Medical Imaging Market Analysis

Medical Imaging Market Analysis

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The x-ray devices segment, comprising analog and digital X-ray devices, accounted for more than 32% share of the medical imaging market in 2022 and is projected to amass USD 22.6 billion by 2032. The need for X-ray services is rising due to the high prevalence of serious diseases, including cancer, TB, and heart and chest ailments worldwide. To cite an instance, in February 2023, Mylab Discovery Solutions, a biotech business, collaborated with Qure.ai, a major developer of AI software for medical imaging, to implement an AI-enabled chest X-Ray for diagnosing the early stages of TB. Moreover, the growing concentration of several businesses on producing high-quality scanners will foster the segment progression.

Medical imaging market from the hospitals segment is expected to generate USD 28.5 billion in revenue by 2032. Most diagnostic imaging procedures are carried out in hospitals owing to the availability of technologically improved medical imaging instruments, such as MRI systems and CT scanners. The lack of radiologists in developing countries is further fueling the need for user-friendly AI-powered medical imaging equipment. For instance, in February 2023, South Africa’s Envisionit Deep AI received $1.65M to increase access to medical imaging to ease the load on the healthcare system, particularly in Africa.

North America medical imaging market size is projected to expand at 5.3% CAGR from 2023-2032. The presence of advanced healthcare facilities in diagnostic centers and hospitals as well as the rising patient awareness about the benefits of early diagnosis will propel the market trends. Additionally, government initiatives and reimbursement policies supporting medical imaging have encouraged healthcare providers to invest in state-of-the-art imaging modalities, subsequently fueling the regional industry expansion.