Medical Imaging Information Systems Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Medical Imaging Information Systems Market is segmented By Product (X-ray Devices, Ultrasound, Computed Tomography, Magnetic Resonance Imaging, Nuclear Imaging), By Application (Cardiology, Orthopedics, Gastroenterology, Gynecology, Oncology, Neurology, Others), By End-User (Diagnostic Centers, Hospitals, Specialty Clinics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031 

Report Overview

Global Medical Imaging Information Systems Market reached US$ 6.4 billion in 2023 and is expected to reach US$ 10.97 billion by 2031, growing with a CAGR of 6.97 % during the forecast period 2024-2031.

A medical imaging information system is utilized for the organization and control of medical images and related data. This system is very beneficial for monitoring radiology imaging requests and payment details. Furthermore, medical imaging can be utilized alongside PACS and Vendor Neutral Archive (VNAs) to effectively handle image archives, billing, and record-keeping.

This expansion is expected to be driven by the rising incidence of chronic diseases, the need for early disease diagnostic and detection tools, and the expanding geriatric population. The expansion is likely to be further fueled by factors such as increasing investments from major businesses, developments in technology including the integration of Artificial Intelligence (AI) in medical imaging, and the development of point-of-care medical imaging equipment.

Japan has the largest proportion of old people, with Italy, Germany, France, and Denmark expected to have the greatest proportions, going forward. This is attributed to substantial advancements in life expectancy in recent years, a pattern that is projected to persist. By the year 2050, it is projected that almost 40% of the population in Hong Kong, South Korea, and Japan will consist of individuals who are 65 years of age or older. This is a significant rise compared to the existing proportions in highly developed areas, where only approximately 20% of the population belongs to this age bracket.

Market Scope

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Market Dynamics

A rise in global life expectancy and the growing prevalence of chronic diseases are crucial growth drivers:

As individuals experience increased longevity, their vulnerability to chronic illnesses rises. Medical imaging plays a crucial role in precisely diagnosing, controlling, and treating diseases by providing full visualizations of the body's internal condition without the need for invasive treatments. Consequently, with the aging of the worldwide population, there is an anticipated increase in the demand for diagnostic imaging services, which will drive market expansion. This trend highlights the significance of sophisticated imaging technology in addressing the healthcare requirements of a progressively older population. As per the United Nations, the estimated average lifetime of a newborn in 2021 is almost 25 years longer than that of an individual born in 1950. The average age is expected to reach 71 years, with females typically outliving males by five years.

Medical imaging facilitates the prompt and precise identification of disorders, allowing for efficient therapy. In 2023, the US National Center for Health Statistics estiamted around 1,958,310 new cases of cancer and 609,820 deaths caused by cancer in the country. Moreover, the surge in chronic ailments has greatly enhanced the need for medical imaging, leading to a worldwide escalation in diagnostic imaging examinations. The World Health Organization (WHO) data reveals that around 3.6 billion diagnostic tests are performed globally each year, with approximately 350 million of these procedures involving pediatric patients.

Regulatory Hurdles in Medical Imaging: Navigating Safety Standards and Market Impacts:

Regulations have a substantial impact on the medical imaging sector, as goods are required to adhere to strict safety and effectiveness criteria established by regulatory authorities including the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). The influence of laws is evident in the protracted and costly procedure of introducing novel imaging technology to the market. In December 2023, the US Food and Drug Administration (FDA) categorized the recall of Philips' medical imaging devices, specifically certain models of the Panorama 1.0T HFO device (MRI Systems), as the highest level of severity. This classification signifies that using these devices could potentially result in severe injuries or even death. This measure is being taken because there are concerns that an explosion could happen during a "quench procedure" as a result of an excessive buildup of helium gas. After the announcement, the stock of Philips listed in the US experienced a decline of around 1%.

Market Segment Analysis

The global medical imaging information systems market is segmented based on sensor Technology, Software, Application, End-user and region.

The magnetic resonance imaging segment accounted for the largest market share:

MRI systems are used for imaging several organs, such as the belly, pelvis, brain, spine, heart, breast, and musculoskeletal structure. In June 2023, GE HealthCare announced that the FDA had approved and released Sonic DL, a technology-driven by deep learning that significantly speeds up the process of obtaining images in magnetic resonance imaging (MRI).

Predictions indicate that advancements in MRI technology, to expand their variety of applications, will drive market expansion. The magnetic resonance imaging market is likely to experience expansion due to recent advancements such as diffusion and diffusion tensor imaging employing tractography, perfusion imaging, neuroimaging approaches including MR spectroscopy, and adopting the BOLD methodology for functional imaging. Furthermore, the increasing progress in intraoperative MRI technology, coupled with its many applications in fields such as neurosurgery, is expected to drive market expansion.

The computed tomography section generates high-resolution images that enable healthcare providers to visualize inside structures with outstanding clarity, thereby assisting in the diagnosis and treatment of numerous medical disorders. CT scans are frequently employed for the identification of anomalies in organs, tissues, and bones, as well as for assisting in surgical interventions. Due to technology breakthroughs, CT imaging has experienced improvements in speed, accuracy, and safety, making it a valuable tool in medical diagnosis and patient care across multiple medical disciplines.

Market Geographical Share

The medical imaging information systems market in North America is estimated to account for the largest share:

The growth in the North American region can be ascribed to several factors, including the heightened utilization of medical imaging technologies in primary care settings, enhanced accessibility, and substantial healthcare expenditure in countries with effective reimbursement schemes. There is a growing prevalence of chronic illnesses, such as breast cancer, cardiovascular disorders, and neurological diseases, which has led to a significant need for imaging analysis. The region is projected to continue its dominant position during the predicted period. The regional market growth is expected to be further accelerated by technological innovations and the increasing prevalence of chronic illnesses.

In 2023, the medical imaging market in the U.S. had a substantial portion of the North American market. These changes can be ascribed to variables such as the progress of technologies, the modification of patient care practices, and the development of epidemiological trends. The demand for radiologists in the field of medical imaging remains strong throughout both urban and rural areas throughout the country. According to the American Society of Radiologic Technologists, around 350,000 radiologists are registered and working in healthcare settings. In addition, the U.S. Bureau of Labor Statistics predicts a 9% increase in the employment of radiologic and MRI technologists by 2030, leading to the creation of 21,600 new job openings.

COVID-19 Impact Analysis

The COVID-19 pandemic underscored the importance of these technologies in our capacity to address public health emergencies. Medical imaging technologies like X-rays, CT scans, and ultrasounds have been invaluable in diagnosing and monitoring these conditions, enabling healthcare providers to make informed decisions about patient care.

Medical imaging technologies played a critical role in managing the pandemic, thanks to their diagnostic capabilities. For example, X-rays and CT scans helped healthcare providers identify which patients required hospitalization, allowing for the efficient allocation of resources and personnel. Medical imaging was also used to monitor patients recovering from COVID-19, providing valuable insights into the progression of the disease and the effectiveness of various treatments.

One of the main factors that drove this growth was the demand for advanced medical imaging equipment to offer detailed, high-resolution images of the lungs. Several medical imaging companies developed new technologies specifically designed for COVID-19 diagnosis and monitoring in response to the demand. For instance, Canon Medical Systems recently introduced a new software package that enabled quick and accurate diagnosis of COVID-19 pneumonia using CT scans.

Russia-Ukraine War Impact Analysis

The ongoing conflict between Russia and Ukraine has had a substantial impact on the medical imaging business, mainly because of the extensive damage caused to hospital infrastructure in Ukraine. The violence has resulted in the intentional targeting and destruction of multiple medical facilities, such as hospitals and clinics, causing significant disruption to the provision of vital health services. As a result, there is currently a shortage of medical resources and a limited functioning of diagnostic services, such as medical imaging. The war has exacerbated the challenges in maintaining and enhancing imaging equipment, resulting in a diminished ability to promptly and accurately diagnose both acute and chronic illnesses.

Moreover, the violence has resulted in a significant decrease in regular healthcare services, such as preventative and diagnostic treatment, exacerbating the humanitarian disaster. Due to the extensive damage or destruction of numerous healthcare institutions and the restricted availability of necessary resources, the medical imaging market in the region has been compelled to swiftly adjust. The ongoing instability has resulted in an increased demand for mobile and portable imaging devices, together with remote diagnostic technology, to meet the healthcare needs of displaced groups and individuals in regions impacted by violence. However, the ongoing instability and scarcity of resources remain significant barriers to the market's recovery and growth.

By Product

• X-ray Devices 
• Radiography
• Fluoroscopy
• Mammography 
• Ultrasound 
• Handheld
• Compact
• Cart/Trolley based 
• Computed Tomography 
• High-end slice CT
• Mid-end slice CT
• Low-end slice CT
• Cone beam CT 
• Magnetic Resonance Imaging 
• Closed system
• Open system 
• Nuclear Imaging 
• SPECT
• PET

By Application

• Cardiology
• Orthopedics
• Gastroenterology
• Gynecology
• Oncology
• Neurology
• Other

By End-user

• Diagnostic Centers
• Hospitals
• Specialty Clinics
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In January 2024, Canon Medical Systems Corporation and Olympus Corporation announced their collaboration to jointly develop Endoscopic Ultrasound Systems. According to this agreement, Canon Medical has been assigned the responsibility of developing and producing diagnostic ultrasound equipment for Endoscopic Ultrasonography. On the other side, Olympus will be in charge of the sales and marketing efforts. The objective of this agreement is to combine the functionalities of Canon's Aplio i800 diagnostic ultrasound system for EUS with Olympus' Ultrasound Endoscope, with the goal of providing sophisticated EUS equipment to the market, guaranteeing exceptional imaging diagnostics.

• Canon Medical Systems unveiled substantial enhancements to its CT product line in November 2023, including the introduction of two new scanners. The debut at the Radiological Society of North America Congress (RSNA) in Chicago, Illinois, USA showcased two new models: the Aquilion ONE / INSIGHT Edition, a luxury model, and the Aquilion Serve SP, built for great efficiency.

• GE Healthcare stated in February 2023 that it has agreed to acquire Caption Health, Inc., a privately held provider of AI healthcare services. Caption Health specializes in the creation of clinical applications designed to facilitate early disease diagnosis. The company leverages artificial intelligence (AI) technology to assist in the analysis of ultrasound scans.

• In May 2023, Koninklijke Philips N.V. introduced the Philips CT 3500, a sophisticated CT system designed specifically for routine radiology and high-volume screening programs.

• GE Healthcare successfully produced its most recent research model, SonoSAMTrack1, in March 2024, employing advanced NVIDIA technology. This novel approach is based on a fundamental model called SonoSAM1, which is specifically created for segmenting objects in ultrasound images. SonoSAMTrack's main purpose is to accurately identify and outline anatomical structures, lesions, and other important areas in ultrasound images. Additionally, a less complex version of this paradigm, called SonoSAMLite, has been produced.

• In January 2024, Canon unveiled Aplio me, an advanced ultrasound system designed to meet the diverse requirements of regular users in a wide range of medical settings. This highly portable and lightweight system is perfect for ultrasound professionals that emphasize optimal efficiency in their workflow and are looking for advanced standard solutions, suitable for both tiny clinics and larger hospitals.

Market Competitive Landscape

The major global players in the market include GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, Mindray Medical International, FUJIFILM VisualSonics Inc., Carestream Health, Hitachi, Samsung Medison Co., Ltd., Koning Corporation, PerkinElmer Inc., Konica Minolta, Esaote, Hologic, Inc., Varex Imaging

Why Purchase the Report?

• To visualize the global medical imaging information systems market segmentation based on product, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of medical imaging information systems market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players. 

The global medical imaging information systems market report would provide approximately 86 tables, 85 figures, and 224 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies