Report Overview
Global Medical Imaging Market reached US$ 40.2 billion in 2022 and is expected to reach US$ 59.3 billion by 2031 growing with a CAGR of 5.1% during the forecast period 2024-2031.
Medical imaging involves the process of imaging the interior of a body for clinical analysis and medical intervention, as well as visual representation of the function of some organs or tissues. Each type of imaging technology gives different information about the area of the body being studied or treated which is related to possible disease, injury, or the effectiveness of medical treatment.
Medical imaging techniques have led to great advances in clinical anatomy and forensic pathology. New and emerging technologies allow healthcare professionals to view and understand the human body from different perspectives. Commonly used medical imaging equipment includes X-rays, computed tomography (CT), positron emission tomography (PET), ultrasound, and magnetic resonance imaging (MRI).
Furthermore, significant growth drivers such as the increasing investments by government and private organizations, product launches, and rising research and developments give rise to future market growth. Significant key players like Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., and others are actively operating in the market.
Market Summary
| Metrics | Details |
| CAGR | 5.1% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product, Application, End Users |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Others key Insights. |
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Market Dynamics
Increasing Product Launches of Medical Imaging Equipment is Expected to Boost Market Growth
Medical imaging devices are widely used in diagnosing chronic conditions like musculoskeletal disorders, cardiac disease, cancers, and chronic lung diseases. The major technological advancements by major companies help to drive market growth. These effective product launches help to transform research discoveries into new treatments and improve care for millions of people with chronic diseases.
For instance, in July 2023, Konica Minolta Healthcare Americas, Inc., launched PocketPro H2, a new wireless handheld ultrasound device for general imaging in point-of-care applications. The PocketPro H2 linear wireless handheld ultrasound system is optimized for musculoskeletal (MSK), pain management, vascular access, and needle guidance applications. with excellent image quality.
Additionally, in May 2023, Philips launched the Philips Image Guided Therapy Mobile C-arm System 1000, named Zenition 10. Philips Zenition 10 is designed to address high patient throughput by providing speed and efficiency. It also provides the flexibility to accommodate the requirements of trauma, orthopedics, and other areas of surgery. Thus, the above factors help to boost the market.
Investments by Government and Private Organizations Fuel its Demand in the Global Market
Government plays an important role in purchasing, pricing, and distributing medical devices globally. Governments undertake various initiatives to develop healthcare infrastructure to provide safe and cost-effective medical products to the public. The funding by government bodies also helps in opening new facilities. Also, implementing regulations that comply with imports and exports is expected to help generate revenue for the market.
For instance, in May 2023, the United Kingdom Government funded £2.3 billion into 160 new community diagnostic centers to reduce pressure on the NHS and improve patient care. It is expected to provide over 500,000 additional checkups, imaging, and scans a year.
Additionally, in March 2023, Synaptive Medical Inc., a global medical technology innovator in Canada, secured a USD $40 million investment from Export Development Canada (EDC) to accelerate surgical, imaging, and data technologies. The $40 million investment is to develop and expand access to Canadian-made surgical robotics, MRI, and data platforms for medical imaging and operating rooms.
Product Recalls Of Medical Imaging Equipment Will Hamper The Global Medical Imaging Equipment Market Growth
The global medical imaging market has witnessed major product recalls in the past few years. Product recalls occur when a product defect could affect or harm the consumer, hampers a company's reputation, and hinders market growth. An increasing number of such instances result in inaccuracy errors and some major instances of product recall witnessed in the medical imaging market.
For instance, on 26 May 2022, Abbott Medical Recalled 4,800 Dragonfly OpStar Imaging Catheters in the U.S. Additionally, in February 2023, GE HealthCare recalled some of its nuclear medicine imaging systems that could cause serious injury or death. It pertains to GE’s Nuclear Medicine 600 and 800 Series systems, used for detecting and diagnosing cancer, and neurological disorders.
Market Segmentation
The global medical imaging market is segmented based on product, application, end users, and region.
X-rays from the Product Segment Accounted for Approximately 37.5% of the Global Medical Imaging Market Share
The X-ray segment has the most significant share of the medical imaging equipment market due to the system's versatility and convenience. An X-ray is a noninvasive medical imaging test that helps physicians diagnose and treat medical conditions. X-rays diagnose skeletal systems, oral cavities, lungs, breast, digestive systems, and ingested objects. The growth in the X-ray segment is mainly due to its cost-effectiveness
For instance, in July 2022, Shimadzu Corporation introduced a New Type of Mobile X-ray System Outside of Japan, accommodating a Wide Range of Needs for Mobile X-ray Systems. This system incorporates digital radiography (DR) and this Mobile X-ray system provides diagnostic imaging and can travel to patient rooms, operating rooms, and emergency areas.
For instance, on August 02, 2022, GE Healthcare launched its most advanced fixed X-ray system called the next-generation Definium 656 HD. The Definium 656 HD, featuring the Intelligent Workflow Suite, is a versatile and digital radiographic system powered by GE’s FlashPad HD high-resolution detectors and the latest Helix 2.2 advanced image processing software.
Market Geographical Share
North America Accounted for Approximately 38.4% of the Market Share in 2022
North America has maintained a significant proportion of the medical imaging market in recent years, and this trend is anticipated to continue throughout the forecast period due to factors such as rising product launches, healthcare expenditure, and research and developments in medical imaging equipment.
For instance, in August 2023, GE HealthCare launched the handheld ultrasound device Vscan Air SL. The dual-headed probe of Vscan Air SL enables clinicians to access sector and linear arrays on the same device that is capable of facilitating rapid vascular and cardiac assessments of patients.
Market Key Players
The major global players in the market include Koninklijke Philips N.V, GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., Ziehm Imaging Inc., Varian Medical Sytems, Aribex Corporation, Fujifilm Holdings Corporation, Siemens Healthcare, Hitachi Ltd. among others.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the medical imaging market. During the height of the pandemic, many healthcare systems were overwhelmed, and non-urgent medical procedures and screenings were postponed or canceled. This led to delays in medical imaging device research and product launches. Clinical trials are vital for developing new treatments and improving outcomes in the medical imaging market.
However, the pandemic disrupted the conduct of clinical trials, with many sites temporarily halting enrollment or modifying protocols to prioritize patient safety. This has led to delays in the completion of trials and the availability of new therapies. Moreover, the focus of research and development efforts shifted during the pandemic, with a significant emphasis on developing vaccines and treatments for COVID-19. Therefore, owing to the above factors, the medical imaging market is expected to be moderately affected over the forecast period.
Key Developments
- In May 2023, Claritas HealthTech entered into a collaboration with PwC for the deployment of its medical imaging platforms. This collaboration helps the companies work together to roll out, install, and support medical image enhancement and artificial intelligence (AI) diagnostic software products suite.
- In February 2023, Mindray launched the handheld ultrasound system TE Air. TE Air offers crisp, high-quality ultrasound images, and facilitates radiology workflow with seamless integration into hospital information systems and can be connected with other systems.
- In September 2022, Philips Foundation and RAD-AID International embarked on a multi-year cross-continental partnership to increase access to ultrasound services for 50 million people in low- and middle-income countries.
Why Purchase the Report?
- To visualize the global medical imaging market segmentation based on product, application, end users, 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 global medical imaging 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 market report would provide approximately 69 tables, 70 figures, and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
