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What key factors are powering the surge in the Medical Imaging Equipment market right now?
The market for medical imaging equipment has experienced significant growth in the past years. A surge from $45.75 billion in 2024 to $48.89 billion in 2025 is projected, representing a compound annual growth rate (CAGR) of 6.9%. The expansion in the historical timeframe can be associated with the escalation in the aging population, an amplified disease impact, initiatives by government bodies, heightened awareness, and the incorporation of Artificial Intelligence.
How fast Is the medical imaging equipment market expected to grow, and what’s its future value?
Over the ensuing years, a robust expansion is anticipated in the medical imaging equipment market. The market is predicted to reach $60.89 billion by 2029 with a compound annual growth rate (CAGR) of 5.6%. This increase within the projection period can be credited to factors such as the rise in personalized medicine, enhanced remote patient monitoring, surge in emerging markets, value-based healthcare, and precision medicine advancements. The forecast period is also expected to witness significant trends like the incorporation of digital health, innovative picture-taking methods, technological progress, integration of telemedicine, as well as portable and on-the-spot imaging.
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What are the leading drivers of growth in the medical imaging equipment market?
The increase in chronic diseases incidence is set to fuel the medical imaging equipment market’s expansion. These are persistent conditions that generally develop over an extended period, often persisting for many years or a lifetime. Their onset is usually due to lifestyle changes, genetic factors, and an aging demographic. Medical imaging equipment plays a vital role for these patients by enabling early detection, precise diagnosing, individualized treatment strategies, and continual tracking of the disease and the response to treatment. For example, the World Health Organization, an affiliate of the United Nations based in Switzerland, stated in September 2022 that there were 41 million deaths worldwide, which accounts for 74% of all deaths from non-communicable diseases (NCDs) or chronic diseases each year. These included 17.9 million fatalities from cardiovascular illnesses, 9.3 million from cancer, 4.1 million from chronic respiratory diseases and 2.0 million from diabetes. Hence, the escalating incidence of chronic diseases is contributing to the surge in the medical imaging equipment market.
What are the key segments defining the medical imaging equipment market?
The medical imaging equipment market covered in this report is segmented –
1) By Equipment: Computed Tomography, X-Ray Systems, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Systems, Nuclear Imaging Equipment, Mammography Equipment, Contrast Media Injectors, C-Arms And Fluoroscopy Device
2) By Modality: Stand-Alone Devices, Portable Devices, Hand-Held Devices
3) By Application: Cardiology, Neurology, Orthopedics, Gynecology, Oncology, Other Applications
4) By End-User: Diagnostic Imaging Centers, Ambulatory Surgical Centers, Specialty Clinics, Research Institutes
Subsegments:
1) By Computed Tomography (CT) Systems: Stationary CT Scanners, Portable Or Handheld CT Scanners
2) By X-Ray Systems: Analog X-Ray Systems, Digital X-Ray Systems, Fluoroscopy X-Ray Systems
3) By Magnetic Resonance Imaging (MRI) Systems: Closed MRI Systems, Open MRI Systems, Extremity MRI Systems
4) By Ultrasound Systems: Diagnostic Ultrasound Systems, Therapeutic Ultrasound Systems, Portable Ultrasound Systems
5) By Nuclear Imaging Equipment: Single Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET) Scanners, Hybrid PET Or CT Scanners
6) By Mammography Equipment: Analog Mammography Systems, Digital Mammography Systems, 3D Tomosynthesis Mammography Systems
7) By Contrast Media Injectors: CT Contrast Media Injectors, MRI Contrast Media Injectors, PET Or CT Contrast Media Injectors
8) By C-Arms And Fluoroscopy Devices: Mobile C-Arms, Mini C-Arms, Fixed C-Arms, Fluoroscopy Systems
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Who are the key players steering the development of the medical imaging equipment market?
Major companies operating in the medical imaging equipment market are Medtronic plc., Siemens Healthineers, Fujifilm Medical Systems, Philips Healthcare, Stryker Corporation, GE Healthcare, Analogic Corporation, EIZO Corporation, Terumo Corporation, Mindray Medical International Limited, Hologic Inc., Shimadzu Corporation, PerkinElmer Inc., Carestream Health, Barco NV, Varian Medical Systems Inc., Esaote S.p.A., Samsung Medison Co. Ltd., Canon Medical Systems Corporation, Hitachi Healthcare Ltd., Planmed Oyj, Misonix Inc., Nano X Imaging Ltd., InnoScan Inc
What emerging trends are influencing the growth of the medical imaging equipment market?
Leading enterprises in the medical imaging equipment industry are focusing on creating innovative products like Exo Iris, their latest medical imaging device. This device features real-time AI technology, such as SweepAI, facilitating automatic capture of vital images. This decreases the dependency on operator expertise, guaranteeing reliable and precise imaging. For instance, in September 2023, Exo, a medical imaging startup from the US, introduced their latest imaging equipment, Exo Iris. This device, besides being cost-effective and compact, is user-friendly, hence, reachable to a variety of healthcare professionals such as doctors, nurses, EMTs and clinical staff in emergency, acute care, outpatient and home-care environments. Additionally, it comes loaded with features like an ultra-wide field of view for imaging up to 150 degrees. This allows healthcare providers to take a complete image of an entire liver or full-body fetus in a single view. The device is further enhanced with Exo Works, a solution for point-of-care ultrasound workflow, making exam documentation and review process from any location seamless and quick.
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Which regions are most influential in expanding the medical imaging equipment market?
Asia-Pacific was the largest region in the medical imaging equipment market in 2024. The regions covered in the medical imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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