Medical Imaging Market Forecasts to 2030 – Global Analysis By Product (X-ray Systems, Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Ultrasound Systems, Nuclear Imaging, Mammography Systems, Fluoroscopy Systems and Other Products), Material,

Medical Imaging Market Forecasts to 2030 – Global Analysis By Product (X-ray Systems, Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Ultrasound Systems, Nuclear Imaging, Mammography Systems, Fluoroscopy Systems and Other Products), Material, Distribution Channel, Application, End User and By Geography

According to Stratistics MRC, the Global Medical Imaging Market is accounted for $43.7 billion in 2024 and is expected to reach $70.9 billion by 2030 growing at a CAGR of 8.4% during the forecast period. Medical imaging is technique and process used to create visual representations of the interior of a body for clinical analysis and medical intervention. These techniques include various modalities such as X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and nuclear medicine imaging. Each modality utilizes different principles to capture detailed images of organs, tissues, and structures, aiding in the diagnosis, monitoring, and treatment planning of various medical conditions, ensuring precise and effective medical care.

According to the United Nations, a newborn in 2021 is projected to have an average lifespan of nearly 25 years longer than someone born in 1950, achieving an average age of 71 years, with females typically living five years longer than males.

Market Dynamics:

Driver:

Increasing awareness of the benefits of early disease detection

Increasing awareness of the benefits of early disease detection is driving growth in the market, due to advancement in technology, such as AI-powered diagnostics and high-resolution imaging modalities, enhance early detection capabilities. This fosters timely intervention, improving patient outcomes and reducing healthcare costs. Governments and healthcare providers globally are increasingly prioritizing early detection initiatives, fueling demand for innovative medical imaging technologies.

Restraint:

Radiation exposure

Technologies like low-dose CT scans, dose monitoring systems, and lead shielding advancements mitigate risks. Balancing diagnostic efficacy with radiation safety remains pivotal, influencing equipment advancements and operational protocols. Continuous innovation targets reducing exposure without compromising diagnostic quality, promoting safer environments across modalities, enhancing patient care and healthcare provider safety. This is the major factor impeding the growth of the market.

Opportunity:

Rising burden of chronic diseases

Conditions like cardiovascular diseases, cancer, and neurological disorders drive demand for advanced imaging technologies such as MRI, CT scans, and ultrasound. These technologies enable early diagnosis, treatment planning, and monitoring of chronic conditions, contributing to increased market growth. Additionally, aging populations in developed regions and the expanding healthcare infrastructure in emerging economies further propel the demand for medical imaging solutions.

Threat:

Shortage of qualified personnel

In the market, a significant challenge is the shortage of qualified personnel. This shortage impacts the efficient operation of imaging facilities and delays patient care. The demand for skilled radiologists, technicians, and support staff exceeds the available workforce, especially in specialized fields. Addressing this issue requires enhanced training programs, recruitment initiatives, and retention strategies to ensure adequate staffing levels and maintain high standards of diagnostic imaging services.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the market, initially causing disruptions in supply chains and elective procedures. However, it also accelerated the adoption of telemedicine and AI-driven diagnostics. Manufacturers focused on enhancing sanitization protocols and developing safer imaging technologies. Post-pandemic recovery witnessed renewed investments in advanced imaging modalities, driven by the need for faster diagnostics and improved patient outcomes amidst ongoing healthcare challenges.

The mammography systems segment is expected to be the largest during the forecast period

The mammography systems is expected to be the largest during the forecast period. The mammography systems in market encompass devices used for breast cancer screening and diagnosis, including digital and analog systems. Key drivers include rising breast cancer incidence and technological advancements enhancing imaging quality and patient comfort. Market growth is propelled by increased awareness, government initiatives, and healthcare infrastructure development.

The neurology segment is expected to have the highest CAGR during the forecast period

The neurology segment is expected to have the highest CAGR during the forecast period owing to technological advancements enhancing imaging resolution and efficiency. Advanced imaging techniques like functional MRI track brain activity during tasks, aiding in neurosurgical planning and studying cognitive functions. Emerging technologies include diffusion tensor imaging (DTI) for mapping neural connections and molecular imaging for detecting biochemical changes in neurology.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. The region leads globally in terms of market size and innovation, driven by factors such as increasing chronic diseases, aging population, and healthcare expenditure. The market is also buoyed by ongoing advancements in AI and machine learning, enhancing diagnostic accuracy and efficiency. Regulatory frameworks ensure high standards of patient safety and data privacy, fostering trust and reliability among healthcare providers and patients alike.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period driven by increasing healthcare expenditure, technological advancements, and rising demand for diagnostic procedures. Countries like China, Japan, India, and South Korea are significant contributors due to their expanding healthcare infrastructure and adoption of diagnostic imaging modalities such as MRI, CT, ultrasound, and X-ray. The market is also influenced by government initiatives aimed at improving healthcare accessibility and quality across the region.

Key players in the market

Some of the key players in Medical Imaging market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Canon Medical Systems, Hitachi Medical Systems, Hologic, Inc., Carestream Health, Fujifilm Medical Systems, Samsung Medison, Esaote S.p.A., Konica Minolta Healthcare, Mindray Medical International Limited, Medtronic, Stryker Corporation, Neusoft Medical Systems, Allengers Medical Systems Limited and United Imaging Healthcare.

Key Developments:

In January 2024, Canon Medical Systems Corporation along with Olympus Corporation declared their partnership to work together on Endoscopic Ultrasound Systems. Under this agreement, Canon Medical is tasked with the development and manufacturing of diagnostic ultrasound systems for use in Endoscopic Ultrasonography, while Olympus will handle the sales and marketing activities.

In February 2023, GE Healthcare announced that it reached an agreement to acquire a privately held AI healthcare provider, Caption Health, Inc. Caption Health develops clinical applications to help with early disease diagnosis and uses AI to help with ultrasound scans.

Products Covered:
• X-ray Systems
• Magnetic Resonance Imaging (MRI)
• Computed Tomography (CT)
• Ultrasound Systems
• Nuclear Imaging
• Mammography Systems
• Fluoroscopy Systems
• Other Products

Materials Covered:
• Metals
• Polymers
• Ceramics
• Composites
• Glass

Distribution Channels Covered:
• Direct Sales
• Distributors
• Online Platforms
• Specialty Stores

Applications Covered:
• Cardiology
• Oncology
• Neurology
• Orthopedics
• Gastroenterology
• Gynecology
• Other Applications

End Users Covered:
• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers (ASCs)
• Research Institutes
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements