Medical Imaging Market Analysis, Size, Share, Growth, Trends, and Forecast by 2031

The medical imaging market size is projected to reach US$ 38.16 billion by 2031 from US$ 26.61 billion in 2023. The market is expected to register a CAGR of 4.6% during 2023–2031. Introduction of 3D capabilities in medical imaging devices is likely to remain key trend in the market.

Medical Imaging Market Analysis

Increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population, and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations is fueling the growth of the medical imaging market. In addition, government initiatives to promote medical imaging for disease prevention, rising investment in R&D activities for development of innovative medical imaging, and increasing adoption of medical imaging in developing countries is fueling the growth of the market share.

Medical Imaging Market Overview

Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. Increasing focus on market players on introduction of technologically developed medical imaging for various diseases is fueling the growth of the market. India is ranked among the top 20 global medical devices manufacture and is the fourth largest medical devices manufacture in Asia, followed by Japan, China, and South Korea. The country is likely to experience potential growth on the back of its billion plus population base, health consciousness, economic prosperity, technological expertise, enrichment of skilled personnel, and developing facilities towards health.

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Medical Imaging Market: Strategic Insights

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Medical Imaging Market Drivers and Opportunities

Increasing Demand for Early Diagnosis to Favor Market

Diagnostic testing is a crucial component of the healthcare system, providing essential information to enable providers and patients to make the right clinical decisions. Around 75% of clinical decisions are based on a diagnostic test. Demand for access to quicker and accurate diagnosis is rising at a rate of 10% per year, increasing the cost and putting pressure on the capacity and capability of diagnostic providers. From the patient point of view, early detection and diagnosis can prevent unnecessary pain and suffering. It can also reduce the scale and cost of treatment. A large number of research links early diagnosis to measurable health benefits, such as improved survival rates and lower treatment costs. Further, government awareness will further propel the market growth. For instance, Be Clear on Cancer campaigns aim to enhance early diagnosis of cancer by promoting public awareness of signs and symptoms of cancer and encourage people to visit their GP without delay. Public Health England is responsible for the programme, collaborating with the Department of Health and NHS England. Thus, an increase demand for early diagnosis is fueling the growth of the medical imaging market.

Big Data and Analytics act as an Opportunity for Market Growth

According to an article on ITN, Dhaval Shah and Prashanth Kollaikal of CitiusTech which discussed the potential of big data in diagnostic imaging stated that new and interesting features in the radiology information system (RIS) and PACS systems, specifically those in the cloud. These might also include analytics and impressive reports on operational and clinical data is stated in the article. Enterprise-wide key performance indicators (KPIs) are derived from a variety of sources. These KPIs are used generally to suit the provider needs, and taking clinical and operational efficiency as well as patient comfort into consideration. Although these KPIs have been used for optimization for many years, the overall efficiency can be easily measured and can be improved with the technological proficiency of devices, increased modalities, advanced software systems, and mobile devices. Thus, growing focus on use of bid data and analytics in medical imaging acts as opportunity for medical imaging market growth.

Medical Imaging Market Report Segmentation Analysis

Key segments that contributed to the derivation of the medical imaging market analysis are product, and end user.

• Based on product, the medical imaging market is divided into CT systems, X-ray systems, PET systems, MRI systems, ultrasound systems, and others. The X-ray systems segment held the largest market share in 2023.
• Based on end user, the medical imaging market is divided into hospitals, OP centers, clinicians’ offices, and emergency care centers. The hospitals segment held the largest market share in 2023.

Medical Imaging Market Share Analysis by Geography

The geographic scope of the medical imaging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. The growth in North America is characterized by increase in the demand of medical imaging and services from hospitals & clinics, increasing number of patients undergoing diagnostic imaging procedures, high patient awareness, favorable reimbursement scenario and highest spending in healthcare. In addition, rising geriatric population, increasing number of chronic diseases and rising number of diagnostic and medical imaging centers among countries of the region are likely to account for the growth of the North American medical imaging market during the forecast years. The U.S has many advanced surgical treatment clinics and an increasing number of orthopedic surgical procedures. The rising geriatric population is one of the factors for the growth of the market. The increase in the aging population reflects more population undergoing medical treatments. Growing prevalence of cancer is expected to raise the demand for medical imaging devices in the US.

Medical Imaging Market Regional Insights

The regional trends and factors influencing the Medical Imaging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Imaging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Medical Imaging Market Report Scope

Medical Imaging Market Players Density: Understanding Its Impact on Business Dynamics

The Medical Imaging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Medical Imaging Market are:

1. General Electric Company
2. Siemens AG
3. Koninklijke Philips N.V.
4. SHIMADZU CORPORATION
5. Hitachi, Ltd.
6. Canon Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Medical Imaging Market News and Recent Developments

The Medical Imaging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the medical imaging market are listed below:

• FUJIFILM India expanded its product and solutions portfolio at the at the 75th National Conference of the Indian Radiological and Imaging Association (IRIA). Launched at IRIA 2023, the Arietta 850 DeepInsight and Arietta 650 DeepInsight are the latest ultrasound technology offering from FUJIFILM India. The new imaging brand “DeepInsight” consists of 5 elements Accuracy, Reproducibility, Visibility, Efficiency & Utilization of AI. (Source: Fujifilm, Company Website, February 2023)
• FUJIFILM Healthcare Americas Corporation received FDA 510(k) clearance of its new 1.5 Tesla magnetic resonance imaging (MRI) system, the ECHELON Synergy. The system employs Synergy DLR, Fujifilm’s proprietary Deep Learning Reconstruction (DLR) technology powered by artificial intelligence (AI), to enhance the sharpness of images and acquire scans faster, contributing to higher throughput, image quality and patient satisfaction. (Source: Fujifilm, Company Website, August 2023)

Medical Imaging Market Report Coverage and Deliverables

The “Medical Imaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Rapid test kits market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Rapid test kits market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Rapid test kits market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medical imaging market
• Detailed company profiles