Analysis by Type (Computed Tomography, Magnetic Resonance Imaging, X-Ray, Ultrasound, and Molecular Imaging); by Application (Neurology, Orthopedics, Gynecology, Oncology, and Others); and by End User (Hospitals, Diagnostic Imaging Centers, Specialty Clinics, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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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.
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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 40,000 Million |
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Forecast Year Market Size (2033) |
~ USD 60,000 Million |
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Regional Scope |
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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
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.
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.
Our in-depth analysis of the global medical imaging 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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Koninklijke Philips N.V.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increased spending on healthcare sector, higher cases of heart issues, cancer & surgeries and technological advancement of equipment
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Higher cost the machines, shortage of machine in underdeveloped regions and fear of getting exposed to harmful rays are the few factors likely to impede the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are 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, Koninklijke Philips N.V. and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, by application, end user, and by region.
Ans: The x-ray is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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