Medical Imaging Market Research, 2030
The global medical imaging market size was valued at $38.5 Billion in 2020, and is projected to reach $68.8 Billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030. Medical imaging, also known as radiology, is the field of medicine in which medical professionals recreate various images of parts of the body for diagnostic or treatment purposes. Medical imaging procedures include non-invasive tests that allow doctors to diagnose injuries and diseases without being intrusive.
Key Market Dynamics
The major factors that drive the growth of the global medical/diagnostic imaging market share are increase in need for point-of-care imaging system and surge in demand for enhanced optical images for better diagnosis of diseases and disorders. Furthermore, rise in incidence of chronic diseases and advancement in technology in medical imaging is expected to fuel the medical imaging market growth. For instance, in 2020,as per the Global Cancer Observatory, an interactive web-based platform, it was reported that lung cancer is a second ranked cancer in Europe with estimated 477,534 newly diagnosed patients.
The increase in prevalence of cardiac disease drives the growth of the medical/diagnostic imaging market size. The imaging system such as radionuclide imaging, ultrasound, optical imaging, and CT scan are used in diagnosis of cardiac disorders to maximize diagnosis accuracy and enhance patient care. For instance, according to World Health Organization (WHO), in June 2021, it was observed that cardiovascular diseases (CVDs) are the leading cause of death globally. In addition, upsurge in number of hospitals and diagnostics centers, and initiative taken by government and private organization to develop medical sectors drives the medical/diagnostic imaging market trends. Furthermore, the increased R&D activities in imaging technology and rise in number of approval for products boost the medical/diagnostic imaging industry. For instance, in April, 2021, Canon Medical Systems USA, Inc., a leading developer of medical devices, received U.S. FDA approval for One-Beat Spectral Cardiac CT, for cardiovascular imaging.
Moreover, increase in number of key players to develop innovative technology and new product launches in the global market are anticipated to contribute toward the growth of the medical/diagnostic imaging market. For instance, in November, 2021, Canon Medical Systems USA, Inc., a leading manufacturer of diagnostic devices, announced the launch of Vantage Fortian, which is an innovative remote tablet and in-room camera solutions for monitoring and positioning patients to enhance workflow. However, high cost of medical diagnostic/imaging devices and unfavorable reimbursement scenario hamper the growth of the market.
Market Segmentation
The medical/diagnostic imaging market is segmented on the basis of product type, application, and region. By product type, the market is mainly categorized into MRI systems, Ultrasound imaging systems, X-ray imaging systems, CT Scanners, Nuclear imaging systems, mammography systems. MRI systems are further classified into MRI architecture, and MRI field strength. MRI architecture is bifurcated into closed MRI systems and open MRI systems. MRI field strength is categorized by low to mid field systems, high field systems, very high field systems, and field systems. Ultrasound imaging systems is divided into 2D imaging systems, 3D & 4D imaging systems, Doppler imaging, high-intensity focused ultrasound (HIFU), and Extracorporeal Shock Wave Lithotripsy (ESWL). X-ray imaging systems are further divided into probability based x-ray imaging systems and technology based x-ray imaging systems.
Portability based X-Ray imaging systems is categorized into stationary devices and portable devices. Technology based X-Ray imaging systems is further divided into digital imaging and analog imaging. CT scanner segment is divided into high end slice, mid end slice, and low end slice. Nuclear imaging systems are further categorized into PET and SPECT. By application, it is categorized into obstetrics/gynecology (ob/gyn) health, orthopedics &musculoskeletal, neuro & spine, cardiovascular & thoracic, general imaging, breast health, and others.
By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA(Brazil, South Arabia, South Africa, and LAMEA).
Depending on product type, the X-ray imaging systems segment dominated the market in 2020, and this trend is expected to continue during the forecast period owing to rise in awareness about the benefits of early diagnosis, and technological advancements in medical/diagnostic imaging market. However, the ultrasound segment is expected to witness considerable growth during the forecast period due to increased prevalence of target diseases and expanding applications of ultrasound.
By application, the cardiovascular and thoracic segment dominated the market in 2020, and this trend is expected to continue during the forecast period owing to surge in prevalence of cardiovascular disease, rise in geriatric population, and upsurge in sedentary lifestyle. However, the breast health segment is expected to witness considerable growth during the forecast period due to rise in prevalence of breast cancer and increase in demand for early diagnosis.
By region, North America garnered the major share in the medical/diagnostic imaging market in 2020, and is expected to dominate the global medical imaging market forecast period owing to rise in prevalence of chronic diseases, presence of key players for development of medical imaging outsourcing, and well-established healthcare infrastructure in the region. However, Asia-Pacific is expected to register the highest CAGR of 6.5% from 2021 to 2030owing to increase in the number of hospitals, surge in demand for early diagnosis, rise in prevalence of cancer, cardiac disease and upsurge in number of geriatric population.
Competitive Landscape
The key players operating in the global medical/diagnostic imaging market share include Canon Inc. (Canon Medical Systems USA, Inc.), Carestream Health, Inc., Esaote SpA, General Electric Company (GE Healthcare), Hitachi Ltd. (Hitachi Healthcare America Corporation), Hologic, Inc., Koninklijke Philips N.V., Materialise NV, Planmeca OY and Siemens AG.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical imaging market analysis from 2020 to 2030 to identify the prevailing medical/diagnostic imaging market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical imaging market segmentation assists to determine the prevailing medical imaging market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global medical/diagnostic imaging market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical/diagnostic imaging market trends, key players, market segments, application areas, and market growth strategies.
Medical/Diagnostic Imaging Market Report Highlights
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Analyst Review
This section provides the opinions of the top-level CXOs that operate in the global medical/diagnostic imaging market. According to the insights of the CXOs, the global medical/diagnostic imaging market is expected to exhibit high growth potential attributable to factors such as increase in prevalence of chronic diseases such as cancer, cardiovascular disorders & lung diseases and rise in number of hospitals & diagnostic centers. 3D imaging technology is mainly used for the diagnosis of chronic diseases.
The imaging technology include the ultrasound, X-ray, MRI, and others. In addition, advancement in imaging technology is expected to drive the growth of the Medical/Diagnostic Imaging market.
North America is expected to witness the highest growth, in terms of revenue, owing to the upsurge in prevalence of cancer, the presence of key players, advancement in R&D activities in healthcare sector, and increase in number of hospitals & diagnostic centers in the region.
However, the high cost of medical imaging technology and unfavorable reimbursement scenario are expected to hamper market growth during the forecast period.
The total market value of medical/diagnostic imaging market is $38,514.8 million in 2020.
The forecast period in the report is from 2021 to 2030
The market value of medical/diagnostic imaging Market in 2021 was $41,403.4 million
The base year for the report is 2020.
The top companies that hold the market share in medical/diagnostic imaging market are medical/diagnostic imaging market include Canon Inc. (Canon Medical Systems USA, Inc.), Carestream Health, Inc., Esaote SpA, General Electric Company (GE Healthcare), Hitachi Ltd. (Hitachi Healthcare America Corporation), Hologic, Inc., Koninklijke Philips N.V., Materialise NV, Planmeca OY and Siemens AG
The key trends in the medical/diagnostic imaging market are increase in need for point-of-care imaging system and surge in demand for enhanced optical images for better diagnosis of diseases and disorders
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