Medical Imaging Market is Estimated to Reach USD 66.3 Billion by 2032 | SkyQuest Technology Consulting

AI integration, FDA approvals, and rising chronic disease burden strengthen U.S. leadership in diagnostic imaging. The medical imaging market is anticipated to expand at a rapid pace owing to high emphasis on early diagnosis and advancements in imaging technologies. 

WESTFORD, Mass., Aug. 21, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, 'Medical Imaging Market - Global Opportunity Analysis and Industry Forecast, 2025-2032', valued at USD 42.6 Billion in 2024. With a projected CAGR of 5.7% from 2025 to 2032, the market is expected to reach USD 66.3 Billion by the end of 2032. Growing incidence of chronic diseases, rising awareness regarding early disease detection, and use of imaging in multiple disease indications are forecasted to bolster the demand for medical imaging over the coming years.

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Key U.S. Medical Imaging Market Drivers

• Chronic Disease Burden: According to the CDC, chronic diseases like cancer, cardiovascular conditions, and diabetes remain leading causes of death in the U.S., fueling demand for early and precise imaging solutions.
• Technology Leadership: U.S.-based companies such as GE Healthcare, Hologic, Medtronic, and CMR Naviscan are pioneering innovation in AI-driven imaging, 3D mammography, and portable MRI devices.
• Regulatory Support: FDA approvals for AI-based imaging platforms and advanced diagnostic devices are accelerating adoption in hospitals and diagnostic centers.
• Aging Population: With over 54 million Americans aged 65+, demand for MRI, CT, ultrasound, and X-ray diagnostics is rising sharply in hospitals and imaging centers nationwide.

Medical Imaging Market Dynamics

Growing number of geriatric people around the world and the subsequent rise in prevalence of chronic diseases is boosting the demand for medical imaging solutions. Early and accurate diagnosis through imaging techniques like MRI, CT, and ultrasound improves treatment outcomes and reduces healthcare costs. Additionally, the global aging population is more susceptible to such diseases, driving up demand for diagnostic imaging services. As older individuals require frequent health assessments, hospitals and diagnostic centers are expanding imaging capabilities.

Technological advancements play a crucial role in shaping up the demand for novel medical imaging solutions. Enhanced image resolution, 3D/4D imaging, portable devices, and hybrid modalities such as PET-CT and PET-MRI improve diagnostic precision and patient comfort. Integration of artificial intelligence (AI) and machine learning is transforming image analysis, enabling faster, more accurate interpretation and workflow efficiency.

Recent Developments in Medical Imaging Market

• In May 2025, Philips announced a collaboration with Nvidia during the International Society for Magnetic Resonance in Medicine annual conference, referring to Nvidia's AI technology as the solution to continuing to innovate MRI technology. Philips and Nvidia will collaborate to develop a baseline MRI model to enhance all areas of MR imaging, from image acquisition to scan time and post-processing. Philips AI-powered MRI solutions now allow clinicians to treat more patients.
• In February 2025, Mach7 Technologies, raised the bar on imaging speed, simplicity, and integration in the cloud with the launch of its eUnity Enterprise Diagnostic Viewer, powered by AWS HealthImaging. The launch is a milestone in Mach7's continued efforts to bring meaningful innovation to the Healthcare IT marketplace. An AWS Partner Network (APN) partner, Mach7 relies on a global network to develop, market, and distribute cloud-powered solutions.
• In February 2025, Prenuvo announced FDA clearance of its AI Body Composition Report, a significant milestone for the company. Prenuvo continued this success and released the following three significant innovations: an FDA-cleared, AI-based whole-body composition analysis platform; a revolutionary new brain health scan; and a comprehensive evaluation of both functional and traditional blood biomarkers.

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Major Challenges in Medical Imaging Industry

High initial and maintenance costs of advanced medical imaging equipment are expected to hamper market development going forward. This financial burden can strain budgets of smaller hospitals, rural clinics, and healthcare systems in developing nations. Besides equipment costs, infrastructure upgrades, specialized staff training, and software licenses add to the total ownership cost. As a result, limited access to advanced imaging in low-resource settings restricts market penetration.

Concerns regarding radiation exposure from imaging techniques like CT and X-rays present a significant restraint. Repeated scans, particularly in pediatric or vulnerable patients, increase the risk of long-term health effects, prompting regulatory restrictions. Strict government guidelines on radiation dosage, equipment approval, and clinical usage create lengthy, costly compliance processes.

Competitive Landscape

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.

Recent Developments in the U.S. Medical Imaging Market

• Philips & Nvidia announced a collaboration to enhance AI-powered MRI technology, improving scan speed and image precision.
• Mach7 Technologies (U.S.) launched its cloud-based eUnity Enterprise Diagnostic Viewer, leveraging AWS HealthImaging to simplify image management across healthcare systems.
• Prenuvo (U.S.) received FDA clearance for its AI-based Body Composition Report, introducing new whole-body scan capabilities for preventive health screening.

The major players in the medical imaging industry include,

• Siemens AG (Germany)
• Analogic Corporation (US)
• Canon Medical Systems Corporation (Japan)
• CMR Naviscan (US)
• General Electric Company (US)
• 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)
• Varex Imaging (US)

Medical Imaging Market Segmental Analysis

The global medical imaging market is segmented based on the technology, application, end user and region.

• Based on the technology, the market is segmented into 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).
• Based on modality, the market is segmented into Stationary, and Portable.
• Based on patient type, the market is segmented into Adults, and Pediatric.
• Based on application, the market is segmented into Cardiology, Oncology, Neurology, Orthopaedics, Gastroenterology, Gynaecology, and Others.
• Based on end user, the market is segmented into hospitals, diagnostic imaging centres, and others.
• Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Regional Outlook

Presence of established healthcare infrastructure and leading medical imaging providers are helping North America lead global market development. GE Healthcare, Siemens Healthineers, and Philips are the top medical imaging companies in the region. Favorable reimbursement policies are also helping boost medical imaging adoption in the United States and Canada going forward.

The Asia Pacific is slated to emerge as the fastest-growing region for medical imaging companies in the long run. Rising investments in healthcare infrastructure development, emphasis on early disease detection, and rising geriatric population are creating new business scope for medical imaging companies in the future.

Growing investments in R&D and quick acceptance of advanced medical imaging technology are helping drive revenue generation in Europe. Expansion of geriatric population, high healthcare spending, and need for advanced diagnostic solutions are helping drive medical imaging demand in countries such as Germany and the United Kingdom.

In the LAMEA region, the medical imaging market is driven by development of healthcare infrastructure, rising demand for early diagnosis, and increasing spending potential of patients. Brazil, South Africa, Saudia Arabia, and Argentina emerge as key markets in this region.

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