Medical Imaging Market to be Worth $47.4 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 5, 2022 /PRNewswire/ -- The global medical imaging market size is expected to reach USD 47.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2022 to 2030. Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.

Key Industry Insights & Findings from the report:

• The ultrasound product segment captured the largest market share in 2021. The segment is expected to dominate the market throughout the forecast period.
• The Computed Tomography (CT) segment is expected to grow at the fastest CAGR during the forecast period.
• This is due to the rapid technological advancements, such as the development of hybrid imaging modalities and the integration of AI.
• Based on end-uses, the hospital segment dominated the market in 2021 due to the blooming healthcare service industry in developing countries.
• North America led the global market and accounted for the largest revenue share in 2021.
• The region's growth is credited to the presence of a large number of industry players and the high frequency of new product launches.

Read 200-page market research report for more Insights, "Medical Imaging Market Size, Share & Trends Analysis Report By Product (X-ray, CT, MRI, Ultrasound), By End-use (Hospitals, Diagnostic Imaging Centers), By Region (APAC, MEA, North America), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Medical Imaging Market Growth & Trends

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 in the untapped market. The 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 market at the global level.

The 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 the 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.

Medical Imaging Market Segmentation

Grand View Research has segmented the global medical imaging market based on product, end-use, and region:

Medical Imaging Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• X-ray
• By Modality
• Radiography
• Fluoroscopy
• Mammography
• By Technology
• Digital Radiography
• Computed Radiography
• By Mobility
• Stationary
• Mobile
• By End-use
• Hospital
• Diagnostic Imaging Centers
• Others

• Ultrasound
• By Product
• Diagnostic ultrasound devices
• 2D
• 3D/4D
• Doppler
• Therapeutic ultrasound devices
• High-intensity focused ultrasound
• Extracorporeal shock wave lithotripsy
• By Portability
• Handheld
• Cart/Trolley Based
• By Application
• Ob/Gyn
• Cardiology
• Vascular
• Orthopedics
• General Imaging
• By End-use
• Hospital
• Diagnostic Imaging Centers
• Others
• Computed Tomography
• By Technology
• High-end slice
• Mid-end slice
• Low-end slice
• Cone beam
• By Application
• Oncology
• Neurology
• Cardiology
• Vascular
• Musculoskeletal
• Others
• By End-use
• Hospital
• Diagnostic Imaging Centers
• Others
• Magnetic Resonance Imaging (MRI)
• By Architecture
• Closed System
• Open System
• By Field Strength
• Low Field Strength
• Mid Field Strength
• High Field Strength
• By Application
• Brain and neurological
• Spine and musculoskeletal
• Vascular
• Abdomen
• Cardiac
• Breast
• Other
• By End-use
• Hospital
• Diagnostic Imaging Centers
• Others
• Nuclear Imaging
• By Product
• SPECT
• Analog
• Digital
• Software
• Equipment
• PET
• Analog
• Digital
• Software
• Equipment
• By Application
• Oncology
• Cardiology
• Neurology
• Others

Medical Imaging Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals
• Diagnostic Imaging Centers
• Others

Medical Imaging Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• Japan
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of the Medical Imaging Market

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthineers
• Canon Medical Systems Corp.
• Mindray Medical International
• Esaote
• Hologic, Inc.
• Samsung Medison Co., Ltd.
• Koning Corp.
• PerkinElmer Inc.
• FUJIFILM VisualSonics Inc.
• Cubresa Inc.

Check out more related studies published by Grand View Research:

• Photoacoustic Imaging Market - The global photoacoustic imaging market size is expected to reach USD 235.9 million by 2028, registering a CAGR of 19% over the forecast period, according to a new report by Grand View Research, Inc. A rise in the number of cancer cases worldwide and a growing scope of applications are driving the market. In addition, increasing usage of the photoacoustic imaging(PAI) system in research studies in the field of non-ionizing radiation is expected to boost the market growth. When compared to other imaging modalities, PAI improves understanding, characterization, and monitoring of pathologies, allowing for earlier detection, more accurate diagnosis, and better disease management. PAI has grown significantly in the last two decades due to advantages like high resolution, high contrast, deep imaging, and the capacity to perform multiscale structural and functional imaging.
• U.S. Imaging Services Market - The U.S. imaging services market size is expected to reach USD 192.1 billion by 2028, expanding at a CAGR of 7.3% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. Growing prevalence of various conditions, such as cancer and cardiac disorders, is expected to drive the market. Imaging services involve different imaging modalities, such as X-ray, CT scans, nuclear medicine scans, MRI scans, and ultrasound. Each modality includes its own associated advantages of diagnosing a wide range of healthcare conditions accurately.
• Magnetic Resonance Imaging Coils Market - The global magnetic resonance imaging coils market size is expected to reach USD 13.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The growing prevalence of chronic diseases such as cardiovascular, neurological, cancer, and urological is expected to drive the market. Rising chronic diseases is a global healthcare concern. In the U.S., over half of the adult population suffers from these chronic diseases. Around 75.0% of the total healthcare expenditure in the U.S. is used for providing care for these chronic conditions.

Browse through Grand View Research's Medical Imaging Industry Research 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.

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