Medical Imaging Market by Product, End-user, and Geography - Forecast and Analysis 2023-2027

Medical Imaging Market Forecast 2023-2027

The Medical Imaging Market size is estimated to grow by USD 12.87 billion at a CAGR of 5.7% between 2022 and 2027. The market growth is fueled by the rising incidence of chronic illnesses and continuous advancements in medical technologies. 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 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 modalities through upgraded software solutions.

The rise in 3D, 4D, and 5D technologies within medicine 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 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 the technology, thereby fueling the expansion of the Market size.

 Diagnostic Imaging Market Growth and Trends

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Market Segmentation by Product, End-User, and Geography Analysis

Product Analysis 

The market share growth by the X-ray 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 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 segment in the global 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 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 a historical and forecast market share analysis from 2017 to 2027, driven by the rising adoption of devices in the healthcare industry globally.

End-User Analysis

Based on the end-user, the hospitals segment holds the largest market share. The growing demand for cutting-edge 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 in hospitals and diagnostic centers.

Regional Analysis

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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 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 towards 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.

Market Dynamics and Customer Landscape

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, reducing turnaround time and enhancing accuracy. Investments and reimbursement initiatives by governments are further propelling 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. Teaching hospitals and universities are adopting advanced technologies, and offering training programs to radiologists on AI platforms like Google's Deepmind. This convergence of technology and healthcare is reshaping radiology operations and improving patient outcomes.

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. 

Key Market Drivers

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. 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 like Google's Deepmind and Moorfields Eye Hospital 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.

Significant Market Trends

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.

Major Market Challenges

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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Key Market Customer Landscape

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 Market Customer Landscape

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Key Medical Imaging Market Players 

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.

Segment Overview

The 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. 

• Product Outlook 
  • X-ray imaging
  • Ultrasound imaging
  • MRI
  • CT scanner imaging
  • SPECT/PET imaging
• End-user Outlook 
  • Hospitals
  • Diagnostic imaging centers
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of World (ROW)
    • Latin America
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The Market is witnessing rapid advancements propelled by innovative technologies like 3D MRI and AI-enabled MR imaging portfolios. Leading players such as Affiniti CVx are revolutionizing cardiovascular ultrasound and diagnostic imaging. This growth is further fueled by increasing government investments and reimbursement initiatives, especially in regions like the U.K. 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 like Moorfields Eye Hospital 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 surge in 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.

Medical Imaging Market Scope
Report Coverage	Details
Page number	182
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.7%
Market growth 2023-2027	USD 12.87 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	5.24
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 36%
Key countries	US, Germany, France, UK, and Japan
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 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
Market dynamics	Parent market analysis, Market forecasting, 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
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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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