.
Industry Scope |
|
Report Coverage |
Detail |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.95% |
Market growth 2024-2028 |
USD 14.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.42 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Germany, Japan, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agfa Gevaert NV, Agilent Technologies Inc., Boston Scientific Corp., Canfield Scientific Inc., Canon Inc., Carestream Dental LLC, Danaher Corp., FUJIFILM Holdings Corp., General Electric Co., Hologic Inc., Konica Minolta Inc., Koninklijke Philips N.V., Medical Imaging Systems, Medtronic, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Shanghai United Imaging Healthcare Co. Ltd., Shenzhen Mindray BioMedical Electronics Co. Ltd, Shimadzu Corp., Siemens AG, and STMicroelectronics International N.V. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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