Medical Imaging Market Analysis

Medical Imaging Market Overview

Medical Imaging Market Size was valued at USD 40.78 Billion in 2023. The Global Medical Imaging industry is projected to grow from USD 43.55 Billion in 2024 to USD 68.07 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.09% during the forecast period (2024 - 2032).

Medical imaging, also called radiology, is the area of medicine in which medical professionals reconstruct several images of parts of the body for diagnostic or treatment purposes. The medical imaging process includes non-invasive tests, which enable doctors to diagnose diseases and injuries without being intrusive. The global market for medical imaging has registered enormous growth in recent years. The market's growth is primarily attributed to the monitoring frequency rate of chronic ailments, particularly COVID-19. Furthermore, the emergence of suppliers and manufacturers of medical imaging systems across the globe is anticipated to boost the demand for medical imaging.

For example, in February 2024, Visage Imaging, a diagnostic imaging and multimedia company, launched its new product called Visage Ease VP. This is a new generation of imaging platform that has been developed for Apple AR glasses – Apple Vision Pro. The organization’s software product stack includes cloud-based AI-driven solutions for enterprise imaging like Visage 7, Visage Ease and Visage Ease Pro. With these platforms, users can review images for diagnoses as well as team up with colleagues. According to the company press release about this technology, it improves effectiveness and accuracy of radiologists' analysis as well as their workflow.

For instance, in April 2024, Toshiba announced a major advance in MRI field with its Vantage Galan 3T/ Supreme Edition introduced in America. As opposed to other systems available globally within the MRI field, it only contains Canon components, which include the real-time platform from Japan magnets made by Japan. It differentiates itself by providing the most sophisticated set of AI tools designed specifically for MRI environments; this includes an array of smart solutions that enhance image quality, elevate productivity and improve patients’ comfort.

For instance, in March 2024, GE Healthcare and Mass General Brigham are to incorporate foundational models of medical imaging into their AI research initiatives under their long-term partnership on artificial intelligence focused on responsible AI principles. Both bodies have been working hard to bring AI innovations closer in various diagnostics & treatments through sustainable development of AI.

For instance, In December 2023, the U.S.FDA categorized recall of Philips's (Philips Medical Systems Nederland B.V.) medical imaging devices, specially Panorama 1.0T HFO device (MRI Systems) type I recall class, indicating potential risk of serious injury or death if used due to possibility of explosion during quench procedure caused by excessive accumulation helium gas.

For example, Samsung Medison Co., Ltd.’s subsidiary - Boston Imaging, launched the Hera W10 Elite, which is a dedicated version of the Hera system for obstetrics and gynecology, in February 2023. Its advanced features offer strong AI capabilities and clinical applications to enhance diagnostic accuracy by physicians. Boston Imaging is Samsung’s U.S. headquarters responsible for selling and distributing all Samsung digital radiography and ultrasound products.

For instance, in November 2022, Siemens Healthineers presented a mobile MRI unit– Magnetom Viato Mobile at 1.5 Tesla. Thereby, this newest model of MR scanner has been designed specifically for mobile usage with a patient bore diameter of 70 cm. Hence, rapid growth rates observed in medical imaging devices are anticipated to foster their adoption, causing market expansion.

For instance, Canon Medical Systems USA, Inc., part of Canon Medical Systems Corporation based in Minneapolis, Minnesota, specializing in medical device solutions and services, finalized its acquisition of NXC Imaging Inc.

For instance, Shanghai United Imaging Healthcare Co., LTD is investing $490 million to construct an R&D center that integrates technology, research personnel and intelligent manufacturing. Stretching over an area of approximately 420000 sq.m. it will employ between 8000 to10000 people who would be involved in global branding as well as international training activities.

AI company Hoppr said at RSNA 2023 that it has partnered with AWS to introduce a new foundation model. The product, called Grace, is a business-to-business model made to assist application developers in creating AI solutions for the medical imaging industry faster and with higher quality.

Visage Imaging, a diagnostic imaging and multimedia startup, announced in 2024 the release of Visage Ease VP, an immersive imaging platform compatible with Apple Vision Pro, the company's augmented reality headset. Enterprise imaging software from Visage, such as Visage 7, Visage Ease, and Visage Ease Pro, is cloud-based and AI-enabled. It enables users to study diagnostic pictures and work together with peers. According to the company, it facilitates better workflow and readings for radiologists.

The new Vscan Air SL handheld, cordless ultrasound imaging technology was introduced by E HealthCare in 2023 to provide quick evaluations of patients with heart and blood vessel issues. With single-crystal transducer technology, the new system, which is a part of the Vscan product suite, uses SignalMax and XDclear technology to improve image performance in terms of resolution, penetration, and sensitivity. At the time of care, the device allows clinicians to observe clear cardiac and vascular pictures. They are also able to reduce the need for overstuffing conventional radiology resources and streamline workflows.

Moreover, the factors such as the surge in market players' agreements to combine their efficiencies and continuous technological advancements in the healthcare sector are projected to boost the market's growth over the assessment era. On the other hand, the lack of funding required to buy top imaging systems is anticipated to restrict the market's growth. Nevertheless, the growing number of product launches will likely offer lucrative opportunities to players worldwide.

For example, Canon Medical introduced a major breakthrough in MRI technology through its debut of the Vantage Galan 3T/Supreme Edition in April 2024. This state-of-the-art system is comprised entirely of Canon-made components with a unique real-time platform and superior magnet technology developed by Japan. It stands out because it offers the most advanced AI suite for MRI that has smart solutions improving image quality, increasing productivity and enhancing patient comfort.

In March 2023, GE Healthcare and Mass General Brigham plan to integrate foundational models of medical imaging into their artificial intelligence research programs as an extension of their long-term partnership in the field of artificial intelligence (AI). The two firms have been working on AI innovations aiming at expanding AI use across different types of diagnostics and treatment through sustainable development.

The latest research prototype by GE Healthcare, SonoSAMTrack1, is based on NVIDIA technology and was announced in August 2023. Its basis is SonoSAM1, which is a trainable baseline model designed for ultrasound object segmentation tasks. The main aim of SonoSAMTrack is to delineate anatomical structures, lesions, and some other important regions within ultrasound images. As well as this simplified version called SonoSAMLite.

Visage Imaging has launched Visage Ease VP - a diagnostic imaging and multimedia company – that uses the Apple Vision Pro augmented reality headset for its innovative imaging platform, the Apple Vision Pro headset being meant for use with this particular device. Visage Imaging provides Visage 7, Visage Ease, and Visage Ease Pro cloud-based AI-driven enterprise imaging solutions focusing on a peer-based review of diagnostic images among other aspects. The company claims that its solution enhances radiologist efficiency as well as accuracy in interpretation while at the same time streamlining workflow.

In November 2022, Siemens Healthineers unveiled Magnetom Viato Mobile: An MRI unit at 1.5 Tesla. This new MRI scanner has been designed specifically for mobile use and has a bore size of 70cm.

In July 2022, Canon Medical Systems USA Inc., an affiliate of Canon Medical Systems Corporation, completed the acquisition of NXC Imaging, a Minneapolis-based medical devices and services provider.

Shanghai United Imaging Healthcare Co., LTD started construction of a manufacturing and R&D center integrating technology, research and intelligent manufacturing with an investment of USD 490 million in January 2022. The company is looking to set up a campus covering an area of approximately 420 thousand sq.m. housing between eight thousand and ten thousand employees focused on global branding as well as international training.

A steadily rising number of clinicians are discovering that artificial intelligence (A.I.) and edge computing are the next phases of development in the market of medical imaging as was keenly observed in this global pandemic. The inclusion of these technologies has never been felt so directly when social distancing norms became part and parcel of daily interactions. An Oxford-based medical image analysis platform also has revealed that 29% of people say they have a recognized medical condition, but since the ongoing Coronavirus crisis, individuals are avoiding a doctor or visiting a hospital because they are concerned about catching COVID-19. The inclusion of A.I. is estimated to provide healthcare providers leverage that can enable them to store, process, and analyze intricate imaging data on-premise, thus speeding up speeding diagnosis and advancing clinician workflows, which will translate into saving time. The application of A.I. embedded in medical imaging devices can render powerful diagnostic confirmation. The influence of these competencies on restructuring clinicians' workflows and the life-saving trickle-down effects for patients are estimated to lead to several opportunities for expansion, especially in this pandemic. The expansion of edge computing in this year has saved clinicians even more of their scarcest resource. The trend of hospitals can immediately tap into A.I.'s capacity without starting from the groundwork by participating improved software into their prevailing hardware.

Medical Imaging Market Market Trends

The improvements in point-of-care ultrasound systems are developing the medical imaging market size in the forecast period. The preference of medical professionals as well as patients for medical diagnostic imaging is estimated to motivate market share of medical imaging. The accessibility to portable magnetoencephalography (MEG) brain scanners are triggering a revolution in the market trends for medical imaging.  

Increasing Strategic Agreements

The surge in market players' agreements to combine their efficiencies is estimated to unlock positive future trends in medical imaging. The economic impact of COVID-19 is estimated to lead to a higher level of mergers in the medical imaging industry in the approaching period.

Opportunities

Increasing Product Launches

The medical imaging companies are estimated to achieve considerable progress due to developments in imaging technologies, which will lead to the availability of products in the medical imaging market that can provide more accurate imaging solutions.

Restraints

Inability Of Healthcare Organizations To Purchase Expensive Imaging Systems

Many organizations lack the level of funding required to procure top imaging systems, especially in developing countries, and this is estimated to limit the growth of the market in the course of the forecast.

Medical Imaging Market Segment Insights

Medical Imaging Modality Insights

The X-ray systems segment is estimated to emerge as a segment leader, thus bolstering the digital X-ray medical imaging market forecast.

Medical Imaging Application Insights

Medical Imaging End-User Insights

Surge In Cancer Cases To Spur European Region's Players

Europe is the subsequent market in medical imaging due to the spike in cancer incidence across European nations, which is promoting the requirement for medical imaging equipment throughout the forecast period, thus driving the market reinforcement in the European region.

Massive Patient Pool To Enhance APAC Region

The bourgeoning patient pool and intensifying technological developments connected with the adoption of progressive medical imaging systems are estimated to work in favor of the Asia Pacific medical imaging market growth.

Delayed Adoption To Holdback MEA Medical Imaging Market Progress

In the Middle Eastern & African regions, the market of medical imaging is motivated by the progressively growing adoption of treatment modalities in the region and a mounting number of medical imaging suppliers.

Competitive Landscape:The prominent market players in the Medical Imaging are

• Siemens AG (Germany)


• Analogic Corporation (U.S.)


• Canon Medical Systems Corporation (Japan)


• Carestream Health (U.S.)


• CMR Naviscan (U.S.)


• General Electric Company (U.S.)


• Esaote S.p.A (Italy)


• FUJIFILM Holdings Corporation (Japan)


• Hitachi Ltd (Japan)


• Hologic, Inc. (U.S.)


• Medtronic PLC (Ireland)


• Samsung (South Korea)


• Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)


• Shimadzu Corporation (Japan)


• Koninklijke Philips N.V.

The market players of medical imaging are dynamically combining innovation into their devices to gain a competitive edge over their counterparts. This trend is estimated to contribute considerably to the medical imaging market share's positive development in the upcoming years.Recent DevelopmentsMarch 2022:A leading healthcare services private equity investment firm, Varsity Healthcare Partners ("VHP"), has announced its sale of Probo Medical, LLC to Avista Capital Partners. The financial terms of the deal haven't been disclosed yet. VHP, in September 2018, invested in Probo, when Probo was concentrated exclusively on the U.S. ultrasound repair and resale market.February 2022:Aycan Medical Systems has announced the addition of Softneta's MedDream VET DICOM Viewer to its growing portfolio. As per the press release, MedDream VET is a natural expansion of aycan's other solutions and developed on the same DICOM standard.

Medical Imaging Market SegmentationMedical Imaging Modality Outlook

• X-Ray Systems


• Magnetic Resonance Imaging (MRI)


• Ultrasound Systems


• Computed Tomography (C.T.)


• Nuclear Imaging

Medical Imaging Market Application Outlook

• Cardiology


• Oncology


• Neurology

Medical Imaging Market End-User Outlook

• Hospitals and Clinics


• Diagnostic Centers


• Academic Institutes and Research Organizations