New York , Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global medical imaging market size is projected to grow at a CAGR of over 6% from 2023 to 2033. The market is expected to garner a revenue of USD 60 billion by the end of 2033, up from a revenue of USD 40 billion in the year 2022. The market is primarily driven by rising awareness among people regarding various imaging procedures, growing age-related issues among elderly people, the rapid growth of diagnostic centers across the world, and higher incidences of organ donation and transplantation. In 2020, there were about 130,000 organ transplants performed worldwide.
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The most often transplanted organ overall was the kidney, followed by heart transplants. The rising incidences of chronic diseases such as cancer, diabetes, and kidney disorders, increasing neurological disorders associated with brain damage, and the rising number of orthopedic issues in adults and geriatric people are expected to fuel the growth of the medical imaging market. In 2022, there were about 25,000 brand-new cases of brain and nervous system cancer. It was in 2019, about 178 million new fractures were testified around the world’s population. Furthermore, the market growth is followed by a higher number of performing CT scans, a growing number of inpatients in emergencies, and an increased need for gradual monitoring equipment during the pandemic.
Medical Imaging Market: Key Takeaways
- Market in North America to propel highest growth
- The x-ray segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Prevalence of Chronic Diseases across the Globe to Boost Market Growth
The increasing prevalence of chronic diseases and a globally aging population contribute to the growing demand for diagnostic imaging procedures for early detection and monitoring of health conditions. Around 18 million individuals every year die of cardiovascular disease (CVD) as per the statistics of the World Health Organization. CVD is one of the primary causes of global fatalities. Over 2 million surgeries were performed by surgeons in 2018 as reported by the World Health Organization and out of 100%, about 11% of all diseases and injuries require surgical treatment. Every 9 minutes a new name is added to the list of organ transplantation occupied by around 100,000 people worldwide. In 2021, more than 40,000 organs are transplanted. Growing popularity of point-of-care imaging devices that allow for faster and more convenient diagnostic procedures, particularly in emergency settings and remote locations. Point-of-care imaging allows healthcare professionals to obtain immediate diagnostic information, facilitating quicker decision-making and timely initiation of treatment. This is especially crucial in emergency situations or critical care settings where time is of the essence. Rapid access to diagnostic imaging at the point of care can lead to improved patient outcomes. Early and accurate diagnosis enables healthcare providers to initiate appropriate interventions promptly, potentially reducing complications and improving overall patient recovery.
Medical Imaging Industry: Regional Overview
The global medical imaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Aging Population Demographics to Drive the Market Growth in North America Region
The medical imaging market in North America region is estimated to garner the largest revenue by the end of 2033. The aging demographic in North America is a key driver for the market. The elderly population often requires more frequent medical evaluations and diagnostic imaging for age-related health issues. As the baby boomer generation ages, there is a surge in demand for imaging services to detect and address age-related conditions, such as osteoporosis, cardiovascular diseases, and various cancers. This demographic shift fuels the need for advanced and diverse medical imaging technologies to cater to the unique healthcare requirements of the elderly. According to the United States Census Bureau, by 2030, all baby boomers will be older than 65, expanding the size of the older population to an estimated 73 million. The growing emphasis on preventive healthcare is driving the market in North America. Medical imaging plays a crucial role in preventive medicine by enabling early detection of potential health issues, allowing for timely intervention and treatment. With a shift in healthcare priorities towards proactive health management, the demand for preventive screenings and imaging services is on the rise.
Increasing Healthcare Expenditure to Propel the Growth in the Asia Pacific Region
The Asia Pacific medical imaging market is estimated to garner the highest CAGR by the end of 2033. The continuous rise in healthcare expenditure in the Asia-Pacific region serves as a significant driver for the market. As countries invest more in healthcare infrastructure, there is a parallel increase in the adoption of advanced medical imaging technologies. This includes the procurement of modern imaging equipment, such as MRI and CT scanners, to enhance diagnostic capabilities and provide better healthcare services to a growing population. According to a report by the World Health Organization (WHO), healthcare spending in the Asia-Pacific region has been steadily increasing, with an average annual growth rate of around 6.3%. The escalating prevalence of chronic diseases, including cardiovascular diseases, diabetes, and cancer, is a key driver for the growth of the medical imaging market in Asia-Pacific. The demand for diagnostic imaging technologies is on the rise as healthcare providers strive to manage and treat chronic conditions effectively. Early detection through medical imaging aids in timely intervention, leading to improved patient outcomes and a reduction in the overall burden of chronic diseases on healthcare systems.
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Medical Imaging Segmentation by Type
- Computed Tomography
- Magnetic Resonance Imaging
- X-Ray
- Ultrasound
- Molecular Imaging
Amongst these segments, the medical imaging market x-ray segment is anticipated to hold the largest share over the forecast period. The demographic shift towards an aging population is a significant growth driver for the X-ray segment. Older individuals are more susceptible to various health issues, including fractures, osteoporosis, and pulmonary diseases, necessitating frequent diagnostic imaging. X-rays, with their versatility and cost-effectiveness, play a crucial role in meeting the diagnostic needs of the elderly population, contributing to the sustained growth of the X-ray imaging market. The growing number of diagnostic imaging centers globally is a key driver for the X-ray segment. These centers are equipped with X-ray machines to offer a wide range of diagnostic services, including general radiography and specialized imaging. The convenience of having dedicated diagnostic facilities contributes to increased patient access to X-ray services, fostering market growth. According to a report, the number of diagnostic imaging centers worldwide is expected to exceed 34,000 by 2024, indicating a steady growth in the establishment of such facilities.
Medical Imaging Segmentation by End User
- Hospitals
- Diagnostic Imaging Centers
- Specialty Clinics
- Others
Amongst these segments, the medical imaging market hospitals segment is anticipated to hold a significant share over the forecast period. The continuous rise in global healthcare expenditure is a significant driver for the growth of the hospitals segment. Increased healthcare spending allows hospitals to invest in state-of-the-art facilities, advanced medical equipment, and quality healthcare services. As nations allocate more resources to healthcare, hospitals can expand their infrastructure and enhance their capabilities, contributing to the overall growth of the segment. The escalating burden of chronic diseases worldwide is a key driver for the growth of hospitals. Chronic conditions often require ongoing medical care, specialized treatments, and frequent diagnostic procedures. Hospitals play a central role in managing and treating chronic diseases, offering comprehensive services that include diagnostics, surgeries, and long-term care. The increasing prevalence of chronic diseases propels the demand for hospital services, driving growth in this segment. According to a report, chronic diseases, including cardiovascular diseases, cancer, and diabetes, accounted for 71% of global deaths in 2020.
Medical Imaging Segmentation by Application
- Neurology
- Orthopaedics
- Gynaecology
- Oncology
- Others
Few of the well-known market leaders in the global medical imaging market that are profiled by Research Nester are Fujifilm India Private Limited, Siemens Healthcare Private Limited, Samsung Medison Co., Ltd., Hitachi Medical Systems, Shimadzu Corporation, Toshiba International Corporation, Hologic, Inc., General Electric Company, Carestream Health, Koninklijke Philips N.V., and other key market players.
Recent Development in the Medical Imaging Market
- Siemens Healthineers announce its latest launch MAGNETOM Free. Star and NAEOTOM Alpha. It is a unique solution to both MRI and CT. The machine is built on latest dry cool technology and easier to install.
- Hitachi Medical Systems launched two new permanent open MRI system. It has SynergyDrive workflow solution and it gives faster and automated scanning pictures.
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