Medical Imaging Market 2023 Trends: Revenue to Cross USD 68.8 Billion by 2030 | CAGR of 5.8%

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. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

• The ultrasound segment is expected to witness considerable growth during the forecast period due to increased prevalence of target diseases and expanding applications of ultrasound.
• Asia-Pacific is expected to register the highest CAGR of 6.5% from 2021 to 2030
• Rise in awareness about the benefits of early diagnosis, and technological advancements in medical imaging sector.

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Major Factors Driving the Growth of Medical Imaging Market:

• Rising prevalence of chronic diseases: Chronic diseases such as cancer, cardiovascular disease, and neurological disorders are becoming increasingly common worldwide. Medical imaging is essential for the diagnosis and treatment of these chronic diseases.
• Technological advancements: Technological advancements in medical imaging are leading to the development of new and improved imaging modalities with better image quality and faster scan times. This is making medical imaging more effective and accessible to patients.
• Increasing demand for early detection: Early detection of diseases is essential for improving patient outcomes. Medical imaging plays a vital role in early detection by allowing physicians to identify diseases at an early stage, when they are most treatable.
• Growing geriatric population: The global population is aging, and older adults are more likely to develop chronic diseases and other conditions that require medical imaging. This is driving the demand for medical imaging among the geriatric population.

Market Segmentation:

By product type:

• X-ray imaging systems
• Ultrasound imaging systems
• CT scanners
• MRI systems
• Nuclear imaging systems
• Mammography systems
• Other imaging systems (e.g., optical imaging systems and molecular imaging systems)

By application:

• Radiology/general imaging
• Cardiology
• Oncology
• Neurology
• Musculoskeletal imaging
• Women’s imaging
• Pediatric imaging
• Other applications (e.g., cardiovascular imaging and dental imaging)

By end user:

• Hospitals
• Clinics
• Diagnostic imaging centers
• Other end users (e.g., ambulatory surgical centers and home healthcare settings)

By region:

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

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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:

1. Siemens Healthineers
2. GE Healthcare
3. Philips Healthcare
4. Canon Medical Systems Corporation
5. Hologic, Inc.
6. Hitachi Medical Systems
7. Fujifilm Holdings Corporation
8. Carestream Health
9. Samsung Medison
10. Shimadzu Corporation

Key Questions Answered in the Intelligent Study

What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?

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Market Dynamics and Transformations

Economic Downturn Analysis: Impact of Recession in 2023
Pandemic’s Influence: Impact of Covid-19 Pandemic
Market Evolution: Recent Developments in the Market with Key Players

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.