Medical Imaging Market was valued at USD 38.2 billion in 2022 and is expected to rise from USD 40 billion in 2023 to reach a value of USD 60.0 billion by 2031, at a CAGR of 5.2% during the forecast period (2024–2031).
Growing investments in healthcare and advancements in medical imaging technologies are projected to bolster medical imaging market development going forward. High investments in the research and development of novel imaging technologies and quick adoption of the same in healthcare for early diagnosis will also create new opportunities for medical imaging companies. Rising outbreaks of infectious diseases and high incidence of chronic diseases will also favor the demand for medical imaging in the long run.
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Top Player’s Company Profiles
- Siemens AG (Germany)
- Analogic Corporation (US)
- Canon Medical Systems Corporation (Japan)
- Carestream Health (US)
- CMR Naviscan (US)
- General Electric Company (US)
- Esaote S.p.A (Italy)
- FUJIFILM Holdings Corporation (Japan)
- Hitachi Ltd (Japan)
- Hologic, Inc. (US)
- Medtronic PLC (Ireland)
- Samsung (South Korea)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
- Shimadzu Corporation (Japan)
- Koninklijke Philips N.V. (Netherlands)
- GE Healthcare (US)
- Mindray Medical International (China)
- Koning Corporation (Netherlands)
- PerkinElmer Inc. (US)
- Konica Minolta (Japan)
- Esaote (Italy)
- Varex Imaging (US)
Medical imaging providers will need to focus on innovation to make their offerings more functional and affordable. Emphasis on the commercialization of novel medical imaging technologies is projected to be high going forward. Growing awareness regarding the benefits of early diagnosis and the rising adoption of preventive healthcare practices are also estimated to create a new business scope for medical imaging providers in the future. High investments in healthcare infrastructure development around the world will also set the tone for quick medical imaging adoption over the coming years.
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Segments covered
Technology (X-ray Devices (Radiography, Fluoroscopy and Mammography), Ultrasound (Handheld, Compact and Cart/Trolley), Computed Tomography (High-End Slice CT, Mid -End Slice CT, Low -End Slice CT and Cone Beam CT), Magnetic Resonance Imaging (Closed and Open), Nuclear Imaging (SPECT and PET))
Application (Cardiology, Oncology, Neurology, Orthopaedics, Gastroenterology, Gynaecology, and Others)
End User (Hospitals, Diagnostic Imaging Centers, Others)
Use of AI and New Launches Remain Preferred Strategies for Medical Imaging Companies
Medical imaging companies are continually focusing on launching new solutions and products. Integrating advanced technologies such as artificial intelligence to improve the capabilities of medical imaging systems and products is a key trend that all new and established medical imaging providers are expected to focus on going forward. Better medical image analysis capabilities and affordability are two key factors that medical imaging companies should focus on. Medical imaging market players should also emphasize launching new products to maximize their business scope and stay competitive in the global market landscape. Developing new technologies that improve the scope of diagnosis for existing medical imaging solutions will also pay off big time going forward.
- InMed AI, a leading provider of AI-based medical solutions, announced the launch of Neuroshield CT TBI in February 2024. The new neurotrauma screening and quantification tool is powered by artificial intelligence and helps in quantifying traumatic brain injury (TBI) cases.
- Carestream Health, a renowned provider of X-ray imaging solutions based in the United States announced the launch of a new mobile X-ray system in December 2023. The DRX-Rise Mobile X-ray System helps in improving patient care and is powered by a lithium-ion battery that also helps in improving imaging throughput.
- Tensor Field Mapping (TFM) a new technology for advancing medical imaging was launched by Q Bio Inc., a leading name in the medical imaging business in April 2024. The new technology was designed for Magnetic Resonance Imaging (MRI) to provide instantly quantifiable data and improve diagnostic imaging capabilities.
- GE HealthCare, a global renowned provider of medical products and solutions announced the launch of a new wireless ultrasound imaging solution in June 2024. Vscan Air™ SL is a handheld device that can be used to perform quick vascular and cardiac examinations.
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The global medical imaging market still has a lot of potential despite having multiple established companies holding major market share. Innovation will be highly crucial for medical imaging providers to stand out in this market. More and more companies will be targeting the commercialization of novel imaging technologies in the future.
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