Medical Imaging Market size is anticipated to reach USD 60 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of medical imaging was USD 40 Billion. The market is primarily driven by rising awareness among people regarding various imaging procedures, growing age-related issues among elderly people, the rapid growth of diagnostic centers across the world, and higher incidences of organ donation and transplantation. In 2020, there were about 130,000 organ transplants performed worldwide. The most often transplanted organ overall was the kidney, followed by heart transplants.
The rising incidences of chronic diseases such as cancer, diabetes, and kidney disorders, increasing neurological disorders associated with brain damage, and the rising number of orthopedic issues in adults and geriatric people are expected to fuel the growth of the medical imaging market. In 2022, there were about 25,000 brand-new cases of brain and nervous system cancer. It was in 2019, about 178 million new fractures were testified around the world’s population. Furthermore, the market growth is followed by a higher number of performing CT scans, a growing number of inpatients in emergencies, and an increased need for gradual monitoring equipment during the pandemic. Globally, the number of CT scan examinations is rising by 4% annually, totaling over 300 million scans annually.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 40 Billion |
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Forecast Year Market Size (2033) |
~ USD 60 Billion |
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Regional Scope |
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Type (Computed Tomography, Magnetic Resonance Imaging, X-Ray, Ultrasound, Molecular Imaging)
The global medical imaging market is segmented and analyzed for demand and supply by type into computed tomography, magnetic resonance imaging, x-ray, ultrasound, and molecular imaging. Out of all, the x-ray segment is anticipated to hold the largest market size by the end of 2033. The growth of the segment is attributed to the higher utilization of x-rays for body scanning, growing demand for technological advancement in the medical industry, rising inclination towards digitalization and automation, and increasing spending capacity of individuals in developing countries. According to the World Health Organization, nearly 3.6 billion diagnostics such as X-rays are being carried out. Out of this 3.6 billion, x-ray accounts for 40% of the total medical imaging.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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By End User |
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Regionally, the global medical imaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The market growth in North America is expected on the account of the increasing need for CT scans, a higher number of cancer patients, rising injury cases in inpatient and outpatient groups, and elevating traumatic cases in the old people such as Alzheimer’s disease. The number of new instances of cancer reported in 2021 was roughly 2 million in the United States, and the disease claimed the lives of about 600,000 people. Moreover, a higher number of CT scans performed in the region is to push the market growth in North America. Furthermore, each year, around 80 million CT scans are taken place in the United States.
Siemens Healthineers announce its latest launch MAGNETOM Free. Star and NAEOTOM Alpha. It is a unique solution to both MRI and CT. The machine is built on latest dry cool technology and easier to install.
Hitachi Medical Systems launched two new permanent open MRI system. It has SynergyDrive workflow solution and it gives faster and automated scanning pictures.
Author Credits: Radhika Gupta, Shivam Bhutani
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