Global Medical Imaging Systems Market Is Predicted to Grow Around USD 59.75 Billion By 2030

21-Apr-2023 | Zion Market Research

Global Medical Imaging Systems Market Size & Share To Grow At A CAGR Of 5.12% During The Forecast Period

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.

Global Medical Imaging Systems Market Size

The medical imaging system industry deals with the production, design, distribution, and associate services related to medical imaging equipment. These devices are used to create visual representations or accurate images of the interior of the body for several diagnostic or therapeutic purposes. The industry runs on the consumption of various modalities, such as ultrasound machines, X-ray machines, computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems, nuclear imaging systems, and others. They also have a wide range of applications across healthcare settings including hospitals and diagnostic centers. As global expenditure on the healthcare sector is on the rise, the industry is expected to generate more revenue.

The global medical imaging systems market growth is projected to be driven by several factors with the primary being the increasing spread of various serious or mild medical conditions or any other event that may require regular ultrasound or sonography, for instance, pregnancy-related issues. In addition to this, the industry is witnessing a surge in investments directed toward advancement in terms of efficiency and performance of the devices. As manufacturers work toward designing more sophisticated products that offer faster scanning times, higher resolution, and improved diagnostic accuracy the future for the industry looks promising.

In addition to this, the growing demand for minimally invasive medical procedures is a positive factor for the rise in demand for efficient medical imaging systems since they enable or promote several surgical procedures where the doctors can focus on only the target area thus reducing patient discomfort or chances of any error. Other factors like the growing rate of deployment of favorable reimbursement policies from the government and private insurance companies could encourage more people to undertake the required tests without worrying about the associated cost.

The global medical imaging systems industry may face growth restrictions owing to the increasing intensity of regulatory hurdles that the industry players have to come across. Medical imaging systems are highly susceptible to any change in healthcare-related policies of the trading nation. It is also subject to stringent government regulatory laws and rules which makes the entire process of obtaining a commercialization license more tedious and time-consuming. Furthermore, the lack of skilled personnel is another area of concern for the industry players as there is a significant gap in the supply and demand for skilled employees that can efficiently operate technologically advanced machines.

The growing advancement toward improved technologies may provide growth opportunities while the concerns over radiation exposure could challenge market expansion.

Global Medical Imaging Systems Market

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 and 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 medical imaging systems industry divisions are ultrasound, X-ray devices, nuclear imaging, computed tomography, magnetic resonance imaging (MRI), and mammography. In 2022, the X-ray segment dominated with more than 32% of the segmental share. These machines have wide-scale applications across types of healthcare settings. They are also relatively more affordable while providing high-quality images in less time. This makes X-ray systems more versatile than other forms of medical imaging systems. Ultrasound machines are another most commonly used equipment. They are most used to diagnose and treat obstetrics and gynecology-related concerns. The rest of the devices, such as computed tomography (CT), magnetic resonance imaging (MRI), and mammography are used for specific purposes.

Based on end-user, the global market divisions are hospitals, diagnostic centers, and others.

North America is expected to lead the global medical imaging systems market owing to the well-established healthcare infrastructure, high demand for advanced diagnostic imaging technologies, and favorable reimbursement policies. The US is expected to register the highest regional market share.

In Europe, the growth may be due to the increasing prevalence of chronic conditions along with rising elderly populations who are more susceptible to healthcare issues. In addition to this, the increasing healthcare spending is a major factor for regional CAGR. The United Kingdom, France, Germany, and Italy are the largest markets in the region.

In Asia-Pacific, India, China, and Japan are the largest regional shareholders and they may continue the streak in the coming years due to growing investment, research & development, and product innovation in these countries. Additionally, the growing awareness about early disease diagnosis could work in the favor of the regional market.

This review is based on a report by Zion Market Research, titled Medical Imaging Systems Market By Application (Breast Health, Obstetrics and Gynecology Health, Cardiovascular and Thoracic, Orthopedics and Musculoskeletal, General Imaging, Neuro and Spine, Urology, Oncology, and Others), By Product (Ultrasound, X-Ray Devices, Nuclear Imaging, Computed Tomography, Magnetic Resonance Imaging (MRI), and Mammography), By End-User (Hospitals, Diagnostic Centers, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/medical-imaging-systems-market

Recent Developments:

  • In January 2023, FUJIFILM Sonosite, Inc., a company specializing in the development of advanced point-of-care ultrasound (POCUS) machines, announced the launch of a new range of devices called the Sonosite PX ultrasound system
  • In November 2022, Philips launched a new mobile ultrasound system, thus promoting first-time-diagnosis for a larger group of patients
  • In February 2023, Mindray launched TE Air, which is a handheld ultrasound device and has more practical applications for radiologists

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

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