The global medical imaging market size to reach USD 46 billion by 2023, growing at a CAGR of over 5% during the forecast period. Increasing focus on building advanced healthcare infrastructures and expanding access to modern medical technology is propelling the growth of the diagnostic imaging market in emerging economies. The emergence of innovative medical imaging technology such as 7T MRI equipment, high-slice CT scanners, 4D and 5D ultrasound medical devices, and innovations in digital X-ray technologies is likely to boost the demand for diagnostic devices. The leading vendors in the market are launching next-generation diagnostic imaging devices that help in prevention, diagnosis and treatment planning, and disease management. The introduction of such devices will help the vendors in the medical imaging industry to occupy a large market share. The growing focus on the development of nuclear imaging devices will boost sales revenue in the diagnostic imaging market during the forecast period.
The development of BRIC countries and APAC markets, especially Japan and China, is developing new investment opportunities for players in the medical imaging market. The introduction of innovative, technologically advanced devices and developing research partnerships with major academic institutes will help vendors launch new diagnostic imaging devices in the market.
Key Highlights of Medical Imaging Market
- The global medical imaging market is witnessing a tremendous demand for portable imaging devices. Portable imaging devices offer advantages such as high operational efficiency, easy mobility, and compact and low-weight.
- Mergers and acquisitions enable vendors a high scope for inorganic growth in the global market and increase their global market reach.
- In the medical imaging industry, the use of digital technology, advanced medical imaging software, and cloud computing technology is enabling remote diagnosis and management through smart devices
- New regulations in medical imaging technology are introduced to mitigate concerns associated with the diverging interpretation of the current directives. The new regulatory measures ensure enhanced safety and scrutiny of medical devices.
The growing demand for remote diagnostic technologies and POC testing devices will drive the growth of the diagnostic imaging market over the next few years. These medical devices have advanced software and cloud computing technology that enable remote diagnosis and management through smart devices. The introduction of remote diagnostic technologies helps physicians to perform quick scans virtually anywhere with commercially available medical imaging devices. Some of the POS diagnostic equipment available in the market have advanced image features that include 3D and 4D technology with a wide spectrum of indications. Such technological advancement will fuel the growth of the global medical imaging market.
Medical Imaging Market Segmentation
This market research report includes a detailed segmentation of the market by
Insights by Products
Growing demand for mobile X-ray devices to boost market growth during the forecast period
The global medical imaging market by is segmented into X-ray equipment, ultrasound equipment, MRI equipment, CT scanners, and nuclear equipment. The X-ray equipment in the medical imaging systems held the largest market share in the global market, occupying almost one-third of the market size in 2017. The growing adoption of mobile x-ray systems and portable x-ray devices in the emergency department, operating rooms, ICUs, and NICUs will drive the growth of the diagnostic imaging market during the forecast period. Portable x-ray systems offer consistent system availability, improved ease-of-use, and versatility and help reduce risks in healthcare monitoring and management.
Insights by End-users
Diagnostic centers in India and Brazil is expected to propel the growth during the forecast period.
The end-user segment in the medical imaging market is divided into hospitals, diagnostic centers, and others. The diagnostic centers dominate the market, accounting for more than 50% of the total market share in 2017. The rise in the digitalization and development of modern healthcare infrastructure in emerging countries such as India and Brazil will drive the growth of the diagnostic imaging market during the forecast period. The growing demand for independent diagnostic centers that offer multiple services will have a positive impact on the growth of this market segment over the next few years.
Insights by Geography
North America is expected to be the highest revenue contributor to the market.
The global medical imaging market by geography is segmented into North America, APAC, Europe, Latin America, and MEA. North America dominated the market by occupying close to one-third of the total market share in 2017. With the aid of well-established healthcare infrastructure, better access to healthcare services, and adequate reimbursement services, the US occupies the largest market share in North America. The introduction of innovative and advanced medical imaging systems such as portable CT, 3D/4D ultrasound devices, portable digital X-rays with wireless DR detectors, and fusion devices enabled CT/PET devices will contribute to the development of the imaging market during the forecast period.
Insights by Vendors
The presence of key vendors occupying most of the market share makes the global medical imaging market a highly competitive and oligopolistic market. These prominent companies account for approximately 70–75% of the total diagnostic imaging market share. The leading players are focusing on the development and distribution of all types of diagnostic imaging services equipment, including X-ray devices, ultrasound equipment, CT Scanners, MRI devices, and nuclear diagnostic devices to gain a wide customer base. The widespread launch and use of handheld, portable, and point-of-care devices both for therapeutic and diagnostic purposes will increase the competition in the medical imaging market over the next few years.
The medical imaging market research report include in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market Segmentation by Product
- X-ray equipment
- Analog X-ray
- Digital Radiography
- Computed Radiography
- Ultrasound equipment
- Diagnostic (2D, 3D, 4D, and Doppler)
- Therapeutic (HIFU and ESWL)
- MRI equipment
- CT scanners
- High-Slice CT
- Mid-Slice CT
- Low-Slice CT
- Cone Beam CT
- Nuclear equipment
- SPECT Devices
- PET Devices
- Diagnostic Centers
- North America
- Latin America
- Middle East & Africa