Medical Imaging Market Expected to Reach $68.8 Billion by 2030 | CAGR of 5.8%

According to a new report published by Allied Market Research, titled, “Medical/Diagnostic Imaging Market," The medical imaging market size was valued at $38.5 Billion in 2020, and is estimated to reach $68.8 Billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030. Medical imaging refers to several different technologies that are used to view the human body in order to diagnose, monitor, or treat medical conditions. Each type of technology gives different information about the area of the body being studied or treated, related to possible disease, injury, or the effectiveness of medical treatment.

Factors that drive the growth of the medical/diagnostic imaging market analysis include rise in number of hospitals and increase in prevalence of pneumonia. According to World Health Organization (WHO), in 2019, it was reported that pneumonia killed 740, 180 children under the age of 5, accounting for 14% of all deaths of children under five years old. Furthermore, increase in R&D activity in 3D medical imaging technology contribute in the medical imaging market growth. In addition, the increase in need for medical imaging surge the growth of medical imaging market.

The medical imaging market share is segmented on the basis of product type, application, and region.

By product type, the market is divided into MRI systems, ultrasound imaging systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems. The X-ray imaging systems segment dominated the market in 2020, and this trend is expected to continue during the diagnostic imaging market forecast period, owing to advancements in X-ray technology and innovation in technology in medical imaging.

By application, the market is divided into obstetrics/gynecology (ob/gyn) health, orthopedics &musculoskeletal, neuro & spine, cardiovascular & thoracic, general imaging, and breast health. The cardiovascular and thoracicsegment dominated the market in 2020, and this trend is expected to continue during the forecast period due tosurge in prevalence of cardiovascular disease, increase in geriatric population, and rise in sedentary lifestyle.

What is the Impact of COVID-19 Pandemic on the Medical/Diagnostic Imaging Market?

The COVID-19 outbreak had a negative impact on the growth of the medical imaging market size as most hospitals were not operating due to COVID-19 and the ongoing lockdowns in many countries. The spread of COVID-19 led to major public health issues. However, a huge number of clinics andhospitals across the globe were restructured to increase the hospital capacity to provide better healthcare facility. In the middle of COVID-19 pandemic, the elective imaging services and ambulatory imaging dropped for a while. Moreover, several policies were updated in radiology department and hospitals regarding technologist, PPE availability, and COVID-19 testing.

On the basis of region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. North America accounted for a majority of the global medical/diagnostic imaging market share in 2020, and is anticipated to remain dominant during the forecast period due 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. Asia-Pacific is anticipated to witness lucrative growth owing to increase in the number of hospitals, surge in demand for early diagnosis, upsurge in prevalence of cancer & cardiac disease, and rise in number of geriatric population.

Key Findings of Study

• On the basis of product type, the X-ray imaging systems segment was the highest contributor to the medical imaging market in 2020.
• By application, the cardiovascular and thoracic segment was the highest contributor to the medical imaging market in 2020