Medical Imaging Market

Medical Imaging Market is segmented By Product (X-ray, Computed Tomography, Ultrasound System, MRI Equipment,  Nuclear Imaging, Tactile Imaging, others), By Applications (Cardiology, Orthopedics, Gynecology, Oncology, Neurology, Others), By End User (Hospitals & Clinics, Diagnostic Imaging Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Medical Imaging Market size was valued at US$ 32457.35 million in 2022 and is estimated to reach US$ 49917.58 million by 2030, growing at a CAGR of 5.6% during the forecast period (2023-2030). Medical Imaging allows medical examiners to observe the inside of a body to establish a medical condition using techniques and machines such as MRI, X-ray, and CT scan. This imaging allows radiologists and other health professionals to take a picture of the structures and activities occurring in the body.

Medical Imaging Market

Market Opportunities and Threats

• The growth of the medical imaging market size is driven by several factors such as the increase in the prevalence of chronic diseases, the technological advancement in the pharmaceutical industry and the investments by government and private organizations.
• However, the high costs associated with medical imaging systems, unfavorable reimbursement scenarios, and the shortage of helium are some of the factors that are restraining the growth of the medical imaging market.
• The global Medical Imaging market is segmented based on the following criteria into different categories

Market Segmentation

Based on the product

• X-Ray,
• Computed Tomography,
• Ultrasound system,
• MRI equipment,
• Nuclear Imaging,
• Tactile Imaging,
• Photoacoustic Imaging,
• Thermography,
• Elastography,
• Echocardiography and
• Functional near-infrared spectroscopy

Based on the application

• Cardiology,
• Orthopedics,
• Gastroenterology,
• Gynecology,
• Oncology,
• Neurology, and
• Others

Based on end-users

• Diagnostic imaging centers
• Hospitals
• Others

Based on Geography

• North America
• South America
• Europe
• Asia-Pacific
• RoW

Geographical Analysis

• In 2016, North America dominated the market by contributing around 25% of the revenue due to the presence of a large number of industry players and an introduction of new products in this region.
• North America accounts for the highest spending on healthcare regarding GDP with the U.S spending nearly 17.8% of GDP on healthcare as of 2015, and the number is expected to reach 20.0% in coming years. These factors are contributing to the growth of the medical imaging industry in the U.S and Canada.

Competitive Analysis

• The major players in the Medical Imaging market include Koninklijke Philips N.V, GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., Ziehm Imaging Inc., Varian Medical Systems, Aribex Corporation, Carestream, Siemens Healthcare, Hitachi Ltd., Esaote S.P.A, Fujifilm Holdings Corporation, and Samsung Medison.
• Companies such as GE Healthcare offer a wide range of products for patient monitoring & diagnostics, Information Technology (IT), and medical imaging. In May 2017, GE Healthcare announced a collaboration with Partners Healthcare to develop, validate and strategically integrate the quality of care in the diagnostic sector.

Scope of the report

• The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.

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