Pune, India, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Medical Imaging Market size was valued at USD 38.16 billion in 2022 and is projected to grow from USD 40.33 billion in 2023 to USD 61.51 billion in 2030, exhibiting a CAGR of 6.2% during the forecast period.
Diagnostic imaging specifies the use of various imaging techniques to fetch visual representations of the inner part of the body for diagnostic and therapeutic purposes, including several ways to capture the image of the human body for the diagnosis and treatment of diseases.
Fortune Business Insights™ mentioned this in a report titled “Medical Imaging Market, 2023-2030.”
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Key Industry Development:
December 2022: Koninklijke Philips N.V. introduced a new Ultrasound Compact System 5000 Series that delivers premium image quality to aid in a confident diagnosis in a portable unit.
Key Takeaways
- The increasing prevalence of chronic diseases is the major driver of the market growth.
- The rising demand for early diagnosis and treatment of diseases is also expected to boost the market growth.
- The technological advancements in medical imaging, such as the development of new imaging techniques and the use of artificial intelligence (AI) for image analysis, are expected to create new opportunities for market growth.
- The high cost of medical imaging equipment is a major challenge for the market growth.
Discover the Leading Players Featured in the Report:
“Companies leading the Global Medical Imaging Market are General Electric Company (U.S.), Hitachi, Ltd. (Japan), Shimadzu Corporation (Japan), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands), Hologic, Inc. (U.S.), Samsung (South Korea), Fujifilm Holdings Corporation (Japan).”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.2% |
| 2030 Value Projection | USD 61.51 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 4.33 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Segments Covered | By Type, Application, End User & Region |
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Drivers & Restraints:
Incorporation of Technologically Advanced Systems to Drive the Market Growth
Elements such as the growing demand for early and cost-effective diagnosis of chronic diseases and the rising geriatric population globally are estimated to influence the demand for medical imaging equipment across the globe. The factor that drives the market growth is the introduction of technologically advanced devices and the developing healthcare sector in Asian countries.
Regular product recalls in imaging equipment are one of the significant elements estimated to hinder market growth.
Market Segments:
By Type
- Magnetic Resonance Imaging
- Computed Tomography
- X-ray
- Ultrasound
- Molecular Imaging
By Application
- Cardiology
- Neurology
- Orthopedics
- Gynecology
- Oncology
- Others
By End User
- Hospitals
- Specialty Clinics
- Diagnostic Imaging Centers
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Insights:
Asia Pacific to Dominate Market Owing to Demand For Advanced Diagnostic Devices
Asia Pacific dominated the region in 2022. Asia Pacific is anticipated to record the highest growth rate during 2023-2030 due to the increasing occurrence of prolonged diseases and demand for advanced diagnostic devices.
North America dominated the market with second position in 2022. The rising number of patients undergoing diagnostic imaging procedures in the country boosts the growth of the diagnostic imaging market in this region.
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Report Coverage:
The report offers a detailed study of the market and a keen examination of the significant segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
Competitive Landscape:
Widespread Distribution Network, Stout Brand Presence, and Strong Product Portfolio to Push Market Growth
A diverse collection of medical imaging equipment, consolidated with a strong and widespread distribution network globally, are some of the significant factors credited to the dominance of the players in the market. Some of the key players propelling the market's growth are Hitachi, Ltd., GENERAL ELECTRIC COMPANY, and Samsung. Hence, the medical imaging market growth is anticipated to exceed during the forecast period.
FAQs
How big is the Medical Imaging Market?
The Medical Imaging Market size was USD 40.33 billion in 2023. It is expected to reach USD 61.51 billion by 2030.
How fast is the Medical Imaging Market growing?
The Medical Imaging Market will exhibit a CAGR of 6.2% during the forecast period, 2023-2030.
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