Medical Imaging Market to be Worth $64.49 Billion by 2031

Medical Imaging Market Size, Share, Forecast, & Trends Analysis by Product (X-ray [Digital, Analog] MRI [Closed, Open] Ultrasound, CT, Nuclear Imaging [SPECT, PET]), Application (General, OB/GYN, Cardiology, Oncology), End User - Global Forecast to 2031

Meticulous Research^®—a leading market research company, published a research report titled, ‘Medical Imaging Market Size, Share, Forecast, & Trends Analysis by Product (X-ray [Digital, Analog] MRI [Closed, Open] Ultrasound, CT, Nuclear Imaging [SPECT, PET]), Application (General, OB/GYN, Cardiology, Oncology), End User—Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the medical imaging market is projected to reach $64.49 billion by 2031, at a CAGR of 5.3% from 2024 to 2031. The growth of this market is attributed to several factors, including increasing investments and funding by government bodies for the modernization of imaging facilities, growth in the number of diagnostic imaging centers, increasing preference for minimally invasive treatments, growing focus on preventive care, and technological advancements leading to a higher preference for X-ray systems. Moreover, the development of low-cost imaging systems and the increasing integration of artificial intelligence (AI) in digital X-ray systems are expected to offer growth opportunities for the players operating in this market. However, the high costs of diagnostic imaging systems, unfavorable healthcare reforms in the U.S., and shortage of helium (an essential component of MRI) restrain the growth of the market. Furthermore, the increasing adoption of refurbished diagnostic imaging systems and the lack of skilled professionals challenge the growth of the market.

Although the use of medical imaging technologies and systems is gaining traction, several challenges hinder their widespread adoption. One significant challenge is the lack of skilled professionals for operating medical imaging systems. Technologically advanced medical imaging systems are becoming more popular in healthcare settings due to their advantages over traditional imaging systems, such as reduced radiation doses, faster image acquisition, and enhanced image quality. However, using these systems requires trained and skilled professionals, which can be difficult to find. In order to keep up with these changes, healthcare providers must invest in employee training and education. However, the costs of purchasing and maintaining these systems are high, making it difficult for some healthcare providers, especially those in low-income countries, to invest in employee training. Also, there is limited availability of skilled operators in low-income countries. These factors limit the adoption of medical imaging systems, restricting the market’s growth.

Key Players

The key players profiled in the medical imaging market report are Carestream Health, Inc. (U.S.), Esaote S.P.A. (Italy), FUJIFILM Holdings Corporation (Japan), GE HealthCare (U.S.), Hitachi Ltd. (Japan), Koninklijke Philips N.V. (Netherlands), Siemens AG (Germany), Shimadzu Corporation (Japan), Samsung Medison Co., Ltd. (South Korea), and Canon Medical Systems Corporation (Japan).

The medical imaging market is segmented by Product (X-ray Imaging Systems [X-ray Imaging Systems Market, by Technology {Digital Imaging (Direct Radiography, Computed Radiography) Analog Imaging} X-ray Imaging Systems Market, by Portability {Stationary (Floor-to-Ceiling Mounted Systems, Ceiling Mounted System) Portable (Mobile X-ray Systems, Handheld X-ray Systems)], Magnetic Resonance Imaging (MRI) Systems [MRI Systems Market, by Architecture {Closed MRI Systems, Open MRI Systems, Standard Bore MRI, Wide-Bore MRI} MRI Systems Market, by Field Strength {High- and Very High-Field MRI Systems (1.5T to 6T), Low- to Mild-Field MRI Systems (<1.5T), Ultra-High-Field MRI Systems (7T and Above)}] Ultrasound Devices [Ultrasound Devices Market, by Portability {Trolley/Cart-Based Ultrasound Devices, Point-of-Care (PoC) Ultrasound Devices (Machines, Transducers) Handheld Ultrasound Devices} Ultrasound Devices Market, by Display {Color Ultrasound, Black & White (B/W) Ultrasound)} Ultrasound Devices Market, by Technology {2D Imaging Systems, 3D and 4D Imaging Systems, Doppler Imaging (Color Doppler Imaging, Continuous Doppler Imaging, Pulse Wave Doppler Imaging)}] Computed Tomography (CT) Scanners [Computed Tomography (CT) Scanners, by Slice Type {High-Slice CT Scanners, Mid-Slice CT Scanners, Low-Slice CT Scanners} Computed Tomography (CT) Scanners, by Portability {Stationary CT Scanners, Portable CT Scanners}] Nuclear Imaging Systems [SPECT Systems, by Type {Hybrid SPECT Systems, Standalone SPECT Systems}, PET Systems] Software & Services), Application (X-ray Imaging Applications [General Radiography, Dental, Mammography, Other Applications] MRI Systems [Brain and Neurological MRI, Spine and Musculoskeletal MRI, Vascular MRI, Pelvic and Abdominal MRI, Breast MRI, Cardiac MRI, Other Applications] Ultrasound Devices [Radiology/General Imaging, Obstetrics/Gynecology (OB/GYN), Cardiology, Vascular, Urology, Other Applications] CT Scanners [Cardiology, Oncology, Neurology, Other Applications] Nuclear Imaging Systems [Cardiology, Oncology, Neurology, Other Applications]), End User (Hospitals & Clinics, Diagnostic Imaging Centers, and Other End Users) and Geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Among all products, in 2024, the X-ray imaging systems segment is expected to account for the largest share of the market. X-ray imaging systems lead the diagnostic imaging market owing to the growing volume of patient visits for medical imaging, low cost of X-ray imaging, increasing demand for mobile X-ray systems, growth in the number of hospitals and diagnostic centers, and advancements in digital technology. The prescription rate for X-rays is higher compared to other modalities. The growing incidence of cancer and rising cases of accidental injuries drive the demand for X-ray imaging.

Among applications, in 2024, the X-ray applications segment is expected to account for the larger share of the market. X-rays are carried out for a variety of applications, such as dental, mammography, general radiography, and orthopedic conditions or injuries caused due to accidents. According to the World Health Organization (WHO), as of July 2022, approximately 1.71 billion people worldwide were affected by orthopedic conditions, which include osteoporosis, osteoarthritis, osteopenia, associated fragility fractures, and other related conditions. The aging population is prone to various orthopedic diseases. According to the United Nations, in 2022, 771 million people were aged 65 years or over globally. This number is expected to increase from 771 million in 2022 to 994 million in 2030 and 1.6 billion in 2050. This would increase the demand for using X-ray systems to diagnose conditions and injuries.

Among end users, in 2024, the hospitals & clinics segment is expected to account for the largest share of the market. Hospitals and clinics are the primary sources of healthcare services globally. A high number of patient visits to hospitals & clinics due to rising incidences of target diseases, high spending on healthcare, and availability of technologically advanced systems at hospitals & clinics supports the large share of the segment.

Among geographies, North America is expected to account for the largest share of the market in 2024. The large share of the segment is attributed to factors high burden of diseases requiring frequent hospital visits, availability of reimbursement policies, wide access to advanced technologies due to the presence of key market players in this region, and high spending on healthcare. There are several initiatives undertaken by the government to boost the concept of preventive healthcare or early disease diagnosis. In November 2023, the American Cancer Society announced the expansion of its Get Screened initiative, which is helpful in increasing access to lung cancer screening by partnering with local health systems to increase awareness. The screening of lung cancer is carried out using computed tomography (CT) scanners or X-ray machines. The increased screening would lead to an increase in the demand for CT scanners and X-ray systems in local health facilities, hence driving the growth of the market.

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Key questions answered in the report-

Which are the high-growth market segments in terms of medical imaging by product, application, end user, and geography?
What was the historical market for medical imaging across the globe?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the medical imaging market?
Who are the major players operating in the medical imaging market?
What is the competitive landscape, and who are the leaders in the medical imaging market?
What are the recent developments in the medical imaging market?
What are the different strategies adopted by the major players in the medical imaging market?
What are the geographical trends and high-growth regions/countries?