Global Medical Imaging Market Size to Exceed USD 426.5 Million by 2033: Market Statistics Report

Global Medical Imaging Market Size to Exceed USD 426.5 Million by 2033                         

According to a research report published by Spherical Insights & Consulting, The Global Medical Imaging Market is Expected to Grow from USD 72.9 Million in 2023 to USD 426.5 Million by 2033, at a CAGR of 19.32% during the forecast period 2023-2033. 

Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On the Global Medical Imaging Market Size, Share, and COVID-19 Impact Analysis, By Technology (X-ray Devices, Magnetic Resonance Imaging, Computed Tomography, and Ultrasound), By Application (Cardiology, Oncology, Neurology, and Orthopedic), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

The phrase medical imaging is used to describe a variety of different technologies employed to look at the human body to observe, diagnose, or treat medical ailments. Each technology provides unique information regarding possible diseases, injury to the body region under investigation or treatment, or the success of medical therapy. By visualizing tissues and organs, medical imaging seeks to portray the interior of the body for clinical diagnosis and medical treatment. Furthermore, the worldwide market for medical imaging reagents is stimulated by product development and the huge unmet requirement for diagnostic imaging tests and diseases like cancer and cardiovascular disease. This is due to the higher probability of chronic diseases among elderly individuals, the increasing number of the geriatric population is expected to boost the demand for medical imaging reagents. The widespread prevalence of many chronic diseases among individuals has also been attributed to a substantial share of the market's strong growth. However, computer vision is applied in detecting unseen diseases in the human eye. Although there were technological improvements and an increase in the utilization of high-end imaging devices, the market declined.

The magnetic resonance imaging segment accounted for the largest share in 2023 and is estimated to grow at a significant CAGR during the forecast period.

Based on the technology, the global medical imaging market is divided into X-ray devices, magnetic resonance imaging, computed tomography, and ultrasound. Among these, the magnetic resonance imaging segment accounted for the largest share in 2023 and is estimated to grow at a significant CAGR during the forecast period. Magnetic resonance imaging systems are used in imaging of the body's different organs, such as the abdomen, pelvis, brain, spine, heart, and breast, along with musculoskeletal structure.

The orthopedic segment held the largest share in 2023 and is estimated to grow at a significant CAGR during the forecast period.

Based on the application, the global medical imaging market is segmented into cardiology, oncology, neurology, and orthopedic. Among these, the orthopedic segment held the largest share in 2023 and is estimated to grow at a significant CAGR during the forecast period. The increase in bone injuries and orthopedic conditions, combined with the increased application of imaging technology in the treatment of orthopedic care, are significant drivers of growth for the market for orthopedic imaging. 

North America is estimated to hold the largest share of the global medical imaging market over the predicted timeframe.

North America is estimated to hold the largest share of the global medical imaging market over the predicted timeframe. This is due to numerous reasons, including the rising uptake of medical imaging equipment among primary care facilities, enhanced access, and the occurrence of high healthcare expenditures in nations with effective reimbursement policies. The rising prevalence of chronic diseases in this area, such as breast cancer, cardiovascular illnesses, and neurological conditions, has led to a high need for imaging analysis.

Europe is estimated to grow at the fastest CAGR of the global medical imaging market during the forecast period. The market is driven by rising investments in research and development by the public and private sectors. In addition, the growing need for healthcare equipment and the prevalence of chronic and pain-related illnesses in the region are major drivers set to further accelerate market growth.

Company Profiling

Major vendors in the global medical imaging market are Siemens Healthineers, Canon Medical Systems Corporation, Varex Imaging, Mindray Medical International, FUJIFILM VisualSonics Inc., Koninklijke Philips N.V., Carestream Health, GE Healthcare, Hitachi, Samsung Medison Co., Ltd., Hologic, Inc., Koning Corporation, PerkinElmer Inc., Konica Minolta, Esaote, Hologic, Inc., and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In March 2024, GE Healthcare created its newest research model, SonoSAMTrack1, with the use of NVIDIA technology. The new model is based on a promptable base model called SonoSAM1, which is used for object segmentation of ultrasound images. The main role of SonoSAMTrack is to outline anatomical structures, lesions, and other vital areas in ultrasound images. Moreover, a less complex version of this model, referred to as SonoSAMLite, has been made available.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global medical imaging market based on the below-mentioned segments: 

Global Medical Imaging Market, By Technology

• X-ray Devices
• Magnetic Resonance Imaging
• Computed Tomography
• Ultrasound

Global Medical Imaging Market, By Application

• Cardiology
• Oncology
• Neurology
• Orthopedic

Global Medical Imaging Market, By Regional 

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa