The medical imaging market size was valued USD 39.19 in 2021 and is expected to reach USD 64.99 billion by 2030 at 7.10% CAGR during the forecast period 2022-2030, says Market Research Future (MRFR).
Medical imaging, also called radiology, is the area of medicine in which medical professionals reconstruct several images of parts of the body for diagnostic or treatment purposes. The medical imaging process includes non-invasive tests, which enable doctors to diagnose diseases and injuries without being intrusive. The global market for medical imaging has registered enormous growth in recent years. The market's growth is primarily attributed to the monitoring frequency rate of chronic ailments, particularly COVID-19. Furthermore, the emergence of suppliers and manufacturers of medical imaging systems across the globe is anticipated to boost the demand for medical imaging.
Moreover, the factors such as the surge in market players' agreements to combine their efficiencies and continuous technological advancements in the healthcare sector are projected to boost the market's growth over the assessment era. On the other hand, the lack of funding required to buy top imaging systems is anticipated to restrict the market's growth. Nevertheless, the growing number of product launches will likely offer lucrative opportunities to players worldwide.
A steadily rising number of clinicians are discovering that artificial intelligence (A.I.) and edge computing are the next phases of development in the market of medical imaging as was keenly observed in this global pandemic. The inclusion of these technologies has never been felt so directly when social distancing norms became part and parcel of daily interactions. An Oxford-based medical image analysis platform also has revealed that 29% of people say they have a recognized medical condition, but since the ongoing Coronavirus crisis, individuals are avoiding a doctor or visiting a hospital because they are concerned about catching COVID-19. The inclusion of A.I. is estimated to provide healthcare providers leverage that can enable them to store, process, and analyze intricate imaging data on-premise, thus speeding up speeding diagnosis and advancing clinician workflows, which will translate into saving time. The application of A.I. embedded in medical imaging devices can render powerful diagnostic confirmation. The influence of these competencies on restructuring clinicians' workflows and the life-saving trickle-down effects for patients are estimated to lead to several opportunities for expansion, especially in this pandemic. The expansion of edge computing in this year has saved clinicians even more of their scarcest resource. The trend of hospitals can immediately tap into A.I.'s capacity without starting from the groundwork by participating improved software into their prevailing hardware.
Technological Advancements To Highlight Medical Imaging Market Progress
The improvements in point-of-care ultrasound systems are developing the medical imaging market size in the forecast period. The preference of medical professionals as well as patients for medical diagnostic imaging is estimated to motivate market share of medical imaging. The accessibility to portable magnetoencephalography (MEG) brain scanners are triggering a revolution in the market trends for medical imaging.
Increasing Strategic Agreements
The surge in market players' agreements to combine their efficiencies is estimated to unlock positive future trends in medical imaging. The economic impact of COVID-19 is estimated to lead to a higher level of mergers in the medical imaging industry in the approaching period.
Increasing Product Launches
The medical imaging companies are estimated to achieve considerable progress due to developments in imaging technologies, which will lead to the availability of products in the medical imaging market that can provide more accurate imaging solutions.
Inability Of Healthcare Organizations To Purchase Expensive Imaging Systems
Many organizations lack the level of funding required to procure top imaging systems, especially in developing countries, and this is estimated to limit the growth of the market in the course of the forecast.
Based On Modality
The X-ray systems segment is estimated to emerge as a segment leader, thus bolstering the digital X-ray medical imaging market forecast.
Based On Application
The cardiology segment is predicted to add significantly towards the development of the global market of medical imaging in the course of the forecast period.
Based On End-User
The clinics and hospitals is estimated to create a substantial traction level for the global medical imaging devices market in the coming future.
Technical Advantage For North American Region
The Americas regional marrket of medical imaging is attributing to growing advances in progressive diagnostic devices and producing awareness amongst healthcare professionals. The well-defined funding for research and development projects, coupled with focused research activities in oncology along with grants from government healthcare agencies in the U.S medical imaging diagnostic equipment market, and Canada are expected to back the dominance of the Americas market of medical imaging during the forecast period.
Surge In Cancer Cases To Spur European Region's Players
Europe is the subsequent market in medical imaging due to the spike in cancer incidence across European nations, which is promoting the requirement for medical imaging equipment throughout the forecast period, thus driving the market reinforcement in the European region.
Massive Patient Pool To Enhance APAC Region
The bourgeoning patient pool and intensifying technological developments connected with the adoption of progressive medical imaging systems are estimated to work in favor of the Asia Pacific medical imaging market growth.
Delayed Adoption To Holdback MEA Medical Imaging Market Progress
In the Middle Eastern & African regions, the market of medical imaging is motivated by the progressively growing adoption of treatment modalities in the region and a mounting number of medical imaging suppliers.
The prominent market players in the Medical Imaging are
The market players of medical imaging are dynamically combining innovation into their devices to gain a competitive edge over their counterparts. This trend is estimated to contribute considerably to the medical imaging market share's positive development in the upcoming years.
March 2022- a leading healthcare services private equity investment firm, Varsity Healthcare Partners ("VHP"), has announced its sale of Probo Medical, LLC to Avista Capital Partners. The financial terms of the deal haven't been disclosed yet. VHP, in September 2018, invested in Probo, when Probo was concentrated exclusively on the U.S. ultrasound repair and resale market.
February 2022- aycan Medical Systems has announced the addition of Softneta's MedDream VET DICOM Viewer to its growing portfolio. As per the press release, MedDream VET is a natural expansion of aycan's other solutions and developed on the same DICOM standard.
Medical Imaging Market By Modality
Medical Imaging Market By Application
Medical Imaging Market By End-User
|Market Size||64.99 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Modality, Application, and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Carestream Health, Inc., 3M, Danaher corporation, Esaote SpA, Dentsply Sirona, Flow Dental, Fujifilm Holdings Corporation, Fonar Corporation, GE Healthcare, Hologic, Inc., Hitachi Medical Corporation, Midmark Corp, LED Medical Diagnostics Inc., Narang Medical Limited, Samsung Medison Co. Ltd, Philips Healthcare, Shimadzu Corporation, Toshiba Corporation, and Siemens Healthcare|
|Key Market Opportunities||
|Key Market Drivers||Increasing Product Launches|
The valuation of the global medical imaging market is estimated to settle at USD 64.99 Billion by the end of 2030.
Carestream Health, Inc., 3M, Danaher corporation, Esaote SpA, Dentsply Sirona, Flow Dental, Fujifilm Holdings Corporation, Fonar Corporation, GE Healthcare, Hologic, Inc., Hitachi Medical Corporation, Midmark Corp, LED Medical Diagnostics Inc., Narang Medical Limited, Samsung Medison Co. Ltd, Philips Healthcare, Shimadzu Corporation, Toshiba Corporation, and Siemens Healthcare, are some of the major players operating in the medical imaging market.
Medical Imaging Market is projected to expand at 7.1% CAGR during the review period (2022-2030).
The use of innovative technology in the imaging field, advances in medical imaging, and emergence of new imaging methodologies and comprehensive treatments all around the globe are the major tailwinds pushing the growth of the global medical imaging market.
The valuation of the global medical imaging market had reached USD 39.19 Billion in 2021.