How Has the Medical Imaging Market Size Evolved in Recent Years?
The medical imaging market has seen considerable growth due to a variety of factors.
• The market size for medical imaging has experienced substantial growth in the past few years. It is projected to escalate from $43.24 billion in 2024 to $45.75 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.8%.
Factors contributing to the growth during the historic period include heightened prevalence of chronic illnesses, demographic shifts towards an aging population, government policies and investments in healthcare, growing awareness and early detection methods, as well as a rise in minimally invasive procedures.
What are the Market Size and Expected Growth Rates for the Medical Imaging Market?
The medical imaging market is expected to maintain its strong growth trajectory in upcoming years.
• We anticipate a robust increase in the market size of medical imaging in the upcoming years. A projected value of $59.3 billion by 2029 is expected, which is a compound annual growth rate (CAGR) of 6.7%.
The impending growth ties in with the rise of personalized medicine strategies, the advent of new modalities and hybrid imaging, global health predicaments and readiness, synchronization with electronic health records (EHRs), focus on patient-centered care, and user experience. The foreseeable trends include telemedicine and distant imaging, integration with Artificial Intelligence (AI), breakthroughs in technology, advancements in 3D and 4D imaging, and an upsurge in the utilization of portable and point-of-care imaging apparatuses.
Which Factors Are Boosting Growth In The Medical Imaging Market?
The rising incidences of chronic diseases are anticipated to stimulate the expansion of the medical imaging market in the foreseeable future. Chronic diseases typically persist for three months or more and may potentially deteriorate over time. Senior citizens are more prone to developing these diseases, which often can be managed but not completely eradicated. This surge in chronic diseases aids in amplifying the medical imaging market, as these machines play a prominent role in the diagnosis and identification of chronic conditions. To exemplify, in January 2023, the National Center for Biotechnology Information (NCBI), a branch of the US National Library of Medicine, estimated that by 2050, there will be a 99.5% increase in individuals aged 50 and over who have at least one chronic disease. The count of such individuals is expected to rise from 71.522 million in 2020 to 142.66 million, thus demonstrating how the escalating prevalence of chronic diseases is fueling the growth of the medical imaging market.
What Are The Key Segments Within The Global Medical Imaging Market?
The medical imaging market covered in this report is segmented –
1) By Product: X-Ray Devices, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography, Nuclear Imaging, Mammography
2) By Application: Obstetrics And Gynecology Health, Orthopedics And Musculoskeletal, Neuro And Spine, Cardiovascular And Thoracic, General Imaging, Oncology, Urology, Breast Health, Other Applications
3) By End User: Hospitals, Specialty Clinics, Diagnostic Imaging Centers, Other End Users
Subsegments:
1) By X-Ray Devices: Conventional X-Ray Systems, Digital Radiography Systems, Portable X-Ray Machines
2) By Magnetic Resonance Imaging (MRI): Closed MRI Systems, Open MRI Systems, Functional MRI (fMRI)
3) By Ultrasound: Diagnostic Ultrasound Systems, 3D/4D Ultrasound Systems, Portable Ultrasound Devices
4) By Computed Tomography (CT): Spiral/Helical CT Scanners, Cone Beam CT Scanners, Multi-Slice CT Scanners
5) By Nuclear Imaging: Positron Emission Tomography (PET) Scanners, Single Photon Emission Computed Tomography (SPECT) Scanners
6) By Mammography: Digital Mammography Systems, 3D Tomosynthesis Mammography Systems, Screening and Diagnostic Mammography Systems
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How Are New Trends Impacting The Size Of The Medical Imaging Market?
Major firms in the medical imaging market are prioritizing the development of technological improvements, such as mobile connectivity. This technological leap allows professionals in the healthcare sector to supervise and control MRI scans remotely, access patient details, and get alerted about scan progress or emergencies. For instance, Siemens Healthcare, based in Germany, introduced a new mobile magnetic resonance imaging device, Magnetom Viato.Mobile, in November 2022. This latest MRI device is specially designed for mobile use and offers unprecedented flexibility due to its 70-centimeter patient bore and trailer configuration, facilitating easy transport and deployment on-site. It also supports remote operation and servicing through a fixed internet connection or 4G, providing capacity for use in a wide range of locations. This capability reduces the necessity for on-site personnel while allowing specialists to remotely support scans and maintenance processes.
Who Are the Key Players in the Medical Imaging Market?
Major companies operating in the medical imaging market include:
• Hitachi Medical Corporation
• General Electric Company
• Medtronic PLC
• Siemens Healthcare GmbH
• Fujifilm Holdings Corporation
• Koninklijke Philips N V
• Hologic Inc.
• Mindray Medical International Limited
• PerkinElmer Inc.
• Shimadzu Corporation
• Varian Medical Systems Inc.
• Agfa-Gevaert Group
• Neusoft Medical Systems Co Ltd.
• Carestream Health Inc.
• Esaote SpA
• Analogic Corporation
• Samsung Medison Co Ltd.
• Canon Medical Systems Corporation
• TomTec Imaging Systems GmbH
• IBM Watson Health
• Ziehm Imaging GmbH
• MIM Software Inc.
• SuperSonic Imagine SA
• EOS Imaging SA
• Cubresa Inc.
• Planmed Oy
• CurveBeam LLC
• ContextVision AB
• Koning Health
• Intrasense SA
What are the Regional Insights into the Medical Imaging Market?
North America was the largest region in the medical device market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global medical imaging market report during the forecast period. The regions covered in the medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
