Medical Imaging Market Size & Share, by Type (Computed Tomography, Magnetic Resonance Imaging, X-Ray, Ultrasound, Molecular Imaging); Application (Neurology, Orthopedics, Gynecology, Oncology); End-user (Hospitals, Diagnostic Imaging Centers, Specialty Clinics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Medical Imaging Market Definition  

Medical imaging technology is the evaluation of a person’s health condition using imaging techniques. Medical imaging includes the usage of X-rays, ultrasound imaging, magnetic resonance imaging (MRI), computed tomography (CT) scans, radiography, mammography, fluoroscopy, and dental cone-beam computed tomography. Medical imaging provides a detailed overview of the body parts that are being diagnosed. This method helps to diagnose, monitor, and cure the disease or injury with full efficacy. Internal injuries that are not visible to the naked eye are easily diagnosed by scanning techniques.

Global Medical Imaging Market:Key Insights

Global Medical Imaging Market Highlights Over 2023 - 2033

The global medical imaging market is estimated to garner a revenue of ~USD around 60,000 Million by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD about 40,000 Million in the year 2022. 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.

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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.

Global Medical Imaging Market: Growth Drivers and Challenges

Growth Drivers

• Growing Prevalence of Chronic Diseases in Senior Citizens Owing to Reduced Immunity-Around 18 million individuals every year die of cardiovascular disease (CVD) as per the statistics of the World Health Organization. CVD is one of the primary causes of global fatalities.

• Rise in Surgical Procedures with the Growing Adoption of Surgical Procedures such as C-Sections-Over 2 million surgeries were performed by surgeons in 2018 as reported by the World Health Organization and out of 100%, about 11% of all diseases and injuries require surgical treatment.

• Higher Requirement for Organ Donation owing to Rise in End-Stage Organ Failures-Every 9 minutes a new name is added to the list of organ transplantation occupied by around 100,000 people worldwide. In 2021, more than 40,000 organs are transplanted.

• Increased Expenditure on the Healthcare Sector with a Lack of Awareness or No Insurance Coverage-The health needs of people attributed to the rise in health charges universally to by approximately 4% and can hold around USD 10 trillion by the last of 2024.

• Increasing Preliminary Diagnosis Examinations During Pregnancy to Prevent Birth Complications -At least one birth defect was discovered out of 33 babies diagnosed in the U.S as of 2022 which can occur at any stage of pregnancy through ultrasound imaging technology.

• Rapidly Growing Technological Advancement Owing to FDA Approval -‘Computed tomography’ received U.S Food and Administration (FDA) approval after ten years of its arrival on the market. That was the first major progression of imaging devices to reach the effort of the FDA to promote innovation in the field of scientific and diagnostic evolution.

Challenges

• Risk of Getting Exposed to Harmful Penetrating Radiation
• The radiation from X-rays, nuclear imaging, and CT scans are of high energy wavelength rays; it quickly enters our tissues and, if exposed for an extended period of time, can even disrupt our organs and protein structures. Radiation has the potential to harm DNA and cells. As a result, the risk of radiation exposure is anticipated to impede market expansion.
• Higher Cost of the Medical Imaging Machine
• Unavailability of Equipment in Underdeveloped Regions

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.

Global Medical Imaging Market Regional Synopsis

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.

Market Segmentation

Our in-depth analysis of the global medical imaging market includes the following segments:

Top Featured Companies Dominating the Global Medical Imaging Market

• Koninklijke Philips N.V.

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• Fujifilm India Private Limited
• Siemens Healthcare Private Limited
• Samsung Medison Co., Ltd.
• Hitachi Medical Systems
• Shimadzu Corporation
• Toshiba International Corporation
• Hologic, Inc.
• General Electric Company
• Carestream Health