Radiology Devices Market Outlook:
Radiology Devices Market size was valued at USD 43.2 Billion in 2024 and is projected to cross USD 90.2 Billion by the end of 2037, expanding at more than 7.03% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of radiology devices is evaluated at USD 46.4 billion.
According to the report published by the World Health Organization, more than 19 million new cancer patients are registered annually. Demand for early diagnosis and advanced imaging is increasing within the global platform. According to the estimation of the Centers for Disease Control and Prevention, over 45% of U.S. adults need imaging through MRI or CT scans. The growing chronic diseases are the leading driving factor to create demand for the radiology devices market. Helium is one of the key raw materials needed to manufacture the radiology devices, that is mainly sourced from the U.S., Qatar, and Russia. According to the U.S. Bureau of Labor Statistics, the Producer Price Index rose to 5.0% and the Consumer Price Index rose to 3.5%. The data exhibits high demand for the components in the global market, which leads to margin pressure due to a shortage of raw material supply.
Government support for research and development is a leading aspect that has elevated market growth. Approximate investment in research and development is evaluated at USD 4 billion in the global market in 2023. Furthermore, the National Institute of Health allocated more than 910 million for AI-assisted imaging in the same year. Whereas the EU Horizon Europe allocated over USD 640 million to the elevated development of portable ultrasound. Improvement in the supply chain is experienced specifically within the semiconductor components that influence the cost of the device.
Radiology Devices Market Growth Drivers and Challenges:
Growth Drivers
-
Integration of AI: Digital advancement is the innovative aspect that helps the medical device operation to boost its efficiency. Food and Drug Administration clearance in 2023 resulted in to introduction of more than 45 AI-integrated radiology tools in the global market. Adoption of smart imaging performance in the market adopted that created a huge scope for radiology devices. Using the AI-assisted radiology tools reduces the time of interpretation by approximately 32%. As per the study of the Agency for Healthcare Research and Quality, the reduction of unnecessary CT scans was up to 20% with the help of AI triage.
- Increasing burden of chronic disease: The global market is experiencing a rising number of chronic diseases that require a higher level of intervention. According to the study conducted by the World Health Organization, 2. billion people are anticipated to be over age sixty and create a significant demand for imaging. As per the projection, 40% of the imaging demand is expected to rise by 2050 due to the diverse chronic disease diagnosis process. Current analysis of the Medicare beneficiaries' medical activities highlights that 70% of the patients require imaging for medical diagnosis annually.
Manufacturing Strategies to Ensure Market Expansion
A manufacturer within the global platform experienced a highly competitive market and conducted global expansion based on an innovative and cost-effective strategy. For instance, Siemens focused on delivering innovative products to the market. AI-assisted tools launched by Siemens through FDA clearance resulted to acquire approximately 7% revenue growth annually. Collaborating with the local manufacturer of India led to controlling the cost of production for the products of Philips and offering the market at an affordable price range. Value-based procurement model is followed by Canon Medical, which directed them to secure more than 28% of the hospital contract in the EU and achieve market expansion. According to the report places by the World Health Organization, almost 65% of the global market share is possessed by the mentioned top player in the radiology devices market.
The following table denotes revenue opportunities for manufacturers:
|
Company |
Strategy Implemented |
Projected Revenue Impact (USD) (2023) |
|
Siemens Healthineers |
Introduction of AI diagnostic tools |
+483 million |
|
GE Healthcare |
Providing compact MRI for emerging markets |
+322 million |
|
Philips |
Offering Hybrid OR Solutions |
+408 million |
|
Canon Medical |
Investment in Refurbished Equipment Programs |
+196 million |
Key Market Dynamics for Historical Patient Growth
Radiology device market leverage within the period of 2010 to 2020 based on the four market realities. Incorporation of premium quality products that boost the efficiency of radiology devices in the Western market. Offering an affordable range of compact products that ensure value-driven opportunities in the market of Asia. Advancement of the radiology device is elevated to serve the requirements of the chronic disease diagnosis, like cancer and cardiovascular segments. Apart from this factor, collaborating with the government-led imagining program is another innovative initiative that ensured higher access for the stakeholders within the concerned market. This led Germany and the U.S. to achieve the position of a high-value market within the global platform. On the contrary, China and India emerged as the most prominent markets to possess the scope of explosive growth.
The following table denotes historical patient growth in the past ten years across different countries:
|
Country |
2010 Procedures (millions) |
2020 Procedures (millions) |
CAGR (%) |
|
USA |
425 |
585 |
3,5% |
|
Germany |
95 |
130 |
3.6% |
|
France |
80 |
107 |
3.2% |
|
Spain |
49 |
67 |
3.5% |
|
Australia |
40 |
55 |
3.6% |
|
Japan |
157 |
184 |
1.9% |
|
India |
71 |
215 |
12.5% |
|
China |
325 |
895 |
10.5% |
Challenges
-
Market affordability: The Cost of production of the devices is quite high that resulting in less affordability for the low to medium income group of people. According to the report exhibited by the National Health Policy, more than 55% of the population of India find the cost of availing radiology devices out of their budget. MRI scanning with the premium device is approximately four times more than their average monthly income. Apart from this, the insurance coverage rate is also not satisfactory to reduce the accessibility inequality. For instance, only 40% of the coverage is provided by Medicaid Plans for premium MRI and CT scans. The low to medium income group of U.S. citizens faces a 25% delay in accessing imaging facilities, which becomes a challenge in the market growth of radiology devices.
Radiology Devices Market Size and Forecast:
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.03% |
|
Base Year Market Size (2024) |
USD 43.2 billion |
|
Forecast Year Market Size (2037) |
USD 90.2 billion |
|
Regional Scope |
|
Radiology Devices Market Segmentation:
Product Segment Analysis
MRI system is the dominant sector, which is anticipated to achieve a market share of 34% by 2037. The growing aging population is one of the prominent driving factors that has raised the demand for MRI imaging. For instance, the report published by the Ministry of Health, Labor, and Welfare of Japan specified that 35% of the population is anticipated to be over sixty-five years, and the requirement for advanced imaging is expected to be high. Government support and collaborative schemes provided a wide scope for the market to expand. As per the reporting of the Ministry of Economy, Trade and Industry of Japan, approximately ¥10 billion in subsidies is allocated to develop compact MRI units within regional areas to enhance accessibility for stakeholders within the concerned market.
Technology Segment Analysis
AI-enabled imaging is expected to secure a market share of 30% by 2037. Advances in technology are one of the positive factors that have led to higher adoption of AI-enabled imaging within the global market. According to the report of the Pharmaceuticals and Medical Devices Agency of Japan, more than 16 new AI radiology tools have been introduced in the market, which have benefited healthcare by reducing diagnosis time by 45%. Government spending on advancement has created a better scope for research and development to elevate the market performance of AI-assisted imaging.
Our in-depth analysis of the global market includes the following segments:
|
Segment |
Subsegment |
|
Product |
|
|
Technology |
|
|
Application |
|
|
End user |
|
Vishnu Nair
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Radiology Devices Market Regional Analysis:
North America Market Insights
The radiology devices market in North America is the leading player within the global market and is predicted to achieve a market share of 40% in 2037. Advanced imaging practice is rising in the market with the growth of the aging population and chronic diseases like cancer. The MRI system is addressed as the most promising sector within the radiology devices that possesses a market share of 34% in the North American market. Technological advancement encouraged the market with the adoption of AI-assisted radiology tools and is anticipated to accumulate a growth of approximately 27% of the market share. Food and Drug Administration clearance enables the market to achieve more than 45 new AI tools in 2023 that leverage the diagnosis rate in North America. According to the NIH, the accuracy of the imaging report is enhanced up to 26% with the help of radiology devices.
The market of radiology devices in the U.S. is dominating in North America through possession of the highest share of global revenue. According to the estimation of the Centers for Disease Control and Prevention, more than 76 million people are anticipated to be over the age of sixty in 2037, which will create a significant demand for radiology devices for advanced imaging. Accessibility in the premium device usage is expanded through government funding of more than USD 9 billion, which ensures approximately 40% of the Medicare coverage. A rapid demand for the portable system is growing in the U.S. market, and a growth of 19% annually is identified as per a study of the National Institute of Health.
Asia Pacific Market Insights
Asia Pacific is the emerging region for radiology devices and is expected to accumulate a market share of 37% by 2037. Government initiative to elevate the healthcare infrastructure is on a higher graph that encourages the adoption of advanced medical devices. Features like AI integration, portable device usage, and 3D/4D imaging are in high demand in the Asia Pacific market due to the advancement of the healthcare infrastructure. The private healthcare sector has leveraged in the past few years within Asia Pacific, that raised medical tourism in India, Thailand, and many more which boosting the demand for radiology devices. Collaboration of government and private investment is one of the potential growth factors that expand the market through increased funding.
China is the leading player in the Asia Pacific radiology devices market and is anticipated to achieve 50% of the market share by 2037. According to the National Medical Products Administration, more than USD 4.5 billion is allotted for the elevation of the performance of radiology devices in 2024. A growth in healthcare budget up to 16% resulted in better research and development and quick adoption in the market. The National Health Commission of China reported that more than 1.5 million cancer patients are diagnosed annually in China. A high demand for radiology devices is generated with the rise of cancer patients for early diagnosis.
Key Radiology Devices Market Players:
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
A highly competitive market is experienced within the radiology devices market in the global platform. Approximately 65% of the market share is held by five key players in the radiology devices business. The key strategies that directed the business to gain a competitive edge include an AI-optimized workflow solution, cost optimization, and regulatory partnership. Siemens has launched AI-Rad Companion, which is integrated with AI assistance that reduces the imaging time and makes the diagnosis faster. On the contrary, Mindray launched cost cost-optimized product that costs approximately USD 13k for portable ultrasound devices. This boosted the market performance and positively impacted the revenue growth for the company. Canon focused on regulatory collaboration through PMDA-fast-tracked AI-assisted devices.
Here is a list of key players operating in the global market:
|
Company Name |
Country of Origin |
Market Share (2024) |
Industry Focus |
|
Siemens Healthineers |
Germany |
17.9% |
MRI/CT systems, AI-powered diagnostic solutions |
|
GE Healthcare |
U.S. |
16.02% |
Portable ultrasound, advanced CT scanners |
|
Philips Healthcare |
Netherland |
12.9% |
Hybrid imaging, tele-radiology platforms |
|
Canon Medical Systems |
Japan |
9.9% |
Low-dose CT, AI-based image reconstruction |
|
Fujifilm Holdings |
Japan |
7.8% |
Digital X-ray, mammography systems |
|
Hitachi Healthcare |
Japan |
xx% |
High-field MRI, oncology imaging solutions |
|
Hologic |
U.S. |
xx% |
Women's health imaging, 3D mammography |
|
Samsung Medison |
South Korea |
xx% |
Compact ultrasound, AI-assisted diagnostics |
|
Mindray Medical |
China |
xx% |
Cost-effective MRI/CT for emerging markets |
|
Shimadzu Corporation |
Japan |
xx% |
Fluoroscopy, interventional radiology systems |
|
Mindray Medical |
China |
xx% |
Cost-effective MRI/CT for emerging markets |
|
Shimadzu Corporation |
Japan |
xx% |
Fluoroscopy, interventional radiology systems |
|
Carestream Health |
U.S. |
xx% |
Digital radiography, mobile X-ray units |
|
Agfa-Gevaert |
Belgium |
xx% |
Radiology IT solutions, imaging software |
|
Esaote |
Italy |
xx% |
Specialty: MRI, musculoskeletal imaging |
|
NeuroLogica (Samsung) |
U.S. |
xx% |
Portable CT scanners, neuroimaging solutions |
|
Trivitron Healthcare |
India |
xx% |
Affordable X-ray and ultrasound systems |
|
Konica Minolta |
Japna |
xx% |
Digital radiography, AI-based workflow tools |
|
Allengers Medical |
India |
xx% |
Mobile C-arms, surgical imaging |
|
Varex Imaging |
U.S. |
xx% |
X-ray components, detectors |
|
Medonica Co. |
South Korea |
xx% |
Point-of-care ultrasound devices |
|
BMI Biomedical International |
Malaysia |
xx% |
Radiography systems for ASEAN markets |
Below are the areas covered for each company in the radiology devices market:
Recent Developments
- In March 2024, Siemens Healthineers launched Naeotom Alpha Photon-Counting CT, which is the first photon-counting CT cleared by the FDA. Reduction of radiation dosage up to 40% is ensured as comparison to the conventional CT system.
- In January 2024, GE Healthcare introduced SIGNA Hero 3.0T MRI to achieve fast screening. The system is specially designed for the outpatient center and has led to a growth in market share by 3% in Europe.
Author Credits: Radhika Pawar
- Report ID: 2989
- Published Date: Jun 16, 2025
- Report Format: PDF, PPT
