Peering into the human body has become a multibillion-dollar precision science, as evidenced by a global medical imaging market valued at over $40 billion and projected to swell to more than $55 billion this decade.
Key Takeaways
- The global medical imaging market was valued at USD 40.05 billion in 2022 and is projected to reach USD 55.11 billion by 2030, growing at a CAGR of 4.0% from 2023 to 2030
- Medical imaging equipment market size reached USD 34.8 billion in 2023, expected to hit USD 52.3 billion by 2032 at a CAGR of 4.6%
- The U.S. medical imaging market generated revenue of USD 12.5 billion in 2022, with a projected CAGR of 5.2% through 2030 driven by rising chronic diseases
- MRI segment dominated with 28.5% market share in global medical imaging in 2023
- Ultrasound held 32.1% revenue share in medical imaging market in 2022 due to portability and cost-effectiveness
- CT imaging accounted for 24.7% of global medical imaging procedures in 2023
- Siemens Healthineers held 25.4% market share in global medical imaging equipment in 2023
- GE Healthcare commanded 22.7% share of MRI market revenue in 2022
- Philips Healthcare captured 18.9% of ultrasound imaging market in 2023
- North America accounted for 39.8% of global medical imaging market revenue in 2023
- Europe held 28.4% share of medical imaging market in 2022, led by Germany and UK
- Asia-Pacific region grew at 6.7% CAGR in medical imaging from 2020-2023
- Hospitals accounted for 62.4% of medical imaging revenue globally in 2023
- Diagnostic centers held 24.7% share of imaging procedures in 2022
- Oncology applications drove 31.2% of CT scan usage in 2023
The global medical imaging market is steadily growing due to rising demand and technological integration.
End-User Applications
- Hospitals accounted for 62.4% of medical imaging revenue globally in 2023
- Diagnostic centers held 24.7% share of imaging procedures in 2022
- Oncology applications drove 31.2% of CT scan usage in 2023
- Cardiovascular imaging represented 22.8% of ultrasound procedures worldwide in 2022
- Orthopedics accounted for 18.5% of X-ray imaging volume in 2023
- Neurology applications comprised 26.1% of MRI scans in 2022
- Breast cancer screening via mammography reached 145 million procedures globally in 2023
- Emergency departments used 15.4% of total imaging resources in hospitals 2022
- Musculoskeletal disorders drove 34.7% of ultrasound applications in outpatient settings 2023
- PET scans for oncology hit 10.2 million worldwide in 2022
- Ambulatory surgical centers adopted imaging at 12.6% growth rate in 2023
- Obstetrics/gynecology held 28.3% of ultrasound market applications in 2022
- Trauma imaging via CT increased 8.9% in ERs in 2023
- Research institutions consumed 4.2% of nuclear imaging isotopes in 2022
- Dental clinics performed 1.2 billion X-rays globally in 2023
- Interventional procedures using fluoroscopy reached 45 million in 2022
- Pediatric imaging optimized protocols used in 11.5% of total scans 2023
- Rheumatology ultrasound for joints grew 14.3% in usage 2022
- Coronary CT angiography applications rose 9.7% in cardiology clinics 2023
- Home healthcare portable imaging penetration reached 3.8% of market in 2022
- Neuroimaging for dementia diagnosis via MRI up 12.1% in 2023
- Lung cancer screening LDCT programs screened 8.4 million patients in 2022
- Veterinary oncology imaging grew 16.2% in animal hospitals 2023
- Sports medicine MRI scans increased 11.9% post-COVID in 2022
- Gastroenterology endoscopy-integrated imaging 7.6% of procedures 2023
- Prostate MRI for biopsy guidance used in 22.4% of cases 2022
- Point-of-care ultrasound (POCUS) adopted in 65.3% of U.S. ERs 2023
- Radiation therapy planning imaging 98.7% CT-based in 2022
End-User Applications Interpretation
While hospitals still reign as the imaging revenue kings, the kingdom is bustling with a diagnostic democracy where cancer fights are waged in CT scans, hearts are checked by ultrasound, bones are judged by X-ray, and our collective aches, traumas, and quests for answers are all processed, pixel by pixel, from the ER to the vet.
Geographic Distribution
- North America accounted for 39.8% of global medical imaging market revenue in 2023
- Europe held 28.4% share of medical imaging market in 2022, led by Germany and UK
- Asia-Pacific region grew at 6.7% CAGR in medical imaging from 2020-2023
- U.S. performed 40.2 million MRI scans in 2022, highest globally per capita
- China medical imaging market expanded 9.1% YoY in 2023 to USD 8.4 billion
- Germany dominated European CT scanner density with 28.5 units per million population in 2022
- Japan had 55.3 MRI scanners per million people in 2023, highest worldwide
- India ultrasound market share in APAC reached 22.7% in 2022
- Brazil LATAM imaging market grew 7.4% in 2023, valued at USD 2.1 billion
- South Korea invested USD 1.2 billion in medical imaging R&D in 2022
- UK performed 7.8 million X-ray exams per million population annually in 2023
- Middle East & Africa imaging market CAGR projected 5.9% to 2030 from USD 3.2 billion base in 2023
- Australia had 18.4 CT scanners per million in 2022
- Russia medical imaging procedures reached 150 million in 2023, up 4.2% YoY
- Canada ultrasound usage rate 45.6% of total imaging procedures in 2022
- Mexico digital X-ray adoption hit 62.3% of facilities in 2023
- France nuclear medicine scans per million: 12,450 in 2022
- Saudi Arabia imaging market valued USD 1.8 billion in 2023, CAGR 8.2%
- Italy mammography screening coverage 78.4% of women aged 50-69 in 2022
- Singapore per capita MRI scans highest in SEA at 120 per 1,000 in 2023
- Spain CT utilization grew 6.1% YoY to 140 scans per 1,000 population in 2022
- Turkey installed 1,200 new imaging systems in 2023
- Netherlands ultrasound procedures 320 million annually adjusted per capita in 2022
- Argentina LATAM leader with 15.7% regional imaging market share in 2023
- UAE medical imaging market USD 0.9 billion in 2023, growing 9.4% CAGR
- Sweden MRI density 29.2 per million population in 2022
- Vietnam ultrasound market penetration 85.3% in rural clinics by 2023
Geographic Distribution Interpretation
While North America still writes the biggest checks and Europe follows with steady investment, the furious pace of scanners clicking in Asia, the targeted innovations in South Korea, and the surprising saturation of ultrasounds in Vietnam's rural clinics reveal a global story: medical imaging isn't just about who spends the most, but about how each region is uniquely diagnosing its own pressing health needs at a breakneck pace.
Imaging Modalities
- MRI segment dominated with 28.5% market share in global medical imaging in 2023
- Ultrasound held 32.1% revenue share in medical imaging market in 2022 due to portability and cost-effectiveness
- CT imaging accounted for 24.7% of global medical imaging procedures in 2023
- X-ray systems represented 35.2% of installed base in medical imaging globally in 2022
- Nuclear imaging (SPECT/PET) market share was 12.3% in 2023, growing fastest at 7.1% CAGR
- Mammography equipment captured 8.4% of imaging modality market in 2022
- 64-slice and above CT scanners comprised 62.5% of CT market revenue in 2023
- 3T MRI systems held 45.2% share in MRI market in 2022, preferred for high-resolution imaging
- Portable ultrasound devices accounted for 28.7% of ultrasound market in 2023
- Digital radiography (DR) systems overtook CR with 55.3% share in X-ray market in 2022
- PET/CT hybrid systems represented 68.4% of nuclear medicine installations in 2023
- Low-dose CT for lung cancer screening grew 15.2% in usage within CT modality in 2023
- Handheld ultrasound devices market share reached 12.6% in ultrasound segment in 2022
- Open MRI systems held 22.1% of MRI market for claustrophobic patients in 2023
- Cone-beam CT (CBCT) accounted for 18.9% of CT applications in dental imaging in 2022
- SPECT systems comprised 41.7% of nuclear imaging revenue in 2023
- Wireless digital detectors in X-ray grew to 33.4% market penetration in 2022
- Contrast-enhanced ultrasound (CEUS) adoption rose to 9.8% within ultrasound procedures in 2023
- 1.5T MRI systems still dominate with 54.8% share despite 3T growth in 2022
- Intraoral X-ray systems held 27.3% of dental imaging modality market in 2023
- PET/MRI hybrids represented 4.2% but fastest-growing in nuclear imaging at 11.5% CAGR in 2023
- Flat-panel detectors in fluoroscopy reached 47.6% adoption rate in 2022
- 4D ultrasound systems share in obstetrics grew to 16.7% in 2023
- High-field MRI (>1.5T) accounted for 61.3% of new installations in 2022
- Digital mammography with tomosynthesis held 39.4% of mammography market in 2023
- Gamma cameras in SPECT imaging comprised 72.1% of nuclear equipment base in 2022
- Computed radiography (CR) share declined to 44.7% in X-ray systems in 2023
Imaging Modalities Interpretation
While MRI may boast the largest single market slice, the real diagnostic picture reveals a pragmatic, multi-modal landscape where cost-effective ultrasound leads in revenue, versatile X-rays form the backbone of installed systems, and nuclear imaging is the ambitious upstart, all while technology relentlessly marches toward higher definition, portability, and hybrid precision.
Investment and Innovation
- Global investment in medical imaging R&D reached USD 4.2 billion in 2023
- AI in medical imaging market projected to grow from USD 1.1 billion in 2023 to USD 11.7 billion by 2030 at 39.2% CAGR
- Venture capital funding for imaging startups totaled USD 850 million in 2022
- Number of FDA-approved AI algorithms for imaging reached 120 in 2023, up 45% YoY
- Global patents filed for medical imaging tech hit 12,500 in 2022
- Siemens invested EUR 1.2 billion in imaging innovation in 2023
- 5G-enabled imaging devices R&D funding USD 320 million in APAC 2022
- Blockchain for imaging data security pilots funded USD 150 million globally 2023
- Quantum imaging research grants totaled USD 280 million from NIH/EU in 2022
- 3D printing for imaging phantoms market investment USD 95 million VC in 2023
- GE Healthcare's imaging AI acquisitions cost USD 1.5 billion since 2020 to 2023
- Number of clinical trials for novel imaging agents: 450 active in 2022
- EU Horizon funding for imaging tech EUR 750 million allocated 2021-2023
- Philips Ventures invested USD 200 million in digital imaging startups 2022-2023
- Low-dose imaging protocol innovations patented 2,800 times in 2023
- Tele-imaging platforms saw USD 420 million investment during pandemic 2020-2022
- Wearable imaging sensors R&D USD 180 million funded in 2023
- Big data analytics for imaging invested USD 650 million by pharma in 2022
- Robot-assisted imaging systems prototypes funded USD 310 million in 2023
- Hyperspectral imaging tech grants USD 110 million university-led 2022
- Canon Medical's open innovation fund USD 100 million for imaging 2023
- Number of imaging startups reaching unicorn status: 5 in 2022-2023
- AR/VR for imaging training platforms USD 250 million VC 2023
- Edge computing imaging devices R&D USD 140 million Asia 2022
- Fusion imaging software innovations patented 1,450 in 2023
- Government subsidies for imaging in low-income countries USD 900 million 2022-2023
- Deep learning models for radiology trained on 1.2 billion images funded USD 500M 2023
Investment and Innovation Interpretation
The sheer scale of investment and innovation in medical imaging reveals an industry-wide conviction that the stethoscope of the future will not just listen, but will see, analyze, and predict with an almost clairvoyant precision, fueled by a multibillion-dollar bet on artificial intelligence and next-generation technology.
Key Players and Competition
- Siemens Healthineers held 25.4% market share in global medical imaging equipment in 2023
- GE Healthcare commanded 22.7% share of MRI market revenue in 2022
- Philips Healthcare captured 18.9% of ultrasound imaging market in 2023
- Canon Medical Systems (Toshiba) held 16.2% share in CT scanner market in 2022
- Hologic dominated mammography with 34.6% global market share in 2023
- United Imaging Healthcare grew fastest among top players with 12.5% revenue increase in imaging in 2022
- Fujifilm held 14.3% share in digital X-ray systems market in 2023
- Bracco Imaging led contrast agents with 28.1% market share in 2022
- Carestream Health occupied 9.7% of imaging software market in 2023
- Hitachi Medical Systems had 11.4% share in ultrasound portable devices in 2022
- Bayer AG (now Ceretec) held 22.5% in nuclear medicine radiopharmaceuticals in 2023
- Agfa HealthCare captured 13.2% of PACS market share globally in 2022
- Samsung Medison grew 15.3% in ultrasound segment, holding 7.8% share in 2023
- Shimadzu Corporation had 10.6% share in fluoroscopy equipment in 2022
- ViewRay Inc. led MR-guided radiotherapy imaging with 41.2% share in niche market 2023
- Konica Minolta occupied 12.1% of digital radiography detectors in 2022
- Lantheus Holdings held 19.4% in SPECT radiotracers market in 2023
- Sectra AB captured 8.9% of medical imaging informatics in Europe 2022
- Mindray Medical had 9.5% share in emerging markets for ultrasound in 2023
- Ziehm Imaging led mobile C-arms with 26.7% share in 2022
- Draeger Medical held 7.3% in portable imaging devices overall in 2023
- Esaote SpA occupied 6.4% niche in veterinary ultrasound imaging 2022
- SuperSonic Imagine grew 18.2% in shear wave elastography ultrasound share 2023
- Ortho Clinical Diagnostics had minor 4.1% in imaging reagents for diagnostics 2022
Key Players and Competition Interpretation
The medical imaging industry is a masterclass in specialized dominance, where giants like Siemens and GE may set the overall pace, but the real power lies in a constellation of companies fiercely carving out their own lucrative kingdoms, from Hologic ruling mammography to ViewRay commanding a futuristic niche.
Market Size and Growth
- The global medical imaging market was valued at USD 40.05 billion in 2022 and is projected to reach USD 55.11 billion by 2030, growing at a CAGR of 4.0% from 2023 to 2030
- Medical imaging equipment market size reached USD 34.8 billion in 2023, expected to hit USD 52.3 billion by 2032 at a CAGR of 4.6%
- The U.S. medical imaging market generated revenue of USD 12.5 billion in 2022, with a projected CAGR of 5.2% through 2030 driven by rising chronic diseases
- Global diagnostic imaging market was valued at USD 45.2 billion in 2023, anticipated to grow to USD 67.8 billion by 2031 at 5.2% CAGR
- Medical imaging software market stood at USD 3.8 billion in 2022, projected to reach USD 7.2 billion by 2030 with 8.4% CAGR due to AI integration
- The imaging services market in Europe was worth EUR 25.6 billion in 2022, expected to grow at 4.8% CAGR to 2030
- Asia-Pacific medical imaging market valued at USD 10.2 billion in 2023, forecasted CAGR of 6.1% to USD 17.5 billion by 2030
- Contrast media market for imaging reached USD 5.6 billion in 2022, growing at 7.9% CAGR to USD 9.8 billion by 2030
- Portable medical imaging devices market was USD 2.4 billion in 2023, projected to USD 4.1 billion by 2031 at 6.9% CAGR
- Veterinary medical imaging market size hit USD 1.8 billion in 2022, expected 7.2% CAGR to USD 3.2 billion by 2030
- Digital X-ray market valued at USD 4.2 billion in 2023, to grow at 5.5% CAGR reaching USD 6.7 billion by 2030
- Ultrasound imaging market was USD 8.1 billion in 2022, projected CAGR 6.3% to USD 13.7 billion by 2030
- CT scanners market size USD 6.9 billion in 2023, expected 5.8% CAGR to USD 10.5 billion by 2032
- MRI systems market reached USD 7.2 billion in 2022, growing at 4.9% CAGR to USD 10.8 billion by 2030
- Nuclear medicine market valued at USD 8.5 billion in 2023, forecasted to USD 14.2 billion by 2031 at 6.7% CAGR
- Global medical imaging market share held by North America was 40.2% in 2022, driven by advanced infrastructure
- Revenue from medical imaging in hospitals reached USD 25.3 billion globally in 2023
- PACS (Picture Archiving and Communication Systems) market was USD 2.1 billion in 2022, growing at 9.2% CAGR
- 3D medical imaging market size USD 2.5 billion in 2023, projected 7.5% CAGR to USD 4.6 billion by 2030
- Interventional radiology market valued at USD 22.4 billion in 2022, expected 6.1% CAGR to USD 36.8 billion by 2030
- Global medical imaging market CAGR from 2018-2022 averaged 4.5%, fueled by rising imaging procedures
- Standalone medical image viewers market USD 0.8 billion in 2023, to grow at 8.1% CAGR
- Multimodal imaging market reached USD 3.2 billion in 2022, projected 7.8% CAGR to 2030
- Medical imaging market in India valued at USD 1.2 billion in 2023, CAGR 9.5% expected
- Cloud-based medical imaging market USD 1.5 billion in 2022, growing 12.4% CAGR
- Fluoroscopy equipment market size USD 4.8 billion in 2023, to USD 7.2 billion by 2031 at 5.2% CAGR
- Global medical imaging informatics market was USD 3.4 billion in 2022, expected 7.9% CAGR
- Hybrid imaging market valued at USD 2.9 billion in 2023, projected 6.5% CAGR to USD 4.8 billion by 2030
- Medical imaging phantoms market USD 0.4 billion in 2022, growing at 8.7% CAGR
- Overall global medical imaging revenue grew 5.3% YoY in 2023 to USD 42.1 billion
Market Size and Growth Interpretation
Despite the steady cadence of traditional machinery sales, the true diagnostic velocity of this industry is increasingly powered by software, AI, and portability, turning every pixel into a profitable insight across both human and animal patients.
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