Medical Imaging Market Size to grow by USD 12.87 billion between 2023-2027
According to a research report “ Medical Imaging Market” by Product (X-ray imaging, Ultrasound imaging, MRI, CT scanner imaging, SPECT/PET imaging) End-user (Hospitals, Diagnostic imaging centers, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 12.87 billion, at a CAGR of 5.7% during the forecast period. The global medical imaging market is poised for significant expansion due to the rising prevalence of chronic conditions, such as cancer, cardiovascular diseases, and neurological disorders. According to the International Agency for Research on Cancer, the global incidence of new cancer cases in 2020 was 19.3 million, highlighting the growing need for advanced diagnostic tools, including medical imaging systems. Furthermore, the incidence of respiratory diseases, such as COPD, asthma, and lung cancer, is also on the rise, necessitating the use of medical imaging equipment for accurate diagnosis and treatment. These trends are expected to fuel the demand for medical imaging products and services, driving the growth of the market during the forecast period.
Browse market data tables, figures, and in-depth TOC on “Medical Imaging Market” by Product (X-ray imaging, Ultrasound imaging, MRI, CT scanner imaging, SPECT/PET imaging) End-user (Hospitals, Diagnostic imaging centers, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2027. Download Free Sample
By Product, the X-ray imaging segment is projected to dominate the market size in 2024
The medical imaging market is poised for substantial expansion due to the escalating need for advanced diagnostic solutions in hospitals. The integration of Artificial Intelligence (AI) technology to automate image analysis and recognition processes is anticipated to propel market growth. The burgeoning prevalence of chronic diseases, particularly among the elderly population, fuels the demand for medical imaging in healthcare facilities. Technological advancements and innovations are enhancing the accuracy and dependability of medical imaging, thereby increasing its adoption. Moreover, the rising healthcare expenditures in developed and developing countries are driving the market's growth trajectory. These factors collectively underscore the robust expansion of the medical imaging industry throughout the forecast period.
By End-user, Hospitals segment is expected to hold the largest market size for the year 2024
The medical imaging market, specifically the X-ray systems segment, is projected to experience steady growth during the forecast period. This expansion is attributed to technological advancements and the rising adoption of portable and mobile X-ray systems. New-age mobile X-ray units offer significant benefits, including increased efficiency and cost savings, as opposed to traditional standalone X-ray systems. Furthermore, wireless mobile X-ray systems provide healthcare facilities with the flexibility to share medical images between systems, enhancing collaboration and care delivery. Notably, innovative companies, such as Nanox, have recently received US FDA 510 K clearance approvals for groundbreaking technologies, like Nanox ARC's single-source digital X-ray system, which has the potential to reduce the overall cost of medical imaging systems and provide early detection services.
North America is forecasted to hold the largest market size by region in 2024
The North American medical imaging market is projected to expand at a steady pace over the forecast period. Key growth drivers include the escalating prevalence of chronic diseases, advancements in technology, new product launches, and increasing awareness initiatives for early disease diagnosis. Furthermore, substantial healthcare expenditures by consumers contribute significantly to market expansion. New technological innovations are anticipated to expand the clinical applications of diagnostic imaging technologies and boost the number of imaging scans carried out in the region. According to the Organisation for Economic Co-operation and Development (OECD), the volume of CT scans administered in the United States is on the rise.
The Medical Imaging Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The medical imaging market is witnessing significant growth due to the increasing demand for state-of-the-art imaging modalities such as Ultrasound systems, CT scans, and 3D MRI. Radiologists are increasingly relying on these advanced technologies to diagnose and treat various medical conditions. For instance, Moorfields Eye Hospital in London is using an Optical CT scanner to diagnose age-related macular degeneration more accurately. Google's DeepMind AI platform is also being used in hospitals and universities to analyze medical images and assist radiologists in making more accurate diagnoses. Siemens Healthineers is leading the way in the medical imaging market with its state-of-the-art technologies. Its Cardiovascular ultrasound portfolio, including the Affiniti CVx, is helping to reduce turnaround time and improve the accuracy of cardiovascular diagnoses. New facilities, such as X-Ray Setu in India, are also investing in advanced imaging technologies to provide early detection tools for various medical conditions. The integration of artificial intelligence (AI) in medical imaging operations is expected to revolutionize the industry, making diagnoses faster and more accurate. The medical imaging market is set to grow exponentially in the coming years as these advanced technologies become more accessible to healthcare providers and patients alike.
Market Research Overview
The Medical Imaging Market encompasses various diagnostic imaging systems including Ultrasound systems, X-ray imaging systems, CT scanners, and Magnetic Resonance Imaging (MRI). The CT scanners segment is experiencing significant growth due to the provision of reimbursement and early detection of diseases such as cardiovascular diseases, neurological diseases, stroke, and cancer. The incremental growth drivers include the adoption of insurance schemes, sustainable market growth in developing economies, and high capital investments in healthcare facilities. The Diagnostic Imaging segment is witnessing growth opportunities with the integration of advanced technology such as artificial intelligence (AI), teleradiology, and novel technologies like optical CT scanners. Private players and special hospitals in developed regions are leading the market, with Siemens Healthineers and Google's DeepMind leading the way with AI platforms. Ultrasound systems, including ultrasound transducers and portable devices, continue to be in high demand due to their affordability and ease of use. The provision of refurbished medical devices and grants from public-private organizations is also driving the market. Buying behavior is influenced by procedural cost, turnaround time, and the availability of early detection tools. Emerging countries are investing heavily in infrastructure and funding to establish new facilities, leading to an increase in the adoption rate of medical imaging systems. The use of AI in radiology operations, emergency care, ambulatory care, and surgical suits is revolutionizing the industry, with Moorfields Eye Hospital and X-Ray Setu leading the way in innovation. The Medical Imaging Market is expected to continue its sustainable growth, with a focus on early detection, reducing death rates, and providing state-of-the-art imaging modalities such as 3D MRI and computer vision. Radiologists and universities are collaborating to develop new applications for diagnostic imaging systems, including the detection of age-related macular degeneration and cardiovascular imaging. The future of medical imaging is bright, with endless opportunities for growth and innovation.
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