PUBLISHER: The Business Research Company | PRODUCT CODE: 1436472
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436472
Medical imaging encompasses a range of technologies used to produce images of the body to diagnose, monitor, or treat medical conditions. Each imaging modality provides unique information about the body, aiding in the detection and treatment of illnesses or injuries.
In medical imaging, the main product types include X-ray devices, magnetic resonance imaging (MRI) machines, ultrasound machines, computed tomography (CT) scanners, nuclear imaging devices, and mammography machines. These imaging technologies have diverse applications in healthcare, including obstetrics and gynecology health, orthopedics and musculoskeletal imaging, neuro and spine imaging, cardiovascular and thoracic imaging, general imaging, oncology imaging, urology imaging, breast health, and others. These devices are used in various healthcare settings such as hospitals, specialty clinics, diagnostic imaging centers, and others.
The medical imaging market research report is one of a series of new reports from The Business Research Company that provides medical imaging market statistics, including medical imaging industry global market size, regional shares, competitors with a medical imaging market share, detailed medical imaging market segments, market trends and opportunities, and any further data you may need to thrive in the medical imaging industry. This medical imaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medical imaging market size has grown strongly in recent years. It will grow from $40.35 billion in 2023 to $42.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth during the historical period can be attributed to the increasing prevalence of chronic diseases, shifts in demographics towards an aging population, government initiatives and increased investments in healthcare, a growing awareness leading to early diagnosis, and a rise in the adoption of minimally invasive procedures.
The medical imaging market size is expected to see strong growth in the next few years. It will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The expected growth in the forecast period is influenced by several factors: the adoption of personalized medicine approaches, the emergence of new modalities and hybrid imaging techniques, global health challenges and the need for preparedness, the integration of imaging technologies with Electronic Health Records (EHRs), and the emphasis on patient-centric care and experience. Key trends anticipated during this period encompass the expansion of telemedicine and remote imaging services, the integration of artificial intelligence (AI) into imaging processes, ongoing advancements in technology within the field, progress in 3D and 4D imaging capabilities, and the increasing utilization of portable and point-of-care imaging devices.
The increasing prevalence of chronic illnesses is expected to drive the growth of the medical imaging market in the future. Chronic illnesses are medical conditions that typically last for three months or longer and can worsen over time. These conditions are more common among older individuals and often require ongoing management rather than a cure. The rising incidence of chronic illnesses is a significant factor contributing to the expansion of the medical imaging market, as medical imaging technologies are crucial for diagnosing and monitoring chronic ailments. For example, data from the Australian Bureau of Statistics in March 2022 revealed that 78.6% of the Australian population had at least one long-term health issue, and approximately 46.6% or 11.6 million individuals had at least one chronic illness in 2021. Additionally, the World Health Organization reported in September 2022 that there are approximately 4.1 million deaths attributed to chronic respiratory diseases annually. These statistics underscore the growing burden of chronic illnesses globally and the consequential demand for medical imaging technologies to aid in their diagnosis and management. In summary, the increasing prevalence of chronic illnesses is a key driver behind the growth of the medical imaging market, as these conditions necessitate advanced diagnostic tools for effective management and treatment.
Increasing healthcare expenditure is expected to drive the growth of the medical imaging market in the future. Healthcare expenditure encompasses the total amount of money spent on healthcare goods and services, including personal health care (such as curative care, rehabilitative care, long-term care, ancillary services, and medical goods) and collective services (such as prevention and public health services), excluding spending on investments. Healthcare spending plays a vital role in supporting medical imaging services by contributing to medical decision-making and patient care. The growing number of diverse and advanced imaging technologies has resulted in an increased demand for cost-effectiveness modeling in diagnostic imaging. For example, according to a report published by the Office for National Statistics in May 2023, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021. Additionally, spending on preventive care reached $45.72 billion in 2021, more than doubling from 2020. Therefore, the rising healthcare expenditure is a key driver behind the growth of the medical imaging market.
Technological advancement is a significant trend gaining traction in the medical imaging market. Major companies in this sector are actively developing innovative technologies to strengthen their market positions. For instance, in November 2021, Koninklijke Philips N.V., a Netherlands-based manufacturer of medical imaging tools, electronics, lighting, and computer equipment, launched its new AI-enhanced MR product line, which includes Philips SmartSpeed MR 5300 and MR 7700 smart connected systems. These systems are designed to accelerate image collection, improve image quality, and enhance detection assurance for every patient. Additionally, Philips introduced MR Workspace with AI assistance, which simplifies the process from image collection to diagnosis, thereby improving MR operations and staff expertise. This focus on technological advancement is aimed at delivering enhanced capabilities and improved outcomes in the field of medical imaging.
Major companies in the medical imaging market are focusing on introducing advanced solutions, such as AI-based tools, to gain a competitive advantage. AI-based medical imaging tools are transforming healthcare by utilizing artificial intelligence to analyze medical images, identify intricate patterns, and provide a quantitative assessment of radiographic features. For example, in October 2022, Google LLC, a US-based technology corporation, introduced a suite of tools aimed at enhancing the interoperability of medical images and aiding institutions in developing machine learning and artificial intelligence models. Google's Medical Imaging Suite includes AI-assisted annotation, offering automated image labeling, cloud-based file storage with secure data exchange capabilities, and tools for constructing training datasets for algorithms. This suite aims to expedite the development of scalable machine learning models with minimal coding requirements, contributing to advancements in medical imaging technology.
In February 2021, Koninklijke Philips N.V., a Netherlands-based company known for manufacturing medical imaging tools, electronics and electronic components, lighting, and computer equipment, acquired BioTelemetry Inc. for an undisclosed sum. This strategic acquisition was aimed at enhancing Philips's cardiac care portfolio by leveraging integrated solutions to transform the delivery of care across the health continuum. Additionally, the acquisition was intended to complement BioTelemetry Inc.'s offerings effectively. BioTelemetry Inc., based in the US, specializes in manufacturing cardiac monitoring and diagnostic devices.
Major companies operating in the medical imaging market report are Hitachi Medical Corporation, General Electric Company, Medtronic PLC, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Koninklijke Philips N V, Hologic Inc., Mindray Medical International Limited, PerkinElmer Inc., Shimadzu Corporation, Varian Medical Systems Inc., Agfa-Gevaert Group, Neusoft Medical Systems Co. Ltd., Carestream Health Inc., Esaote SpA, Analogic Corporation, Samsung Medison Co Ltd., Canon Medical Systems Corporation, TomTec Imaging Systems GmbH, IBM Watson Health, Ziehm Imaging GmbH, MIM Software Inc., SuperSonic Imagine SA, EOS Imaging SA, Cubresa Inc., Planmed Oy, CurveBeam LLC, ContextVision AB, Koning Health, Intrasense SA
North America was the largest region in the medical device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global medical imaging market report during the forecast period. The regions covered in the medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical imaging market consists of sales of different kinds of medical imaging equipment such as PET machines, fluoroscopy, electroencephalograms, and digital subtraction angiography machines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Imaging Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical imaging market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical imaging ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical imaging market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.