Medical Imaging Market
Medical Imaging Market Size, Share & Trends Analysis Report by Products (X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging (MRI), Nuclear Imaging), by End Users (Hospitals, Diagnostic Imaging Centers, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Medical Imaging Market:||2022 - 2028|
|Historical Years for Medical Imaging Market:||2016 - 2021|
|Revenue 2021 for Medical Imaging Market:||USD 27.5 Billion|
|Revenue 2028 for Medical Imaging:||USD 35.8 Billion|
|Revenue CAGR (2022 - 2028) for Medical Imaging Market :||4.5%|
|Fastest Growing Region (2022 - 2028) for Medical Imaging Market:||Asia Pacific|
|Largest Region (2021) for Medical Imaging Market:||North America|
The Global Medical Imaging Market was valued at USD 27.5 Billion in 2021 and is expected to reach a value of USD 35.8 Billion by 2028. In the projection period, the Global Market is anticipated to grow and exhibit a Compound Annual Growth Rate (CAGR) of 4.5%.
Medical Imaging describes the methods used to create images of the human body (or specific body parts) for therapeutic purposes, such as procedures and diagnoses. Medical science encompasses the study of typical anatomy and function. Radiography, medical photography, endoscopy, thermography, and microscopy, in a broader sense, are all included in this subset of biological imaging. In addition, Medical Imaging includes measurement and recording methods like electroencephalography (EEG) and magnetoencephalography (MEG), which produce data that can be shown as maps rather than images. The development of Medical Imaging reagents and the increasing unmet demand for diagnostic imaging procedures and diseases, including cancer and cardiovascular disease, are driving forces behind the global market for Medical Imaging reagents. For instance, cardiovascular diseases are one of the leading causes of death globally.
Furthermore, the growing geriatric population in the region is anticipated to increase the demand for Medical Imaging reagents as the older people are more likely to suffer chronic diseases. The industry's driving force is combining imaging technologies and surgical suits. The market is growing due to the increasing number of cancer patients who need enhanced diagnostic imaging methods for a more accurate diagnosis, such as photoacoustic imaging and imaging reagents. Government funding, investments, and technological improvements are expected to support market growth. The market's growth, however, is probably going to be constrained by a shortage of skilled medical workers, high equipment costs, a scarcity of suppliers of imaging reagents, and strict governmental regulations.
The Medical Imaging market is segmented based on Products, End Users, and Region. Based on the Products, the market is further segmented into X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging (MRI), and Nuclear Imaging. Furthermore, based on the End Users, the market is further bifurcated into Hospitals, Diagnostic Imaging Centers, and Other End Users.
Below tree is interactive. You can click the nodes to get more information.
Based on Products:
The X-Rays category dominated the market in 2021. This dominance is in the purview as the general public's widespread use has recently increased for a wide range of clinical problems. The X-Ray imaging procedure follows any typical injury to determine the damage's degree and help the medical staff choose the best course of action for the patient. Most of this technology is accessible, even in remote places that haven't been widely used. Furthermore, due to its availability in most of the world's regions, the Ultrasound market is anticipated to grow fastest. Beginning with gynecological cases and moving on to general abdomen-related disorders, Ultrasonography Medical Imaging is used to identify the likely origins of the disease.
Based on End Users:
The Hospitals segment dominated the market in 2021 and is expected to continue its dominance in the forecast period. Due to numerous amenities within the exact boundaries, which enables patients to utilize these facilities without experiencing any pain, this sector has experienced the fastest growth. A hospital setting offers a wide range of amenities and services and a skilled medical team, which serves as the segment's driving force. Anytime patients have any health-related problems, Hospitals prove to be a one-stop solution where they can get various clinical tests done and diagnosed under the same roof.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
The Asia Pacific growth rate is expected to increase at the highest Compound Annual Growth Rate (CAGR) during the forecast period because chronic diseases are becoming more common and a growing need for cutting-edge diagnostic tools. A significant and deteriorating installed base of imaging equipment in the Asia Pacific also provides market players with profitable potential. The demand for new Medical Imaging equipment is predicted to increase over the forecast period due to this and the fast-growing healthcare and hospital infrastructure in the area, particularly in nations like China and India.
- In March 2021, the advanced Vscan AirTM pocket ultrasound from GE Healthcare offered clinicians evident image quality, whole-body scanning capabilities, and user-friendly software.
- In January 2021, the MyLab X8 Ultrasound System will be available in Canada by Esaote North America. MyLab X8 is a fully functional premium imaging system that incorporates the most recent technology and provides improved image quality without sacrificing workflow or efficiency. The FDA in the US had previously approved it.
The key players in the Global Medical Imaging Market include- GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, Mindray Medical International, Esaote, Hologic, Inc., Samsung Medison Co. Ltd., Koning Corporation, Perkin Elmer Inc., FUJIFILM Visual Sonics Inc., Cubresa Inc. and others.
Segmentation of the Global Medical Imaging Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Questions
the global demand for Medical Imaging
in terms of revenue?
The global Medical Imaging valued at USD 27.5 Billion in 2020 and is expected to reach USD 35.8 Billion in 2028 growing at a CAGR of 4.5%
are the prominent players
in the market?
The prominent players in the market are GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, Mindray Medical International, Esaote, Hologic, Inc., Samsung Medison Co. Ltd., Koning Corporation, Perkin Elmer Inc., FUJIFILM Visual Sonics Inc., Cubresa Inc..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 4.5% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Medical Imaging include
- Growing prevalence of cancer and cardiac diseases
region accounted for the
largest share in the market?
North America was the leading regional segment of the Medical Imaging in 2020.