Medical Imaging Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: May 2020
  • Pages: 120
  • SKU: IRTNTR43494

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The medical imaging market size has the potential to grow by USD 17.64 billion during 2020-2024, and the market’s growth momentum will decelerate during the forecast period.

This report provides a detailed analysis of the market by product (X-ray imaging, ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging) and geography (North America, Europe, Asia, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Canon Inc., Carestream Health Inc., FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shimadzu Corp., and Siemens Healthineers AG.

Market Overview


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Market Competitive Analysis

The market is concentrated. The key vendors in the market are focusing on R&D activities to expand their geographical base and increase their market share. Canon Inc., Carestream Health Inc., and FUJIFILM Holdings Corp. are some of the major market participants. Although the increasing prevalence of chronic conditions will offer immense growth opportunities, the high costs associated with medical imaging will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this medical imaging market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this medical imaging market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Canon Inc.
  • Carestream Health Inc.
  • FUJIFILM Holdings Corp.
  • General Electric Co.
  • Hitachi Ltd.
  • Hologic Inc.
  • Koninklijke Philips NV
  • Samsung Electronics Co. Ltd.
  • Shimadzu Corp.
  • Siemens Healthineers AG

Medical Imaging Market: Segmentation by Geography

North America was the largest medical imaging market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising prevalence of chronic diseases, technological advances, product launches, the growing number of awareness programs regarding the early diagnosis of diseases, and the high healthcare spending by people will significantly drive medical imaging market growth in this region over the forecast period.

42% of the market’s growth will originate from North America during the forecast period. The US is the key market for medical imaging solutions in North America. 

Medical Imaging Market: Segmentation by Product

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The demand for X-ray systems is likely to grow at a moderate rate during the forecast period, owing to technological advances and increased adoption of portable and mobile X-ray systems. The new generation of mobile X-ray units offers more advantages in terms of efficiency and cost savings than standalone X-ray systems. Wireless mobile X-ray systems offer flexibility to healthcare facilities, enabling them to share medical images between mobile systems or between fixed-room and mobile systems.

Market growth in the X-ray imaging segment will be slower than the growth of the market in the other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the medical imaging market size.

Medical Imaging Market: Key Drivers and Trends

To meet the rising diagnostic requirements and improve sales volume, vendors are focusing on developing technologically advanced medical digital imaging systems. The advanced products have features such as 5D ultrasound and digital X-rays with wireless DR detectors, which facilitate improved image quality and accurate diagnosis. The development of superconducting magnets and software integration into imaging modalities and the development of hybrid imaging modalities are other technological advancements in medical imaging. Such developments, coupled with the focus of vendors on upgrading their imaging modalities with enhanced software solutions, will positively influence the growth of the market over the forecast period.

With the advent of advanced technologies such as artificial intelligence and machine learning, vendors have been integrating AI into medical imaging devices. This is one of the key medical imaging market trends that will gain traction over the forecast period. AI-enabled medical imaging allows users to automate and standardize complex diagnostic procedures, improve patient experience outcomes, and reduce the costs. Vendors are also developing AI platforms for end-users such as hospitals to manage medical imaging data, which help clinicians in making quick diagnosis decisions. The factors will increase the adoption of AI-enabled medical imaging among hospitals and clinics, subsequently driving market growth at a CAGR of over 8% during 2020-2024.

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Medical Imaging Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive medical imaging market growth during the next five years
  • Precise estimation of the medical imaging market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the medical imaging industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of medical imaging market vendors

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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.


Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases


Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts



  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The medical imaging market growth will increase by $17.64 billion during 2019-2024.
The medical imaging market is expected to grow at a CAGR of 8.33% during 2019-2024.
Technavio has segmented the medical imaging market by product (X-ray imaging, Ultrasound imaging, MRI, CT scanner imaging, and SPECT/PET imaging) and geographic (North America, Europe, Asia, and ROW).
Canon Inc., Carestream Health Inc., FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shimadzu Corp., Siemens Healthineers AG are a few of the key vendors in the medical imaging market.
North America will register the highest growth rate of 42.06% among the other regions. Therefore, the medical imaging market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Germany
  • Japan
  • France
  • UK
  • China
The key factors driving the medical imaging market growth are:
  • Increasing prevalence of chronic conditions
The medical imaging market vendors should focus on grabbing business opportunities from the x-ray imaging segment as it accounted for the largest market share in the base year.

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