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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry trends

Medical Imaging Market size exceeded USD 36 billion in 2019 and is poised to grow at over 5.8% CAGR between 2020 and 2026.
 

Medical imaging is used to create images of parts of human body for diagnostic and treatment purposes. Digital imaging is gaining popularity with increasing use of artificial intelligence (AI) to assess and interpret results. Medical imaging market forecast will expand with rising trend for 3D ultrasound. 
 

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The healthcare industry has seen a plethora of changes in recent years. The decade marks the era of constant technological advancements in medical imaging equipment. Different non-invasive and invasive approaches are involved in the utilization of medical imaging modalities, and thus it has become one of the most reliable aspects of medical science.
 

Moreover, the increasing effort of healthcare providers in the treatment of COVID-19 affected people has also impacted the medical imaging market to a certain limit. However, the limited movement and lockdown in many parts of the world have slowed down the supply chain of medical imaging devices and distribution network for various companies that is anticipated to have a significant impact on the market growth. However, the immense efforts by the government to work closely with industry participants to bring stability in the medical device supply chain is expected to boost the market revenue.
 

The field of medical imaging is seeing a shift towards two fundamental trends: growing utilization of imaging devices in screening, therapy, & intervention and emergence of precision medicine. Both increase the demand for a broader application of medical imaging procedures and digitalization, fuelling the demand for medical imaging techniques.
 

Precision medicine is an emerging approach that uses the power of AI for treating medical disorders and considers individual variability in environmental and genetic factors. Medical imaging plays a fundamental role in precision medicine including early diagnosis, screening, guiding treatment, assessing response to therapy, and evaluating the likelihood of disease recurrence. Though many improvements are yet to be made in the precision medicine field, radionics, an intriguing new field of radiology, is believed to reform precision medicine that will in turn surge the overall market demand. Therefore, artificial intelligence-enabled radiology holds a promising future for the healthcare sector. However, irregular reimbursement policies in medical imaging industry may hinder the market expansion.
 

Surging demand for portable ultrasound medical imaging will favor the industry growth

The ultrasound medical imaging market will witness around 6% growth rate through 2026. Ultrasound machines assist in minimally invasive surgeries by detecting problems with muscles, ligaments, soft tissue along with joints. Ultrasound has wide application in radiology as it enables radiologist to examine multiplicity of conditions and damage due to injury. Moreover, Portable point-of-care ultrasound (POCUS) systems delivering corrective information for clinical assessment aids healthcare facilities in times of triage and emergency, augmenting the market size.   
 

Increasing necessity for imaging devices at hospitals will boost the market revenue 

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The hospitals end-use segment valuation was over USD 16 billion in 2019 due to surging market demand for several ultrasound and magnetic resonance imaging devices in disease treatment, diagnosis, and surgery to navigate the procedure. Majority of the diagnostic imaging procedures are performed in hospital settings, propelling the industry growth. Similarly, presence of advanced medical imaging devices including CT scanners and x-ray devices for instant examination and detection of patient’s health, will prove beneficial for the market progression. 
 

Surging prevalence of health disorders in North American region will stimulate the market share

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North America medical imaging market accounted for around 33% revenue share 2019 owing to the increasing incidence of different diseases and increasing spending by manufacturers resulting into technological advanced products. Increasing geriatric population and favourable government initiatives in the region will propel the market expansion. Furthermore, presence of secured healthcare facilities in hospitals coupled with rising patient awareness regarding the benefits of early disease diagnosis will drive the market demand.  
 

Strategic initiatives undertaken by market players have helped them evolve as leaders in medical imaging industry

Some of the eminent industry players include Fujifilm, Konica Minolta, Canon Medical System, Esaote, Siemens Healthineers, GE Healthcare, Carestream Health, Hologic and Philips. The foremost market players are undertaking several growth strategies to gain considerable industry share.
 

Recent Industry Developments:

• In June 2020, Canon Medical Systems Corporation announced partnership with Russian healthcare provider R-Pharm Holding, LLC. This partnership will enhance maintenance and sales of diagnostic managing equipment across Russia.
   
• In July 2019, Fujifilm Corporation launched Tomosynthesis option for ASPIRE Cristalle mammography System. This launch helped the company expand its breast imaging solutions.
   

The market research report on medical imaging includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
 

Market, 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

Market, 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