Medical Imaging Systems Market Size, Share, Trends, Growth 2032

Medical Imaging Systems Industry Prospective:

The global medical imaging systems market size was worth around USD 40.1 Billion in 2022 and is predicted to grow to around USD 59.75 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.12% between 2023 and 2030.

The report analyzes the global medical imaging systems market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the medical imaging systems industry.

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Medical Imaging Systems Market: Overview

The medical imaging systems industry refers to a wide range of devices and equipment used in the healthcare sector for capturing or creating accurate images of the biological anatomy for medical diagnosis and treatment. It also includes several techniques and processes used during image capture. Some commonly used equipment are X-ray, ultrasound, computed tomography (CT), positron emission tomography (PET), magnetic resonance imaging (MRI), and single-photon emission computed tomography (SPECT).

The industry revolves around the design, innovation, production, distribution, and after-sales service of medical imaging systems and equipment. It also includes any software programs that may be required for the complete functioning of the system. There are several factors responsible for the growth in the industry but every imaging system also deals with growing health-related concerns which lead to loss of potential revenue.

Key Insights: 

• As per the analysis shared by our research analyst, the global medical imaging systems market is estimated to grow annually at a CAGR of around 5.12% over the forecast period (2023-2030)
• In terms of revenue, the global medical imaging systems market size was valued at around USD 40.1 billion in 2022 and is projected to reach USD 59.75 billion, by 2030.
• The medical imaging system market is projected to grow at a significant rate due to the increasing prevalence of chronic conditions
• Based on application segmentation, general imaging was predicted to show maximum market share in the year 2022
• Based on end-user segmentation, hospitals was the leading user in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Medical Imaging Systems Market: Growth Drivers

Increasing prevalence of chronic conditions to drive market growth

The global medical imaging systems market is projected to grow owing to the increasing prevalence of chronic conditions across the globe. Some of the most common conditions include cardiovascular diseases, cancer, diabetes, chronic respiratory diseases, neurological diseases, musculoskeletal disorders, and mental health disorders. Several of these conditions require regular medical check-ups and the doctors or medical professionals may request frequent images of the patient's internal organs to diagnose or treat the condition regularly.

For instance, a person with arthritis may have to undertake imaging tests at regular intervals but the frequency may be depending on the severity of the condition. The world is currently witnessing a surge in various other medical conditions ranging from normal cough to other severe conditions. In most of these situations, the medical professional is expected to request at least one medical image to help diagnose a condition accurately. In addition, rising expenditure on medical expenses could lead to higher growth.

Medical Imaging Systems Market: Restraints

High cost of the systems to restrict the market growth

Despite the steady growth rate, the global medical imaging system industry faces certain restrictions that do not allow it to reach its true potential. One such reason is the high cost of medical imaging systems. There are high expenses associated with the purchase, operation, and maintenance of machines which can limit industry growth, especially in struggling economies. Furthermore, the cost of undertaking these tests can be expensive for the patients as well. On average, an MRI scan can cost anywhere from $400 to $3,500.

Medical Imaging Systems Market: Opportunities

Growing advancement toward improved technologies to provide growth opportunities

One of the key segments the global medical imaging systems industry players can reap more benefits from is by investing in technological advancements in terms of improved medical imaging systems. These devices need to be more accurate, and efficient while also ensuring patient safety since as studies have suggested exposure to some of the systems can have severe health implications in the long run. This acts as an excellent opportunity for companies to invest in research and development to create better and more sophisticated imaging systems.

Medical Imaging Systems Market: Challenges

Concerns over radiation exposure to challenge market expansion

The global medical imaging systems market size may have to witness challenges owing to the growing concerns amongst healthcare agencies and patients about the health side effects of overexposure to intense radiation that is emitted by several medical imaging systems. For instance, equipment like CT scans and X-rays are known to expose patients to harmful radiation which causes an increased risk of cancer and other serious conditions.

Medical Imaging Systems Market: Segmentation

The global medical imaging systems market is segmented based on application, product, end-user, and region.

Based on application, the global market segments are breast health, obstetrics and gynecology health, cardiovascular and thoracic, orthopedics & musculoskeletal, general imaging, neuro and spine, urology, oncology, and others. In 2022, the highest growth was observed in the general imaging segment. It includes imaging processes, such as X-rays, ultrasound, and CT scans. These equipment are used to diagnose several types of medical conditions. For instance, it can be used for routine screenings or for diagnosing infections and injuries. A basic X-ray machine costs between USD 50,000 to USD 100,000.

Based on product, the global medical imaging systems market divisions are ultrasound, X-ray devices, nuclear imaging, computed tomography, magnetic resonance imaging (MRI), and mammography.

Based on end-user, the global market divisions are hospitals, diagnostic centers, and others. In 2022, the hospital segment led with the highest growth and generated more than USD 17 billion in terms of revenue. It is also expected to continue its dominance over the forecast period. Hospital units are more equipped in terms of technical personnel, necessary monetary funds, and other resources to employ different imaging systems under one roof. However, the diagnostic center segment is also crucial to the industry growth since many such units are home to specific imaging units and patients can only avail of services at these centers.

Recent Developments:

• In September 2022, scientists at the Inter-University Accelerator Center (IUAC) in New Delhi, India made a breakthrough innovation by developing the country’s first domestically-made MRI machine. The research and development program was headed by the director of the center itself who is also an adjunct professor at the prestigious Allahabad University. This innovation is expected to help India reduce its dependence on foreign trade for MRI machines
• In December 2022, King George Hospital, United Kingdom launched a new MRI machine thus helping in improving the scanning rate at the hospital. The new machine is a state-of-the-art 3T technology that uses Artificial Technology (AI) for functioning thus reducing the overall scanning time. The new machine has replaced the older models in the hospital unit
• In November 2022, Siemens Healthineers presented its latest development in the MRI segment with the announcement of its two MRI tomography for scientific and commercial use

Medical Imaging Systems Market: Report Scope

Medical Imaging Systems Market: Regional Analysis

North America to witness the highest growth

The global medical imaging systems market is expected to witness the highest growth in North America and it may grow at a CAGR of 4.1% during the forecast period. One of the key reasons for high regional growth is the presence of robust medical infrastructure and reimbursement policies in the regions of Canada and the US. The healthcare structure of the latter is one of the world’s most renowned sectors across the globe.

Many patients visit the country for the treatment of serious conditions including musculoskeletal disorders and several types of cancer. The hospital and diagnostic units of the US are equipped with several advanced technology and state- state--of-the-art systems. In addition to this, the region is currently investing heavily to keep the growth momentum going in the coming years, especially in the healthcare space. The regional industry is witnessing high research & development-related investments along with strategic partnerships domestically as well as internationally leading to further growth.

Medical Imaging Systems Market: Competitive Analysis

The global medical imaging systems market is led by players like:

• Canon Inc.
• Agfa-Gevaert Group
• Mindray Medical International Limited
• Carestream Health
• ViewRay Inc.
• Esaote SpA
• Zonare Medical Systems Inc.
• Fujifilm Holdings Corporation
• Koninklijke Philips N.V.
• GE Healthcare
• Samsung Medison Co. Ltd.
• Hitachi Ltd.
• United Imaging Healthcare Co. Ltd.
• Hologic Inc.
• Shimadzu Corporation
• Nanox Imaging Ltd.
• 3M Company
• Neusoft Corporation
• Terason Corporation
• Siemens Healthineers AG
• Toshiba Corporation
• Ziehm Imaging GmbH
• Sony Corporation
• Varian Medical Systems Inc.
• SuperSonic Imagine SA.

The global medical imaging systems market is segmented as follows:

By Application

• Breast Health
• Obstetrics and Gynecology Health
• Cardiovascular and Thoracic
• Orthopedics and Musculoskeletal
• General Imaging
• Neuro and Spine
• Urology
• Oncology
• Others

By Product

• Ultrasound
• X-Ray Devices
• Nuclear Imaging
• Computed Tomography
• Magnetic Resonance Imaging (MRI)
• Mammography

By End-User

• Hospitals
• Diagnostic Centers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa