The medical imaging market size is estimated to be USD 28,785.3 million in 2022 and is expected to witness a CAGR of 5.87% during the forecast period 2023-2033. Rising investment & reimbursement programmes by the government, growing demand for early detection tools, technical developments to enhance turnaround time, and construction of new facilities by market participants in developing countries are projected to drive the market growth in near future. Furthermore, deployment of AI to automate the process of image quantification and identification is expected to support the market growth.  However, high price of the equipment and lack of funding for electroencephalography treatments are predicted to limit market growth are expected to restrain the market growth.

Deployment of AI to automate the process of image quantification and identification is expected to propel the market growth during the forecast period. For instance, Google’s Deepmind AI platform worked with Moorfields Eye Hospital to read all eye scans made with an optical CT scanner to ensure the early detection of age-related macular degeneration. Radiologists can now analyse scans more quickly due to the development of 3D MRI and CT scans, which shortens analysis times and increases efficacy.

Rising investment & reimbursement programmes by the government is predicted to propel the market growth during the projected period. For instance, the Indian government introduced X-Ray Setu in June 2021 as a free platform powered by Artificial Intelligence (AI) to help physicians with the early COVID-19 interventions. Siemens Healthineers opened a new CT scanner manufacturing facility in India in 2022 to meet the rising demand for CT scanners and strengthen its position in the industry.

Segmentation

 By Product

The market is categorized into ultrasound, x-ray, magnetic resonance imaging, computed tomography, and nuclear imaging. In 2022, the ultrasound segment accounted for the highest revenue share due to increase in ultrasound applications. Advanced ultrasound transducers have recently developed, allowing for new applications for ultrasound devices in biomedical and cardiovascular imaging. Furthermore, it is anticipated that a strong emphasis on the development of portable ultrasound devices would increase the applications of this modality in both ambulatory and emergency care. Additionally, anticipated to have an impact on market expansion is the incorporation of Artificial Intelligence (AI) into ultrasound equipment to automate the process of image quantification and selection. The CT segment is anticipated to exhibit the fastest CAGR during the projected period. The segment is primarily being driven by the growing demand for Point of Care (POC) CT devices and the creation of a high-precision CT scanner through the integration of AI & ML and enhanced visualisation technologies.

 By End User

The market is categorized into diagnostic imaging centres, hospitals, and others. In the global market, the hospitals segment accounted for the largest revenue share in 2022 owing to increase in demand for high-tech imaging modalities and the incorporation of surgical suits with imaging equipment. The demand for these modalities in teaching hospitals has grown significantly in comparison to general or specialty hospitals in some developed countries. The number of new hospitals has, however, sharply increased in the Asia Pacific region’s developing nations. The entry of international healthcare service providers is to responsible for this. Private players dominate the majority of the healthcare market in these nations. In new hospitals, imaging modalities typically have their own space. The segment is anticipated to develop in the approaching years due to factors including increasing competition and rising demand for best healthcare services. The diagnostic imaging segment is anticipated to experience the highest growth rate owing to growing adoption of cutting-edge technology, enhanced infrastructure, and significant investment for the development of these centres.

Regional Markets

In 2022, North America region accounted for the highest revenue in the medical imaging market and is expected to maintain its dominance during the forecast period. This is attributed to presence of numerous industry players and the constant introduction of new products in the region. The region has a high rate of adoption of cutting-edge, expensive medical imaging equipment due to advantageous reimbursement policies and backing from industry players. The U.S. spent almost 19.7% of GDP on healthcare as of 2020, making North America the region with the greatest GDP-based healthcare spending. A rising prevalence of chronic diseases and a strong demand for improved imaging technologies are expected to drive the Asia Pacific region’s market to expand at the quickest CAGR during the forecast period.

Competitor Insights

Some of the key players operating in the medical imaging market are Koninklijke Philips N.V., Mindray Medical International, Koninklijke Philips N.V., FUJIFILM VisualSonics Inc., Koning Corporation, Canon Medical Systems Corporation, Esaote, Hologic, Inc., Samsung Medison Co., Ltd., GE Healthcare, Siemens Healthineers, PerkinElmer Inc., and Cubresa Inc.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• The introduction of an AI-enabled MR imaging portfolio by Philips in November 2021 was announced with the goal of enhancing the sustainability and efficiency of radiology operations by expediting MR exams. These technological developments are supposed to exponentially increase market growth.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including product and end user from 2022 to 2033.

Report Scope:

Segmentation: Medical Imaging Market Report 2022 – 2033

Product (Revenue, USD Million), 2022 – 2033

• Ultrasound
• X-ray
• Magnetic Resonance Imaging
• Computed Tomography
• Nuclear Imaging

End user (Revenue, USD Million), 2022 – 2033

• Diagnostic Imaging Centres
• Hospitals
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA