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Medical Imaging Market Size By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI4786
  • Published Date: Jul 2022
  • Report Format: PDF

Industry Overview

Medical Imaging Market size surpassed USD 38.5 billion in 2021 and is expected to witness a 5.1% CAGR from 2022 to 2030. Medical imaging forms an important component of healthcare industry for better diagnosis and treatment planning. Medical imaging techniques such as an ultrasound, X-ray, MRI, and CT scans help to visualize body organs internally allowing better care for the patients.

Medical Imaging Market

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Growing incidence of chronic diseases especially in geriatric population increases the demand for medical imaging in hospitals and diagnostic centers. Several technological advancements and innovations increase the reliability of medical imaging thereby increasing its demand in healthcare.

Rising healthcare expenditure in developed as well as developing countries surge the demand for medical imaging.  All these factors together will drive the medical imaging industry over the forecast period.  Furthermore, increasing R&D activities coupled with rising healthcare infrastructure and adaptation of innovative medical imaging modalities are expected to drive market growth over the forthcoming years.

The COVID-19 pandemic had a substantial impact on the medical imaging market. The medical imaging industry witness significant growth during the COVID-19 pandemic owing to the usefulness of medical imaging in the diagnosis and treatment guidance of severe COVID-19 infections. Medical imaging procedures are also used in the management of patients post COVID-19. Chest X-rays, ultrasound and CT are commonly used to gauge the severity of COVID-19 infections and detect spread of disease in the lungs. These factors help to surge the global market demand.

Innovations and technological advancements in the field of medical imaging will accelerate the overall market expansion

Medical imaging techniques are used extensively by healthcare specialties to diagnose disease conditions and to help in treatment guidance. Newer innovations and technological advancements in the field of medical imaging has helped in the growth of medical imaging market. Additionally, such innovations make disease diagnosis and treatment more favorable by facilitating early and accurate detection of disease condition.

Breakthrough innovations such as Artificial Intelligence (AI) & augmented intelligence and Virtual Reality (VR) combined with 3-D imaging allow for better patient care thereby facilitating progression of the market share. For instance, EchoPixel’s virtual reality system helps surgeons to perform procedures such as congenital heart defects with patient specific surgical views.

The True 3D software provides surgical views that help reduce occurrence of unexpected situations during surgeries thereby helping surgeons give precise care to the patient. Availability of such advanced medical imaging modalities will accelerate the overall industry outlook.

In addition, new approaches to nuclear imaging, portable and wearable scanners, etc. further enhance the growth of medical imaging industry. For instance, mobile imaging equipment helps in diagnosis and monitoring of elderly patients without the need for an in-person visit to the hospital. A mobile magnetoencephalography (MEG) scanner can detect brain activity. This can make the diagnosis of conditions such as epileptic seizures more accurate by detecting exact location in the brain that is the source of seizure. Such advances in medical imaging technology make medical imaging patient friendly and increase its usage in healthcare facilities thereby fostering the market expansion globally.

The rising use of X-rays for diagnostic purpose will augment the medical imaging market progress

Global Medical Imaging Market, By Product

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Based on product, the medical imaging market is classified into X-ray devices, MRI, ultrasound, computed tomography, nuclear imaging, and mammography. X-ray devices are further divided into digital and analog. The X-ray devices segment accounted for around 32.2% market share in 2021. This is attributed to the increasing utilization of X-rays in hospitals and diagnostic centers. X-rays are non-invasive, painless and take lesser time making them ideal for immediate diagnosis and treatment plan.

Increasing occurrence of chest disorders surges the demand for chest x-rays. For instance, as per the WHO, 262 million people suffer from asthma worldwide, the disease being more common in children. Over 3 million people dies from COPD each year. Such high incidence of chest disorders increases the demand for x-rays thereby facilitating segmental demand of x-ray devices.

Furthermore, advancements in digital radiography (DR) increase the demand for digital x-rays. For instance, Konica- Minolta and Shimadzu developed dynamic digital radiography (DDR) to form moving X-ray images. The technique can be used for conditions such as asthma, COPD and in orthopedic applications to facilitate imaging at a lower dose. All these factors together increase the demand for medical imaging techniques and help in boosting the progression of medical imaging industry.

Rising demand for medical imaging in hospitals will propel the industry landscape

Global Medical Imaging Market, By End-use

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On the basis of end-use, the medical imaging market is segmented into hospitals, diagnostic centers and others. Among them, the hospital segment accounted for over USD 17.2 billion in market size in 2021. This is owing to higher demand for medical imaging modalities such as MRI, X-rays, ultrasound, and CT scans in hospital settings for accurate diagnosis during treatment procedures.

In addition, availability of advanced medical imaging devices in hospitals and sound infrastructure lead to segmental growth of hospitals. Similarly, presence of skilled healthcare professionals in hospitals to accurately treat and diagnose patient’s surge the demand of medical imaging in hospitals. Additionally, rising cases of chronic diseases and increasing number of admissions in hospitals will further accelerate the medical imaging market progression.

Rising R&D investments and presence of top market players in North America prove favorable for the regional market forecasts

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North America medical imaging industry is estimated to attain over 4% CAGR during the forthcoming years. High regional growth is attributed to the presence of top industry players in the U.S. such as Carestream Health Inc., GE Healthcare, and Hologic Inc. These key industry players take promotional and marketing efforts to increase the awareness of medical imaging amongst the people thereby facilitating the North American market statistics.

Additionally, increasing healthcare expenditure and R&D investments across the region will help in regional market expansion. According to the data published on OECD, the United States spends higher on healthcare as compared to any other high-income country across the globe, including Japan, Sweden, UK, and Germany.

Growth strategies opted by key players is projected to advance the business

Some of the key market players operating in the medical imaging industry include Siemens Healthineers, Canon Medical System Corporation, Samsung Medison, Koninklijke Philips, Carestream Health, Fujifilm, Esaote, GE Healthcare, Hologic, and Konica Minolta among others. These players concentrate on strategic developments such as partnerships, acquisitions, new product launches, and commercialization for market expansion. Furthermore, these players are heavily investing in R&D activities that enable them to innovate & capitalize on these products that further help to garner maximum revenue in the industry.

Some of the recent industry developments:

  • In March 2022, Canon Medical Systems announced an agreement to acquire Nordisk Røntgen Teknik. Nordisk Røntgen Teknik is a leading manufacturer of diagnostic X-ray systems. This acquisition has helped the company establish its global presence in the X-ray business.
  • In March 2022, at 74th National Conference, IRIA 2022, Bengaluru, Siemens Healthineers presented its new product MAGNETOM Free.Star and NAEOTOM Alpha in MRI and CT pipeline. These product launches helped the company widen its customer base by providing advanced medical imaging technology.

The market research report on medical imaging includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030, for the following segments:

By Product

  • X-Ray Devices
    • Digital
      • Direct Radiography Systems
      • Computed Radiography Systems
    • Analog
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
    • 2D Ultrasound
    • 3D Ultrasound
    • Others
  • Computed Tomography
  • Nuclear Imaging
  • Mammography

By End-use

  • Hospitals
  • Diagnostic Centers
  • Others

The above information is provided for the following regions and countries:

  • North America 
    • U.S.
    • Canada
  • Europe 
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific 
    • Japan
    • China
    • India
    • Australia
  • Latin America 
    • Brazil
    • Mexico
  • Middle East & Africa 
    • South Africa
    • Saudi Arabia


Authors: Rupali Swain, Subodh Kharad

Frequently Asked Questions (FAQ) :

The global medical imaging industry size had exceeded USD 38.5 billion in 2021 and is poised to record a 5.1% CAGR through 2030 owing to the increasing incidence of chronic diseases in the geriatric population.

The X-ray devices product segment held close to 32.2% of the medical imaging market share in 2021 due to rising usage across hospitals and diagnostic centers.

The hospital end-use segment in the medical imaging industry crossed USD 17.2 billion in 2021 and will see expansion with the rising need for medical imaging modalities such as MRI, X-rays, ultrasound, and CT scans.

The medical imaging market in North America is slated to depict a 4% CAGR through 2030 driven by the robust presence of leading industry players in the U.S. and the increasing awareness in the region.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 10
  • Tables & Figures: 265
  • Countries covered: 16
  • Pages: 147

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