Medical imaging market size to hit USD 56.53B by 2028

The medical imaging market size was USD 36.19 billion in 2020 and is projected to grow from USD 37.97 billion in 2021 to USD 56.53 billion by 2028, exhibiting a CAGR of 5.8% during the forecast period. Fortune Business Insights™, provide this information in its latest report titled, “Medical Imaging Market Forecast, 2022-2028.”

Medical imaging is a technology that uses imaging to produce images of the body for diagnostic or therapeutic purposes using X-rays, CT scans, MRIs, or other types of imaging machines. The medical imaging market is growing rapidly due to the increasing use of medical imaging for diagnosis and treatment of diseases and injuries.

According to our expert analysts, the growing occurrence of chronic conditions such as cardiovascular, neurology disorders and several others, pooled with the readjusting healthcare systems have resulted in an increased demand worldwide.

Drivers and restraints
Presentation of technologically progressed systems set to thrust market growth
Various factors such as rising demand for preliminary diagnosis of prolonged ailments and growing geriatric demographics are probable to hike the demand for medical imaging market size equipment across the world.

Moreover, unveiling of technologically progressive devices pooled with financing in the healthcare infrastructure, particularly in emerging nations such as India as well as China are few of the important aspects anticipated to make crucial contribution to the medical imaging market growth.

Medical imaging industry is used to diagnose and treat a variety of medical conditions. Medical imaging is used to diagnose and treat conditions such as cancer, heart disease, and stroke. Medical imaging is also used to diagnose and treat injuries

Competitive landscape
Acquirements instigated by crucial companies set to augment market growth
The prominent players in the market are repetitively rooting for proficient tactics to strengthen their brand value as well as endorse the global market growth of the product with stumbling upon least probable hindrances. One such effective strategy is procuring competitive companies and further safeguarding a profit for both the involved companies.

Report coverage
The report presents a systematic study of the market fragments and detailed analysis of the general market. A considerate evaluation of the contemporary market trends as well as the impending opportunities is presented in the report. Moreover, it offers an extensive analysis of the regional understandings and how they aid in building the market growth.

The Covid-19 influences have been conversed in the report to assist investors and business owners with an enhanced understanding of the latent jeopardies present in the market. The report further discusses the key players and their important tactics to maintain their leading position.

Medical imaging equipment market scope
Companies in the global medical imaging equipment market are focusing on the manufacturing of good quality and technologically advanced devices to gain lucrative revenue streams. There is an growing demand for medical imaging industry equipment in the healthcare sector due to rising prevalence of diseases, chronic and neurological diseases, and cancers across the globe, which is propulsive the global medical imaging equipment market.

Technological improvement in imaging equipment, implementation of digital technology, automation, etc. help produce manufacturers stay ahead of the competition. Moreover, raise in Demand for 3D medical imaging devices further boosts market growth. Governments should raise investments in highly advanced imaging equipment to ensure safety, reliability, and cost-effectiveness.

Regional insights
North america to dominate market due to increasing patient pool
The market size in North America was worth USD 11.03 billion in 2020 and held the maximum medical imaging market share. Rising amount of patients confronting diagnostic imaging processes in the country, are boosting the growth of the diagnostic imaging market in this region.

Asia Pacific is anticipated to grow at higher CAGR during the forecast period of 2021-2028 owing to the surging occurrence of chronic diseases combined with the growing demand for innovative diagnostic devices.

Latin america is projected to grow at a relatively lower rate of the market owing to the incidence of a largely underpenetrated market.

Segmentation

On the basis of type, the global market is fragmented into MRI equipment, CT equipment, X-ray equipment, ultrasound and molecular imaging. The X-ray equipment segment held a significant market share in 2020.

Based on application, the market is segregated into oncology, cardiology, orthopedics, gynecology, neurology, and others.

In terms of end user, the market is divided into hospitals, specialty clinics, diagnostic imaging centers, and others.

Geographically, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Covid-19 impact
Declining hospital visits amid Covid-19 to impact medical imaging producers
The outbreak of Covid-19 has had an adverse influence on the international market. Prominent market sections stated general undesirable effect owing to the considerable drop in patient appointments with hospitals. Moreover, the demand for Magnetic Resonance Imaging (MRI) systems and molecular imaging equipment was substantially hindered during the pandemic.

Furthermore, crucial players have stated considerable weakening in incomes during 2020. For example, Diagnostic Imaging subdivision possessed by Koninklijke Philips N.V. registered 3.7% deterioration in revenues in 2020 in comparison with the revenue produced in the former year of 2019.

List of key players covered in this market report

• GENERAL ELECTRIC COMPANY (Massachusetts, U.S.)
• Hitachi, Ltd. (Tokyo, Japan)
• Shimadzu Corporation (Kyoto, Japan)
• Siemens Healthcare GmbH (Erlangen, Germany)
• Koninklijke Philips N.V. (Amsterdam, Netherlands)
• Hologic, Inc. (Massachusetts, U.S.)
• SAMSUNG (Seoul, South Korea)
• Fujifilm Holdings Corporation (Tokyo, Japan)

Major table of content:

• Market dynamics
• Key insights
  • Epidemiology Overview: Key Diseases, 2018
  • Overview: Mergers, Acquisitions &Partnerships
  • Pricing Analysis, Key Players
  • Installed Base Scenario, Key Brands/ Players
• Global medical imaging industry analysis, insights and forecast, 2015-2026
  • Key findings/Summary
  • Market analysis, insights and forecast – By type
    • Magnetic Resonance Imaging (MRI) equipment
    • Computed Tomography (CT) equipment
    • X-Ray equipment
    • Ultrasound equipment
    • Molecular imaging equipment
  • Market analysis, insights and forecast – By application
    • Cardiology
    • Neurology
    • Orthopedics
    • Gynecology
    • Oncology
    • Others (Urology, etc.)
  • Market analysis, insights and forecast – By end user
    • Hospitals
    • Specialty clinics
    • Diagnostic imaging centers
    • Others
  • Market analysis, insights and forecast, insights and forecast – By region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
• Competitive analysis
• Strategic recommendations

Fortune Business Insights