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Medical Imaging Market is Projected at Worth $46 Billion by 2023

Published date : Jan-2018

The global medical imaging market is projected to grow to $46.65 billion by 2023, growing at a CAGR of 5.47% during the forecast period.


Arizton’s recent market research report on the medical imaging market segments the market by product (X-ray equipment, ultrasound imaging equipment, MRI equipment, CT scanners, and nuclear imaging equipment), end-users (hospitals, diagnostic centers, and others), and geography (North America, APAC, Europe, Latin America, and MEA).

The leading three drivers and trends in the medical imaging market are discussed below:

High Focus on Preventive Healthcare and Early Diagnosis

The growing adoption of medical and lifestyle-related health measures for disease prevention is driving the growth of the medical imaging market. The shifting of focus to disease prevention from disease treatment or management with the help of modern and advanced  medical imaging or diagnostic imaging devices will help leading companies to gain a large market share globally. The government bodies in the US and Europe are promoting and favoring multiple preventive healthcare measures, including diagnostic screening measures to prevent chronic diseases such as hypertension, diabetes, CVDs, orthopedic diseases, and cancers. Such initiatives provide complete or partial reimbursement for many preventive screening tests will propel the demand in the global medical imaging market during the forecast period.

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Increase in Minimally-invasive Image-Guided Surgeries

The growing popularity of minimally-invasive image-guided surgeries is driving the demand for innovative medical imaging devices in the global market. Image-guided surgeries (IGS) uses a real-time correlation of the operative field to a preoperative imaging dataset that reflects the precise location of a select surgical instrument to the surrounding anatomic structures. Some of the most popular medical imaging systems used in image-guided surgery include CT scanners, MRI, X-ray fluoroscopy, and PET and SPECT equipment. A wide range of IGS in various applications such as cardiology, neurology, oncology, and orthopedics will attribute to the development of medical imaging market over next few years.

Increased Demand for Portable Imaging Equipment

The rapid adoption of handheld or portable imaging equipment is driven by the emergence of technically advanced products that are user-friendly and have compact designs. Portable imaging devices provide high operational efficiency, easy mobility, and compact and low-weight systems that streamline the work-flow of the scanning procedure. The current market penetration of portable devices lies between 10% and 15% in the global medical imaging market. The growing trend of promoting home healthcare and remote patient monitoring that help reduce healthcare costs will propel the demand for portable imaging devices in the global medical imaging market.

Toshiba Medical, GE Healthcare, Siemens Healthineers, Koninklijke Philips, and Fujifilm are the leading vendors in the medical imaging market.

The complete overview of the latest market research report on the medical imaging market by Arizton is now available.

The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.

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