Medical Imaging Market Key Findings, Size, and Share 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
Market Size Value in US$ 23,901.88 Million in 2020 Market Size Value by US$ 33,002.52 Million by 2028 Growth rate CAGR of 4.3% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Medical Imaging Market: Strategic Insights
| Market Size Value in | US$ 23,901.88 Million in 2020 |
| Market Size Value by | US$ 33,002.52 Million by 2028 |
| Growth rate | CAGR of 4.3% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the medical imaging market in 2023.
Introduction of technologically advanced systems and increasing demand for early diagnosis are among the most influential factors responsible for the market growth.
Introduction of 3D capabilities in medical imaging devices is likely to remain key trends in the medical imaging market.
General Electric Company, Siemens AG, Koninklijke Philips N.V., SHIMADZU CORPORATION, Hitachi, Ltd., Canon Inc., Hologic, Inc., Carestream Health Inc., ESAOTE SP and Samsung Group are among the key players operating in the market.
The medical imaging market is estimated to reach US$ 38.16 billion in 2031.
The medical imaging market is anticipated to record a CAGR of 4.6% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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