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Medical Imaging Market (Product - Radiography (X-ray), Ultrasound, Computed Tomography Scans, Magnetic Resonance Imaging Scans, and Nuclear Medicine Scans; End-user - Hospital, and Imaging Centers): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

Medical Imaging Market (Product - Radiography (X-ray), Ultrasound, Computed Tomography Scans, Magnetic Resonance Imaging Scans, and Nuclear Medicine Scans; End-user - Hospital, and Imaging Centers): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

Report Code: HC0904 Category: Healthcare & Medical Devices Published: July, 2022

A recent report published by Infinium Global Research on the medical imaging market provides in-depth analysis of segments and sub-segments in the global as well as regional medical imaging market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional medical imaging market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global medical imaging market. According to the report, the global medical imaging market is projected to grow at a CAGR of nearly 6% over the forecast period of 2022-2028.

 

Market Insight

The Global Medical Imaging Market was valued at over USD 35 Billion in 2022 and is expected to reach about USD 50 Billion in 2028, with a CAGR of nearly 6% during the forecast period. Medical imaging forms a vital component of the healthcare industry for better diagnosis and treatment planning. Medical imaging techniques like ultrasound, X-ray, MRI, and CT scans help to visualize body organs internally allowing better take care for the patients. The increasing prevalence of lifestyle-related diseases, rising demand for early detection tools, technological advancements to boost work time, increased investment & reimbursement initiatives undertaken by the Govt, and expansions of the latest facilities by market players in developing nations, are said to enhance the market growth. Moreover, a supportive initiative by governments will further drive the expansion of the market. For example, in June 2021 the Govt of India launched X-Ray Setu, a free AI (AI)-based platform to assist doctors with the early COVID-19 interventions.

 


Medical Imaging Market


Major components driving growth within the medical imaging market include rising age demographics, growth in the incidence of assorted diseases, and increasing awareness of early-stage chronic disease detection and diagnosis. Also, factors like increasing investments and grants by government bodies for modernization of imaging facilities and technological advancements in diagnostics imaging modalities are too responsible to enhance the expansion of the medical imaging market. Rising healthcare expenditure in developed, yet developing countries, surges the demand for medical imaging. These factors together will drive the medical imaging industry over the forecast period. Furthermore, increasing R&D activities as well as rising healthcare infrastructure and adaptation of innovative medical imaging modalities are expected to drive market growth over the forecast period. However, factors like the high cost of the diagnostic imaging system and technological limitations related to stationary/standalone imaging systems hinder the expansion of the medical imaging markets. File Sharing ecosystem and growing adoption of mobile and portable medical imaging devices are the key factors that may further create huge growth opportunities for the medical imaging market.

 

Although the outbreak of the COVID-19 pandemic had negative effects on the industries it positively influenced the medical imaging market during the forecast period. The COVID-19 pandemic had a considerable impact on the medical imaging market. The medical imaging industry witnessed significant growth during the COVID-19 pandemic because of the usefulness of medical imaging in the diagnosis and treatment guidance of severe COVID-19 infections. Medical imaging procedures are utilized in the management of patients post-COVID-19. Chest X-rays, ultrasound, and CT are commonly accustomed to gauge the severity of COVID-19 infections and detect the spread of the disease within the lungs. These factors help to surge the worldwide market demand.

 

The global medical imaging market is segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Among the regions, North America has the dominant market share over other regions. The U.S accounted for the highest market share owing to the presence of major leading medical imaging diagnostic companies and the introduction of new products in this region. Asia Pacific is expected to grow at the fastest rate over the forecast period owing to the development of healthcare facilities, increasing government initiatives, and growing medical tourism in APAC countries. Japan has the highest market share in the medical imaging market owing to the presence of companies catering to medical imaging devices and technological advancements made by these companies.

 

Segment Covered

The report on the global medical imaging market covers segments such as product, and end-user. On the basis of product, the sub-markets include radiography( x-ray), ultrasound, computed tomography scans, magnetic resonance imaging scans, and nuclear medicine scans. On the basis of end-user, the sub-markets include hospital, and imaging centers.

 

Companies Profiled:

The report provides profiles of the companies in the market such as GE Healthcare, Siemens Healthcare, Shimadzu Corporation, Koninklijke Philips N.V, Carestream, Toshiba Medical System Inc., Ziehm Imaging Inc., Aribex Inc., Varian Medical Systems, and Mindray Medical International.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the medical imaging market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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