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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry trends

Medical Imaging Market size exceeded USD 38 billion in 2020 and is anticipated to grow at a CAGR of over 5.8% from 2021 to 2027. Technological improvements in medical imaging and rising demand for advanced imaging systems to improve patient outcomes and operational efficiency will positively impact the market expansion. Favourable regulatory scenario for medical imaging modalities for superior patient management and growing usage of medical imaging in digital health will foster the market growth.
 

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Moreover, the impact of COVID-19 on the market is observed to be substantial. The demand for medical imaging has increased since the outbreak of second wave and is slated to upsurge in the coming years. Advanced medical imaging devices such as chest X-rays and chest computed tomography provide effective data on COVID-19 that surges its demand.
 

Ongoing innovations in the field of medical imaging will create numerous growth opportunities

The medical imaging market has seen numerous changes in recent years and saves millions of lives every year across the globe. It extensively helps healthcare specialties to diagnose a broad range of health ailments from heart disease to stroke and from appendicitis to cancer. The market always focuses to deliver novel innovations to patients and physicians. Technological improvements in diagnostic imaging systems along with their higher demand to improve patient outcomes will positively impact the industry expansion.
 

Eminent participants working in the market are shifting their focus towards value-based radiology and patient-centric imaging. Different innovations have been made in numerous imaging modalities including MRI, ultrasound, mammography, 3D imaging as well as nuclear imaging among others. However, higher costs associated with the medical imaging devices may hinder the industry growth to a certain extent.
 

Increasing preference for nuclear imaging will accelerate the market progression

The nuclear imaging sector accounted for around USD 3.5 billion in 2020. In this type of imaging, an individual ingests radioactive materials known as radiopharmaceuticals or radiotracers just before the medical imaging scan. During this scan, a camera aims on the location of radioactive material concentrates and help healthcare professionals to make informed health decisions. These scans are particularly helpful for diagnosing cancer, gall bladder disease, and thyroid disease as well as heart conditions.
 

Higher demand for medical imaging in hospitals will propel the market value

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The hospitals end-use segment is projected to showcase 5% growth rate through 2027. Higher demand for medical imaging modalities such as MRI systems and CT scanners in hospital settings for accurate diagnosis during procedure will augment the industry progression. In addition, hospitals are well-equipped with medical imaging devices along with presence of skilled healthcare professionals to accurately treat and diagnose patient’s body parts.
 

Growing disease burden in North America enhances the market revenue

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North America medical imaging market is estimated to attain more than 5.5% CAGR by 2027. Presence of several market participants focusing on developing innovative medical imaging systems or products for better patient management will prove advantageous for the industry demand. Increasing geriatric population requiring medical imaging modalities and favourable government initiatives will further prove advantageous for the industry value. Furthermore, surging incidence of chronic diseases including cancer and others escalate the demand for advanced medical imaging devices in hospitals and diagnostic centers.
 

Ongoing innovation by leading companies have helped them capture larger market share

Some of the prominent players operating in the market include Canon Medical System Corporation, Carestream Health, Esaote, Fujifilm, GE Healthcare, Hologic, Konica Minolta, Koninklijke Philips, Samsung Medison and Siemens Healthineers among others. These leaders are implementing numerous growth strategies to secure substantial position and sustain competition in the market.
 

Some of the recent industry developments:

• In June 2021, Canon Medical System Corporation announced the launch of updated Aplio i-series for ultrasound series. Redesigned ultrasound technology may boost the firm’s medical imaging product sales.
   
• In April 2021, Carestream announced the partnership with Ziehm Imaging for distribution of Ziehm Vision RFD C- arm. This may stimulate the company’s revenue
   

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 2016 to 2027, for the following segments:

Market, By Product, 2016-2027 (USD Million)

• 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, 2016-2027 (USD Million)

• Hospitals
• Diagnostic centers
• Diagnostic Labs & Ambulatory Surgical Centers
• Others

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

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