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Medical Imaging Market Size Worth $54.9 Billion By 2025 | CAGR: 5.1%

The global medical imaging market is expected to grow at growth rate of 5.1% to reach USD 54.9 billion by 2025.

Medical imaging refers to technologies that are used to monitor, diagnose, and treat part of human body in different medical conditions. This system helps physician to get proper and accurate information about the specific area of the body being diagnosed with the possible disease, injury and other medical treatment. Advancement in medical technology plays a strategic role in fostering the change of medical imaging system towards better health outcomes. For example, recent advancements and rising demand for early diagnosis have led to the introduction of advanced X-ray systems that includes Charge – Coupled Device (CCD) and Complementary Metal–Oxide– Semiconductor CMOS based digital system, direct and indirect flat panel detection system, and various others. Such advancements would, in turn, boost the uptake of medical imaging systems, driving the market growth.

Additionally, the global rise in the number of people affected by chronic disease conditions such as cancer, respiratory diseases, and cardiac disorders is likely to drive the market growth to great extent. However, unfavorable reimbursements and the high cost of these devices hamper the growth of this industry to some extent. For example, countries such as the U.S. have declined around 50.0% in reimbursement rates for medical imaging services between 2000 and 2015 and a similar trend can be observed in European and Asian countries.

Key Takeaways

Product segment comprises of X-Ray, Nuclear imaging, Computed Tomography, Ultrasound, and MRI. Of which, X-Ray accounted for the largest share, around 8.16 billion in 2017.
Nuclear imaging segment is projected to grow with the faster growth rate. Development of new radiotracers coupled with growing investment by key companies to develop novel products in this segment will augment the growth of this sector.
North America captured highest revenue share owing to the rising chronic disease incidences, along with the rising purchasing power of people in the U.S. and Canada. For instance, according to the American Cancer Society, Surveillance Research, there were around 1,665,540 cancer cases in 2014, and 1,685,210 cancer cases in 2016.
Companies such as Phillips, GE Healthcare, Shimadzu Corporation, Aribex, and Siemens Healthineers are profiled in research
Strategic collaborations with small & large scale players to expand companies’ presence in this market is considered to be an important strategy adopted by kay participants. For example, in May 2017, Siemens Healthineers collaborated with the U.S.-based Imricor Medical System. This was a strategic partnership to improve procedures with MRI scan and aimed to develop an integrated solution for treating arrhythmia and improving treatment outcomes.

KEY BENEFITS OF THE REPORT

In-depth analysis of the key market dynamics
Granular analysis of the current market scenario and expected factors to affect the market
Detailed analysis of the geographic region, regional and county wise analysis
Highlight on the strategies that are being adopted by the key players in this market to stay competitive
Extensive analysis of the key players dominating the market

The scope of this report covers the market by its major segments, which include as follows:

Market Segmentation

MARKET, BY PRODUCT