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The Medical Imaging Market size is estimated to grow by USD 12.87 billion at a CAGR of 5.7% between 2022 and 2027.
Advancements in medical imaging 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 imaging solutions, which encompass compact and portable devices, state-of-the-art 5D ultrasound systems, wireless detectors for digital radiography, and innovative hybrid imaging apparatuses. Renowned companies such as Siemens Healthineers and GE Healthcare are committed to enhancing their imaging modalities through upgraded software solutions.
The rise of 3D, 4D, and 5D technologies within medical imaging has paved the way for more accurate diagnoses, while scientists are actively exploring the potential of 3D metamaterials to augment ultrasound resolution. The success of hybrid imaging methods like PET/CT has been substantial, prompting the evolution of other hybrid approaches such as PET/MRI and SPECT/CT. The integration of superconducting magnets alongside software harmonization also plays a pivotal role in advancing medical imaging, thereby fueling the expansion of the market.
Technavio has segmented the market into Product, End-User, and Geography.
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The burgeoning occurrence of persistent ailments stands as a pivotal catalyst propelling the expansion of the market. The global medical imaging sector is poised for growth in the projected timeframe, primarily due to the escalating prevalence of severe and enduring conditions like cancer, cardiovascular disorders, and neurological maladies.
The worldwide rise in incidences of cancer and cardiovascular ailments, encompassing lung cancer, breast cancer, prostate cancer, colorectal cancer, and stomach cancer, constitutes a noteworthy trend. This surge in diagnoses has generated heightened demand for cancer screening and diagnostic procedures, consequently energizing the advancement of medical imaging systems. Moreover, the escalating prevalence of other persistent conditions such as cardiovascular disorders and neurological anomalies is anticipated to instigate an upsurge in the requirement for medical imaging apparatus throughout the forecasted duration.
The fusion of artificial intelligence (AI) with medical imaging stands as a prominent trend that is molding the trajectory of market expansion. The ascent of startups centered on AI within medical imaging 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 medical imaging practices.
The amplified investments by major industry players, the proliferation of startups dedicated to AI-powered medical imaging 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 imaging apparatuses, consequently steering the growth trajectory of the global medical imaging market.
The major hurdle dampening medical imaging 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 imaging 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 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Imaging Market Customer Landscape
The market share growth by the x-ray imaging segment will be significant during the forecast period. The increasing burden of chronic diseases and other medical conditions, such as injuries and accidents, will increase the use of X-ray systems. The X-ray systems segment of the medical imaging market has higher growth potential in applications such as interventional X-ray, mammography, and general radiography. For instance, interventional X-rays have been witnessing high demand in the US, driven by the increased need for non-surgical procedures. Thus, the advancements in the healthcare industry are expected to boost the growth of this market segment.
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The x-ray imaging segment in the global medical imaging market has steadily grown from USD 12.33 billion in 2017 to 2021. This growth is attributed to advancements in healthcare facilities and increased awareness about digital X-ray imaging through various programs and symposiums. The demand for X-ray systems is expected to moderately increase during the forecast period due to technological advancements and the rising adoption of portable and mobile X-ray systems. The new generation of mobile X-ray units offers higher efficiency and cost savings compared to standalone systems, providing flexibility for sharing medical /images. The report presents historical and forecast market share analysis from 2017 to 2027, driven by the rising adoption of medical imaging devices in the healthcare industry globally.
Based on the end-user, the hospitals segment holds the largest market share. 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 AI 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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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.
The North American medical imaging 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 diagnostic imaging and boost the number of imaging scans performed in the region. Government support and incentives for research and development further fuel the market. The shift towards precision medicine and rising imaging 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 medical imaging market.
The outbreak of COVID-19 had a negative impact on the demand for medical devices in North America as the supply chain network for medical imaging came to a halt in the first half of 2020, which decreased regional sales in early 2020. However, in January 2021, lockdown restrictions in various countries were somewhat relaxed, which helped in the resumption of business activities. With the lifting of lockdown restrictions across the region, the vendors were able to cater to the demand for medical imaging. Hence, the resumption of various preclinical studies and pharmaceutical operations is expected to boost the growth of the medical imaging market in North America during the forecast period.
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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. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
United-imaging- The company offers medical imaging such as Molecular Imaging, Magnetic Resonance Imaging and Computed Tomography.
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 NV, Medical Imaging Systems, Medtronic Plc, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Shanghai United Imaging Healthcare Co. Ltd., Shenzhen Mindray BioMedical Electronics, Shimadzu Corp., Siemens AG, and STMicroelectronics NV
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 medical imaging market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Medical Imaging Market Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
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Market growth 2023-2027 |
USD 12.87 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.24 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Germany, France, UK, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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 NV, Medical Imaging Systems, Medtronic Plc, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Shanghai United Imaging Healthcare Co. Ltd., Shenzhen Mindray BioMedical Electronics, Shimadzu Corp., Siemens AG, and STMicroelectronics NV |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our 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 Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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