Home > Healthcare > Medical Devices > Diagnostic Devices > Medical Imaging Market

Medical Imaging Market Size

Report ID: GMI4786
Published Date: Jul 2023
Report Format: PDF

Download Free Sample

Medical Imaging Market Size

Medical Imaging Market size was worth USD 40 billion in 2022 and is poised to grow at 5.5% CAGR from 2023 to 2032, driven by the incremental innovations and advancements in medical imaging technology.

To get key market trends

Download Free Sample

Technologically improved imaging equipment aids in the early and precise detection of underlying ailments, allowing physicians to provide timely treatment to patients. To that end, top market companies are investing and prioritizing R&D for breakthrough technologies to deliver better treatment alternatives. For instance, in October 2022, Google Cloud introduced Medical Imaging Suite, a new technology to improve radiology and other imaging data accessibility and interoperability.

Furthermore, virtual reality and 3D imaging technologies offer significant ramifications for the healthcare industry. The influx of new augmented reality technologies, such as EchoPixel True 3D to assist healthcare surgeons in studying tissues and structures in 3D by utilizing MRI or CT scan pictures will also drive the market progress.

Medical Imaging Market Report Attributes
Report Attribute	Details
Base Year:	2022
Medical Imaging Market Size in 2022:	USD 40 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 67.6 Billion
Historical Data for:	2018 to 2022
No. of Pages:	210
Tables, Charts & Figures:	325
Segments covered:	Product, End-use, and Region
Growth Drivers:	Incremental innovations and advancements in medical imaging technology Rise in healthcare expenditure Increasing disease burden along with rapidly growing geriatric population base Emergence of artificial intelligence (AI) in radiology Favorable government initiatives
Pitfalls & Challenges:	High cost of imaging devices Changes in reimbursement policies

Learn more about the key segments shaping this market

Download Free Sample

Growing changes in reimbursement regulations in the medical imaging sector may hinder the market revenue growth to some extent. In 2021, the Centres for Medicare and Medicaid Services proposed significant reductions in compensation for radiology services, such as diagnostic radiology (11%), interventional radiology (9%), and nuclear medicine (8%). Such reductions in reimbursement rates for medical operations along with the rising difficulties associated with medical bills and the complexities related to the verification of documentation may also restrict the market expansion.

Authors: Mariam Faizullabhoy , Pratiksha Kamthe

Frequently Asked Questions (FAQ) :

Medical imaging industry size was worth USD 40 billion in 2022 and is poised to grow at 5.5% CAGR from 2023 to 2032 propelled by the incremental innovations and advancements in medical imaging technology.

The x-ray devices segment accounted for more than 32% of revenue share in 2022 and is estimated to generate USD 22.6 billion by 2032 driven by the high prevalence of serious diseases including cancer, TB, and heart and chest ailments worldwide.

North America medical imaging market size is poised to witness considerable growth at 5.3% CAGR from 2023-2032 owing to the strong presence of advanced healthcare facilities in diagnostic centers and hospitals

Some leading companies operating in the medical imaging industry are Koninklijke Philips N.V., Canon Medical Systems Corporation, Fujifilm Holdings Corporation, GE Healthcare, Konica Minolta, Inc., Hologic Inc., Samsung Medison Co., Ltd., Siemens Healthineers, Carestream Health Inc., and Esaote SpA.