Market Definition 

Medical imaging is the technique that provides visual representations of the interior of a body for clinical analysis and medical intervention. Medical imaging also provides a visual representation of the function of organs and tissues. 

Global medical imaging market is estimated to reach $XX billion by 2026; growing at a CAGR of 5.7% till 2026. 

Market Dynamics 

Technological advancements in medical imaging system is a key driving factor of the market. The companies are developing technologically advanced medical imaging systems to have competitiveness in the market. The new advanced medical imaging system developed by the companies has driven the market demand of the products. For instance, Arterys has introduced the Arterys Marketplace. The Arterys Marketplace makes medical imaging AI available to anyone in the world. With this platform, all users need is access to the internet to translate AI models into clinical applications for radiologists and make them instantly available worldwide. Further, NANO-X IMAGING LTD, an innovative medical imaging company, collaborated with Qure.ai to integrate Qure.ai’s diagnostics solution into Nanox’s planned cloud-based software and provide, the Nanox.CLOUD. The Nanox.CLOUD provide an end-to-end medical imaging service, including services such as image repository, radiologist matching, online and offline diagnostics review and annotation, connectivity to diagnostic assistive AI systems, billing and reporting. However, the high cost of medical imaging systems might hamper market growth. The cost of medical imaging is more than doubled over the decade. The cost of medical imaging systems also includes maintenance cost and upgrading cost. Moreover, rising investments and funds by companies for the development of medical imaging system would provide lucrative opportunities for the market in the coming years. 

Market Segmentation 

The global medical imaging market is mainly classified based on type, application, and end user. Type is further segmented into MRI Equipment, Computed Tomography, X-ray Devices, Ultrasound, Nuclear Imaging (PET/SPECT) Systems, and Others. By application, the market is divided into Oncology, Cardiology, Neurology, Gastroenterology, Orthopedics, Gynecology, and Others. By end user, the market is further divided into Hospital, Diagnostic Centers, and Others. 

Based on type, MRI Equipment was dominating the medical imaging market in 2019, owing to the increasing commercialization of regulatory approved MRI system, increasing investment and funds from government and private companies to develop MRI System, and the partnership between companies to market its MRI system at the global scale. For instance, Siemens Healthineers has partnered with Imricor Medical Systems to develop an integrated system that combines the clinical benefits of magnetic resonance imaging (MRI) scans with 3D-guided cardiac ablation. 

Regional Analysis 

Based on geography, the global medical imaging market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. 

North America was dominating the global medical imaging market due to the rising investment for the development of medical imaging system, commercialization of technologically advanced medical imaging systems, and strategic collaboration between companies to develop medical imaging system. For instance, United Imaging, a global leader in advanced medical imaging and radiotherapy equipment, has unveiling new technology and strategic collaborations in the U.S. market. The company has introduced the country’s first-ever mobile digital PET/CT scanner. United Imaging has introduced a new MR system called the uMR Omega that offers the world’s first ultra-wide 75-cm bore, the widest on the market.  

Competitive landscape 

Key players operating in the medical imaging industry include Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, Canon Medical Systems, Siemens Healthcare, Hitachi, Ltd., FUJIFILM Corporation, Ziehm Imaging GmbH, Varian Medical Systems, and Carestream Health, Inc. 

The company focuses on product launches & approvals and acquisitions and collaborations, to expand its presence and share in the medical imaging market, commercialization of new medical imaging system and partnership between companies to develop medical imaging technology are some of the strategies adopted by the major companies. For instance, on October 21, 2020, SimonMed Imaging partners with Philips and introduced medical imaging technology to advance radiology workflow performance. SimonMed has introduced Philips’ state-of-the-art 3T MR services to help improve patient care while increasing patient and staff satisfaction at a lower cost. 

Medical Imaging Market Key Segments: 

By Type 

• MRI Equipment 
• Less Than 1.5 Tesla MRI system 
• 1.5 Tesla MRI system 
• 3 Tesla MRI system 
• 7 Tesla MRI system 
• Computed Tomography 
• 8-Slice CT Scanner 
• 16-Slice CT Scanner 
• 32-Slice CT Scanner 
• 64-Slice CT Scanner 
• 128-Slice CT Scanner 
• 256-Slice CT Scanner 
• 320-Slice CT Scanner 
• X-ray Devices 
• Digital Systems 
• Analog Systems 
• Ultrasound 
• 2D Ultrasound Imaging 
• 3D/4D Ultrasound Imaging 
• Doppler Ultrasound Imaging 
• Nuclear Imaging (PET/SPECT) Systems 
• Positron Emission Tomography (PET) Nuclear Imaging 
• Single Photon Emission Computed Tomography (SPECT) Nuclear Imaging 
• Others 

By Application 

• Oncology 
• Cardiology 
• Neurology 
• Gastroenterology 
• Orthopedics 
• Gynecology 
• Others 

By End User 

• Hospital 
• Diagnostic Centers 
• Others 

Key Global Medical Imaging Industry Players 

• Koninklijke Philips N.V. 
• GE Healthcare 
• Shimadzu Corporation 
• Canon Medical Systems 
• Siemens Healthcare 
• Hitachi, Ltd. 
• FUJIFILM Corporation 
• Ziehm Imaging GmbH 
• Varian Medical Systems 
• Carestream Health, Inc. 

What Report Provides 

• Full in-depth analysis of the parent Industry 
• Important changes in market and its dynamics 
• Segmentation details of the market 
• Former, on-going, and projected market analysis in terms of volume and value 
• Assessment of niche industry developments 
• Market share analysis 
• Key strategies of major players 
• Emerging segments and regional growth potential