The Medical Imaging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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As per The Business Research Company’s Medical Imaging Global Market Report 2024, the medical imaging market has experienced robust growth in recent years, escalating from $40.35 billion in 2024 to $42.96 billion in the same year, representing a notable compound annual growth rate (CAGR) of 6.5%. This expansion during the historic period can be ascribed to several factors, including the escalating prevalence of chronic ailments, the shifting demographics towards an aging population, governmental initiatives and heightened investments in healthcare, augmented awareness leading to early diagnosis, and the increased adoption of minimally invasive procedures.
Anticipated trends suggest a continued upward trajectory for the medical imaging market, with projections reaching $54.47 billion by 2028, reflecting a CAGR of 6.1%. This growth outlook in the forecast period can be attributed to the adoption of personalized medicine paradigms, the emergence of novel modalities and hybrid imaging techniques, the global imperative to address healthcare challenges, seamless integration with electronic health records (EHRs), and the pivotal shift towards patient-centric healthcare delivery.
The increasing prevalence of chronic illnesses is expected to propel the growth of the medical imaging market in the coming future. Chronic illness is a medical condition or illness that often lasts for three months or more and has the potential to get worse over time. Older people are more likely to have chronic illnesses, which can often be managed but not cured. The increasing number of chronic illnesses boosts the medical imaging market as they are used in the diagnosis and detection of chronic ailments. For instance, in March 2022, the Australian Bureau of Statistics, an Australia-based independent statutory body in charge of data gathering and analysis as well as providing federal, state, and territory governments with recommendations based on facts, 78.6% of Australian population had at least one long-term health issue and, about 46.6% or 11.6 million had at least one chronic illness in 2021. Further, in September 2022, according to World Health Organization, a Switzerland-based agency responsible for international public health, there were around 4.1 million deaths related to chronic respiratory diseases annually. Therefore, the increasing prevalence of chronic illnesses is driving the medical imaging market.
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The medical imaging market covered in this report is segmented –
1) By Product: X-Ray Devices, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography, Nuclear Imaging, Mammography
2) By Application: Obstetrics And Gynecology Health, Orthopedics And Musculoskeletal, Neuro And Spine, Cardiovascular And Thoracic, General Imaging, Oncology, Urology, Breast Health, Other Applications
3) By End User: Hospitals, Specialty Clinics, Diagnostic Imaging Centers, Other End Users
Furthermore, notable developments in the forecast period encompass the burgeoning utilization of telemedicine and remote imaging services, the integration of artificial intelligence (AI) into imaging practices, strides in technological advancements, enhancements in 3D and 4D imaging capabilities, and the escalating demand for portable and point-of-care imaging solutions.
Key industry players are actively engaged in introducing cutting-edge solutions, particularly AI-driven tools, to fortify their competitive positioning. The integration of AI into medical imaging processes is fundamentally transforming healthcare delivery by harnessing the power of machine learning algorithms to discern intricate patterns within medical images, thereby facilitating quantitative assessments of radiographic attributes. A prominent example is Google LLC, which in October 2022, unveiled a suite of tools tailored to enhance the interoperability of medical images, thereby empowering institutions to develop machine learning and AI models with greater efficacy. Leveraging AI-assisted annotation, Google's innovative Medical Imaging Suite streamlines tasks such as automated image labeling, cloud-based data storage with robust security protocols, and the expedited creation of scalable machine learning models, thereby ushering in a new era of efficiency and innovation in medical imaging practices.
The medical imaging market report table of contents includes:
1. Executive Summary
2. Medical Imaging Market Characteristics
3. Medical Imaging Market Trends And Strategies
4. Medical Imaging Market - Macro Economic Scenario
5. Global Medical Imaging Market Size and Growth
.....
32. Global Medical Imaging Market Competitive Benchmarking
33. Global Medical Imaging Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Imaging Market
35. Medical Imaging Market Future Outlook and Potential Analysis
36. Appendix
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