SAN FRANCISCO, March 18, 2020 /PRNewswire/ -- The global medical imaging market size is expected to reach USD 28.83 billion by 2027, according to a new report published by Grand View Research, Inc. It is projected to register a CAGR of 4.0% during the forecast period. Increasing demand for advanced diagnostic systems in developing countries and rising collaborations among market players are the factors driving the growth.
Key suggestions from the report:
Ultrasound captured the largest market share in 2019 and is expected to dominate throughout the forecast period
Computed tomography is expected to expand at the fastest CAGR during the forecast period
Rapid technological advancements, such as the development of hybrid imaging modalities and integration of Artificial Intelligence (AI) is anticipated to fuel growth of the CT segment
Hospital segment is currently dominating the medical imaging market for diagnostic imaging due to blooming healthcare service industry in developing countries
Ambulatory care centers segment is anticipated to report the fastest growth during the forecast period
North America captured the largest medical/diagnostic imaging market share in 2019
Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players toward untapped markets.
Integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the medical/diagnostic imaging market at a global level in the forthcoming years.
Development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care. Ongoing trials and studies to explore the potential of MRI technology for early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.
Grand View Research has segmented the global medical imaging market on the basis of product, end user, and region:
Diagnostic/Medical Imaging Product Outlook (Revenue, USD Million, 2016 - 2027)
Doppler Ultrasound Devices
High end Slice
Mid end Slice
Low end Slice
Magnetic Resonance Imaging
By Field Strength
Low Field Strength
Mid Field Strength
High Field Strength
Brain and Neurological
Spine and Musculoskeletal
Diagnostic/Medical Imaging End-user Outlook (Revenue, USD Million, 2016 - 2027)
Diagnostic Imaging Centers
Ambulatory Care Centers
Diagnostic/Medical Imaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
Surgical Microscopes Market – The rising prevalence of chronic conditions, such as cancer, where surgical intervention is one of the primary treatment lines is another factor that drives the growth.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.