Medical Imaging Market Size Growing at 5.8% CAGR, Set to Reach USD 68.8 Billion By 2030, Exclusive Report

What is the market for medical imaging?

According to the report published by Allied Market Research, the global medical/diagnostic imaging market garnered $38.5 billion in 2020, and is expected to reach $68.8 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030.

Rise in need for the point-of-care imaging system, increased demand for enhanced optical images for improved diagnosis of diseases and disorders, and rise in incidence of chronic diseases drive the growth of the global medical/diagnostic imaging market. However, high cost of diagnostic/medical imaging devices and unfavorable reimbursement scenarios restrain the market growth. On the other hand, rise in number of key players that aim to develop innovative technology and increase in R&D activities in imaging technologies present new opportunities in the coming years.

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Key Takeaways:

• Market Growth: The medical imaging market has been experiencing steady growth over the years due to advancements in technology, increasing healthcare needs, and the rising prevalence of chronic diseases that require accurate diagnosis and monitoring.
• Technological Advancements: The field of medical imaging has seen significant technological advancements, including improvements in resolution, speed, and the development of new imaging modalities. Techniques such as 3D and 4D imaging, molecular imaging, and AI-enhanced image analysis have gained prominence.
• Diverse Modalities: Medical imaging encompasses various modalities, including X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, nuclear medicine, and more. Each modality has its own strengths and applications, enabling healthcare providers to choose the most suitable technique for different clinical scenarios.
• AI and Machine Learning: Artificial intelligence (AI) and machine learning have started playing a crucial role in medical imaging. AI algorithms can assist in image analysis, pattern recognition, and even aid in predicting disease outcomes. This technology has the potential to improve diagnostic accuracy, reduce human error, and enhance patient care.
• Point-of-Care Imaging: The trend towards point-of-care imaging has been growing, enabling healthcare professionals to perform imaging studies directly at the patient’s bedside or in clinics. Portable devices and handheld ultrasound machines have gained popularity for their convenience and efficiency.

Impact of Covid-19 on Medical/Diagnostic Imaging Market

• The Covid-19 pandemic made a positive impact on the growth of the medical/diagnostic imaging market as the demand for CT scanners, MRI scanners, and X-ray imaging devices surged considerably to determine the level of infection.
• A huge number of clinics and hospitals across the globe were restructured to cope with rise in demand for scans and provide improved healthcare facilities.

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Market Segmentation:

Imaging Modalities: Different types of imaging technologies are used in medical imaging, each with its own unique principles and applications. Some common imaging modalities include:

• X-ray Imaging
• Computed Tomography (CT) Scan
• Magnetic Resonance Imaging (MRI)
• Ultrasound Imaging
• Nuclear Medicine (SPECT/PET)
• Mammography
• Fluoroscopy
• Interventional Radiology

Applications: Medical imaging is used across a wide range of medical specialties for diagnostic, therapeutic, and monitoring purposes. Common applications include:

• Radiology (general diagnostic imaging)
• Cardiology (imaging of the heart)
• Oncology (cancer detection and monitoring)
• Neurology (imaging of the brain and nervous system)
• Orthopedics (imaging of bones and joints)
• Gastroenterology (imaging of the digestive system)
• Obstetrics and Gynecology (imaging of the female reproductive system)
• Urology (imaging of the urinary system)
• Pulmonology (imaging of the respiratory system)
• Emergency Medicine (trauma and critical care imaging)

End-Users: Various healthcare facilities and professionals use medical imaging for patient care and research. End-users include:

• Hospitals and Clinics
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers
• Research Institutions and Universities
• Specialty Centers (e.g., Cardiac Centers, Cancer Centers)
• Point-of-Care Settings
• Veterinary Clinics (for animal imaging)

Regions: The medical imaging market is global and can be segmented based on geographic regions, considering variations in healthcare infrastructure, regulations, and market demand. Key regions include:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Technology and Product Types: Medical imaging encompasses various technologies and product types, such as:

• Traditional Imaging Equipment (X-ray machines, MRI scanners, CT scanners, ultrasound systems, etc.)
• Portable and Handheld Imaging Devices
• Contrast Agents and Radiopharmaceuticals
• Imaging Software and Workstations
• AI and Machine Learning Solutions for Image Analysis
• Image-Guided Surgical and Interventional Systems

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Regional Growth Dynamics:

Based on region, North America held the highest share in 2020, accounting for around one-third of the total market share, and is expected to continue its dominance in terms of revenue by 2030. However, Asia-Pacific is estimated to portray the largest CAGR of 6.5% during the forecast period.

Competitive Landscape:

Leading players of the global in vitro diagnostics market analyzed in the research include Becton, Dickinson and Company, Abbott Laboratories, bioMérieux SA, Danaher Corporation (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, QIAGEN N.V., Siemens AG, Sysmex Corporation, and Thermo Fisher Scientific, Inc.

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape

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