Medical Imaging Market Growth & Trends
The global medical imaging market size is expected to reach USD 28.6 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2021 to 2028. Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.
Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players in the untapped market.
The integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the market at the global level.
The development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care.
Ongoing trials and studies to explore the potential of MRI technology for the early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.
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Medical Imaging Market Report
Medical Imaging Market Report Highlights
- By product, the ultrasound segment captured the largest share in 2020 and is expected to dominate throughout the forecast period. Computed tomography is expected to grow at the fastest rate during the forecast period due to rapid technological advancements, such as the development of hybrid imaging modalities and the integration of AI
- Based on end use, the hospital’s segment dominated the market in 2020 due to the blooming healthcare service industry in developing countries. The ambulatory imaging centers segment is anticipated to witness the fastest growth during the forecast period
- North America captured the largest market share in 2020 due to the presence of a large number of industry players and the high frequency of new product launches
