Market Research Future (MRFR) has published a cooked research report on the “Medical Imaging Market” that contains information from 2018 to 2030. The Medical Imaging Market is estimated to register a CAGR of 7.10% during the forecast period of 2023 to 2030.
The global Medical Imaging Market is accounted to register a CAGR of 7.10% during the forecast period and is estimated to reach USD 64.99 Billion by 2030.
The medical imaging market refers to the industry that involves the development, production, and distribution of various imaging technologies used in healthcare to visualize the internal structures and functions of the human body. Medical imaging plays a crucial role in diagnosing and monitoring diseases, as well as guiding treatment decisions.
The global Medical Imaging Market has been segmented based on product, and end-use.
The ultrasound segment held the largest share of 31.6% in 2022 and is expected to maintain its lead over the forecast period. The segment growth can be attributed to the rising number of ultrasound applications. Recent developments of advanced ultrasound transducers have opened new avenues for ultrasound devices into biomedical and cardiovascular imaging. Moreover, a high focus on the development of portable ultrasound devices is expected to expand the applications of this modality in ambulatory as well as emergency care. Integration of artificial intelligence into ultrasound systems to automate the process of image quantification and selection, is also expected to influence the market growth.
Hospitals captured the largest share of 47.1% in 2022. Rising demand for advanced imaging modalities and the integration of surgical suits with imaging technologies are some of the factors driving the segment. Some of the countries in developed regions have shown a sharp rise in demand for these modalities in teaching hospitals as compared to general or special hospitals .The developing countries in Asia Pacific region have witnessed a steep rise in the number of new hospitals. This can be attributed to the entry of multinational healthcare service providers. Healthcare service in these countries is dominated by private players.
Explore In-depth Details: Medical Imaging Market Research Report
MRFR recognizes the following companies as the key players in the global Medical Imaging Market — Koninklijke Philips N.V. (Netherlands), RamSoft, Inc. (Canada), InHealth Group (U.K), Siemens Healthcare GmbH (Germany), Sonic Healthcare Limited (Australia), GE HealthCare (U.S), Akumin Inc. (U.S), Hologic Inc. (U.S), Shimadzu Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), CANON MEDICAL SYSTEMS CORPORATION (Japan), and ZEISS (Germany)
The global Medical Imaging Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America dominated the market with 32.9% share as of 2022. The presence of a large number of industry players and the high frequency of new product launches within the region are the factors contributing to the regional market growth. The region exhibits high adoption of advanced, high-end medical imaging equipment due to favorable reimbursement scenario and fundings from market players. North America accounts for the highest spending on healthcare in terms of GDP with the U.S. spending nearly 19.7% of GDP on healthcare as of 2020.
Europe is another significant market for medical imaging, characterized by well-established healthcare systems and a high prevalence of chronic diseases. Countries like Germany, the United Kingdom, France, and Italy are major contributors to the market. The demand for medical imaging is driven by the aging population, increasing awareness about early disease detection, and government initiatives to improve healthcare infrastructure.
The Asia Pacific region is witnessing rapid growth in the medical imaging market. Countries like China, Japan, and India are major contributors to the market due to their large population, increasing healthcare expenditure, and improving healthcare infrastructure. The market growth is driven by the rising burden of chronic diseases, increasing disposable income, and the adoption of advanced medical imaging technologies.
Key Findings of the Study