Analysis from GMI Research finds that the Medical Imaging Market earned revenues of USD 38.1 billion in 2021 and forecast to touch USD 56.7 billion in 2029 will grow at a CAGR of 5.1% from 2022-2029

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Market Dynamic

Medical Imaging Market Trends and Market Statistics

The rise in the prevalence of the chronic disease has surged the demand for medical imaging across the globe, primarily responsible for the imaging market’s growth. For instance, the chronic disease prevalence is expected to increase by 60% by the end of 2021, stated by WHO. Furthermore, the rising aging population is another significant factor contributing to the medical imaging industry’s growth. For instance, according to WHO, by the end of 2050, the population aged 60 years is expected to reach 2 billion due to a dramatic increase in the percentage of average life expectancy, which may act as a driving factor for the market. Emerging technologies have impacted healthcare in a positive aspect and will further drive the medical imaging industry. For instance, artificial intelligence and three-dimensional printing are the technologies that have strengthened the future and current scope of the imaging industry. Artificial intelligence has taken radiology on another level, producing the highest quality of image with ai alterations for the MRI and CT scans. Furthermore, the imaging industry’s latest trends that have shifted the paddles are the rise in utilization of imaging devices in therapy coupled with a major shift towards precision medicine, which has substantially driven the demand for imaging applications for patient care by digitalization.

In addition, players like Siemens Healthineers, GE Healthcare, Shimadzu Corporation are involved in offering imaging therapy solutions which will contribute to market development. For instance, in 2019 Siemens Healthineers presented a range of diagnostic imaging therapy solutions, in the field of radiography, magnetic resonance among others. Also, the company Siemens Healthineers generates more than 60% of the revenue from its imaging segment. For instance, the company generated 11,130 million in 2020 from its imaging business segment out of 17,706 million, which is the company’s total revenue, which shows the huge potential of the market.

Restraint in the Medical Imaging Market

Product recalls by the key players in the market is a factor that is expected to hamper the growth of the market. For instance, in 2018 GE healthcare recalled Millennium MC, Millennium MG, and Millennium Myosight nuclear medicine systems, where they lacked mechanical stopper and improper functioning of motion stopper.

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Patient Age – Segment Analysis

Based on the patient age, the geriatric population is witnessed to grow at a higher CAGR over the forecast period. This is due to the rising geriatric population which is anticipated to propel the growth of the market. For instance, according to a report published by UN the global geriatric population is expected to triple between 2017 to 2050 from 137 million to near about 425 million, leading to the rise in number of aged patients.

End-Users – Segment Analysis

Based on the end-users, hospitals is expected to grow at a higher CAGR in the market over the forecast period. Strategic initiatives by the government and regulatory bodies for the development and expansion of the healthcare infrastructures have surged the growth of the market. For instance, in 2020 German Health Minister had announced US$ 3.53 billion for hospitals, which is anticipated to drive the overall growth of the market.

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Regional – Segment Analysis:

North America is witnessed capture a major pie of the market in the global medical imaging market, over the forecast period. This is due to the strong presence of the key players like Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., which has surged the growth of the market in the region. Players like GE Healthcare, Siemens Healthineers generate most of its revenue from Americas mostly U.S., which shows the imaging market’s outstanding potential. For instance, GE Healthcare, generated US$ 7,611 which is maximum share out of all regions.

Top Market Players

Various notable players operating in the market, include, Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., Ziehm Imaging Inc., Varian Medical Systems, Aribex Corporation, Carestream, Siemens Healthineers, PerkinElmer Inc., among others. 

Key Developments:

• • In 2020, GE Healthcare expanded the digital, AI and imaging solutions, which has helped the company in expanding the offering list which in turn helped the company in generating more revenue.

Segments covered in the Report:

The global medical imaging market has been segmented based on modality, technology, patient age, procedure, application, end-users, and regions. Based on modality, the market is segmented into stationary and portable. Based on technology, the market is segmented into direct digital radiology and computed radiology. Based on patient age, the market is segmented into adults and paediatrics. The procedure segment is further segmented into CT scanners, MRI scanners, nuclear medicine imaging, ultrasound, x-rays, and others. Based on application segment the market is segmented into cardiology, pelvic and abdominal, oncology, mammography, gynaecology, neurology, urology, musculoskeletal, dental and others. Based on end-users the market is segmented into hospitals, diagnostic and imaging centers, specialty clinics, ambulatory surgical centers and others. 

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Key questions answered in this research report:

• • At what pace is global medical imaging market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Medical Imaging market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Medical Imaging market?
  • Which modality generated maximum revenues in 2019 and identify the most promising modality during the forecast period?
  • What are the various technology areas of global medical imaging market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 38.1 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Modality, By Technology, By Patient Age, By Procedure, By Application, By End-Users, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, Toshiba Medical Systems Inc., Ziehm Imaging Inc., Varian Medical Systems, Aribex Corporation, Carestream, Siemens Healthineers, PerkinElmer Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Medical Imaging Market by Modality

• • Stationary
  • Portable

Global Medical Imaging Market by Procedure

• • CT Scanners
  • MRI Scanners
  • Nuclear Medicine Imaging
  • Ultrasound
  • X-Rays
  • Others

Global Medical Imaging Market by Technology

• • Direct Digital Radiology
  • Computed Radiology

Global Medical Imaging Market by Patient Age

• • Adults
  • Paediatrics

Global Medical Imaging Market by Application

• • Cardiology
  • Pelvic and Abdominal
  • Oncology
  • Mammography
  • Gynaecology
  • Neurology
  • Urology
  • Musculoskeletal
  • Dental
  • Others

Global Medical Imaging Market by End-Users

• • Hospitals
  • Diagnostic and Imaging Centers
  • Specialty Clinics
  • Ambulatory Surgical Centers
  • Others

Global Medical Imaging Market by Region

• • North America Medical Imaging Market (Option 1: As a part of the free 25% customization)
    • By Modality
    • By Procedure
    • By Application
    • By Technology
    • By Patient Age
    • By End-Users
    • US All-Up
    • Canada All-Up
  • Europe Medical Imaging Market (Option 2: As a part of the free 25% customization)
    • By Modality
    • By Procedure
    • By Application
    • By Technology
    • By Patient Age
    • By End-Users
    • UK Medical Imaging Market All-Up
    • Germany All-Up
    • France All-Up
    • Spain All-Up
    • Rest of Europe All-Up
  • Asia-Pacific Medical Imaging Market (Option 3: As a part of the free 25% customization)
    • By Modality
    • By Procedure
    • By Application
    • By Technology
    • By Patient Age
    • By End-Users
    • China Medical Imaging Market All-Up
    • India All-Up
    • Japan All-Up
    • Rest of APAC All-Up
  • RoW Medical Imaging Market (Option 4: As a part of the free 25% customization)
    • By Modality
    • By Procedure
    • By Application
    • By Technology
    • By Patient Age
    • By End-Users
    • Brazil Medical Imaging Market All-Up
    • South Africa All-Up
    • Saudi Arabia All-Up
    • UAE All-Up
    • Rest of world (remaining countries of the LAMEA region) All-Up

Major Players Operating in the Medical Imaging (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Koninklijke Philips N.V.
  • GE Healthcare
  • Shimadzu Corporation
  • Toshiba Medical Systems Inc.
  • Ziehm Imaging Inc.
  • Varian Medical Systems
  • Aribex Corporation
  • Carestream
  • Siemens Healthineers
  • PerkinElmer Inc.