Medical Imaging Market Size, Share & Trends Analysis Report By Technology (X-ray Devices, Computed Tomography, Ultrasound, Nuclear Imaging), By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Medical Imaging Market Size, Share & Trends Analysis Report By Technology (X-ray Devices, Computed Tomography, Ultrasound, Nuclear Imaging), By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Medical Imaging Market Growth & Trends

The global medical imaging market size is expected to reach USD 55.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2024 to 2030. Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.

Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players in the untapped market. The integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the market at the global level.

The development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care. Ongoing trials and studies to explore the potential of MRI technology for the early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.

Medical Imaging Market Report Highlights

• The magnetic resonance imaging segment accounted for the largest market share of 27.2% in 2023. MRI systems have applications in imaging of various organs, including the abdomen, pelvis, brain, spine, heart, and breast as well as musculoskeletal structure.
• The orthopedic imaging segment dominated the market in 2023 by capturing 32.33% of global revenue share.
• The hospitals segment accounted for the largest revenue share of 42.0% in 2023. The hospital segment encompasses healthcare facilities primarily providing inpatient and outpatient care, diagnostic services, and treatment interventions.
• The North America medical imaging market held the largest revenue share of 36.6% in 2023. This can be attributed to various factors, such as increased adoption of medical imaging technology in primary care settings, improved accessibility, and high healthcare spending in countries with efficient reimbursement policies.
• The medical imaging market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the rapid growth of the population and increased R&D activity in this region.

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