Medical Imaging Market by Products (X-ray [Modality {Radiography, Fluoroscopy, and Computed Radiography}, Mobility {Stationary and Mobile}, Products {Digital and Analog}, and Applications {General Radiology, Dental, Breasts, Cardiology, and Others}], Ultrasound [Products {2D, 3D/4D, and Doppler Ultrasound Devices}, Portability {Handheld and Cart/Trolley Based}, Applications {Ob/Gyn, Cardiovascular, Musculoskeletal, and Others}], Computed Tomography [Technology {High-end Slice, Mid-end slice, Low-end Slice, and Cone Beam} and Applications {Neurology, Oncology, Vascular, Cardiology, Musculoskeletal, and Others}], Magnetic Resonance Imaging [Architecture {Closed System and Open System}, Field Strength {Low Field Strength, Mid Field Strength, and High Field Strength}, and Applications {Brain & Neurological, Spine & Musculoskeletal, Vascular, Abdomen, Cardiac, Breast, and Others}], and Nuclear Imaging [Products {SPECT (Standalone SPECT and Hybrid SPECT), Hybrid PET, and Planar Scintigraphy}, and Applications {Onco

The global medical imaging market size was estimated over USD 14.9 billion in 2020, expanding at a CAGR of around 4.9% during the forecast period, 2021–2028. The growth of the market is attributed to the rising aging demographics and rising demand for early-stage diagnosis of chronic disease.

Medical imaging is the method of imaging the internal parts of a body for medical study as well as clinical analysis. Major factors influencing the market are rising aging demographics and the rising demand for initial-diagnosis of chronic disease. Allengers introduced India’s first manufactured CT scanner with 32 slice in January 2020, with the collaboration with Canon Medical Systems. Moreover, rising demand for state-of-the-art imaging modalities by universities and teaching hospitals to provide training for advanced technology is projected to have a significant impact on the market. This was earlier happening in the developed countries, now it is shifting towards developing countries as well.

The approved 7T MRI system by Siemens Healthineers’ MAGNETOM Terra has been widely used in the US. Recently, in Hadassah-Hebrew University Medical Center's Wohl Institute for Translational Medicine, Jerusalem (Israel), another integrated 7T MRI/PET system was introduced. In countries such as India, Thailand, and South Korea, 3.5T MRI systems have been extensively approved for the use of hospitals and clinics. Supportive FDI policies, growing ease of doing business, and increasing awareness of the advanced imaging technology are some of the major elements for the market development. The introduction of teleradiology services has allowed to establish networking of expertise globally. This is estimated to overcome the issues related to the unavailability of expert radiologists in several countries.

Market Trends, Drivers, Restraints, and Opportunities

• Technology advancements along with funding from governments and supportive investments specifically in developing countries are key aspects of the market expansion.
• Wide research investment by entering collaboration among medical manufacturing companies and universities to produce advanced imaging technology is expected to boost the market during the forecast period.
• Increasing awareness of the advanced imaging technology and wide adoption of these technology in hospitals and clinics are some key factors expected to fuel the overall market growth. 
• Availability of expert radiologists for effective handling of the medical imaging devices presents a key driver for the market.
• High cost associated with medical imaging treatment acts as a major restraining factor that can hamper the market expansion.

Scope of the Report

The report on the global medical imaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Computed tomography segment is expected to grow at a rapid pace

Based on products, the global medical imaging market is classified into X-ray, ultrasound, computed tomography, magnetic resonance imaging, and nuclear imaging.  The X-ray segment is further divided in modality, mobility, products, and applications. The modality segment is sub divided into radiography, fluoroscopy, and computed radiography. The mobility segment is sub segmented on basis of stationary and mobile, whereas the products part is sub segmented as digital and analog. The applications segment consists of general radiology, dental, breasts, cardiology, and others.

The ultrasound segment is then sub segmented on basis of products, portability, and applications. The products part can be differentiated on basis of 2D, 3D/4D, and doppler ultrasound devices, portability part can be differentiated on basis of handheld and cart/trolley based, and the applications part can be differentiated as OB/GYN, cardiovascular, musculoskeletal, and others.

The computed tomography part is categorized as technology and applications, technology part is further classified as high-end slice, mid-end slice, low-end slice, and cone beam and applications part is further classified as neurology, oncology, vascular, cardiology, musculoskeletal, and others. The magnetic resonance imaging is segregated as architecture, field strength, and applications. The architecture part is further extended as closed system and open system while the field strength part is extended as low field strength, mid field strength, and high field strength, and the applications part is extended as brain and neurological, spine and musculoskeletal, vascular, abdomen, cardiac, breast, and other.

The nuclear imaging segment is sub segmented on the basis of products and applications, the products part is divided as SPECT, hybrid PET, and planar scintigraphy. The SPECT part is then classified into standalone SPECT and hybrid SPECT. Applications segment is sub segmented on basis of oncology, cardiology, neurology, and general imaging. The ultrasound segment is expected to account for a key share of the market due to the rising number of ultrasound applications. However, the computed tomography segment is anticipated to expand at a rapid pace during the forecast period owing to high demand for point of care CT device and the development of a high-precision CT scanner.

Hospitals segment is projected to expand at a considerable CAGR

On the basis of end-users, the market is divided into hospitals, diagnostic imaging centers, ambulatory imaging centers, and others. The hospitals segment owing to increasing demand for advanced modalities and the integration of surgical suits with imaging technology in hospitals. On the other hand, the ambulatory imaging centers segment is anticipated to exhibit high growth during the forecast period due to government initiatives to enlarge the reach of advanced care in rural parts.

North America is anticipated to constitute a key market share

In terms of regions, the global medical imaging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America held a key share of the market in 2019 and the trend is projected to continue in the coming years owing to supportive remuneration policies and growing patient awareness for early diagnosis of chronic diseases. The market of Asia Pacific, however, is anticipated to represent a major market share during the forecast period due to owing to the high demand for advanced imaging devices and the increasing prevalence of chronic diseases in the region.