Medical Imaging Services Market Size, Share, Growth & Industry Analysis, By Service Type (Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Ultrasound, X-ray, Nuclear Imaging, Others), By Application, By End-User, and Regional Analysis, 2024-2031

Medical Imaging Services Market Size

The global Medical Imaging Services Market size was valued at USD 701.12 billion in 2023 and is projected to grow from USD 732.26 billion in 2024 to USD 1041.93 billion by 2031, expanding at a CAGR of 5.17% from 2024 during the forecast period. The market is registering steady growth, due to the early detection of diseases and supportive government initiatives. Additionally, advancements and inventions in the medical imaging technology are driving the market.

In the scope of work, the report includes service offered by companies such Agfa-Gevaert Group, Canon Medical Systems, LLC, Carestream Health, Echelon Health, Esaote SPA, Fujifilm Holdings Corporation, Hitachi Healthcare, Pall Mall Medical, Vista Health, Sonic Healthcare, and others.

The surge in healthcare expenditure is driving the medical imaging services market. The adoption of advanced medical imaging services/technologies is increasing, as most companies are investing in healthcare infrastructure, such as Computed Tomography (CT) and Magnetic Resonance Imaging (MRI) scanners.  

• In May 2024, Fischer Medical Ventures Ltd. (FMVL), an India-based healthcare company, manufactured an MRI system to decrease the country’s dependence on imported devices.

Increasing investment in healthcare infrastructure aids in the expansion of services in the healthcare sector. The demand for medical imaging services is rising in healthcare to manage and treat chronic conditions.

Medical imaging services consists of different imaging processes and methods to obtain images of the human body for diagnosis and treatment. Various types of imaging, such as CT, ultrasound, MRI, X-rays, PET, and SPECT, are used by healthcare professionals to monitor, diagnose, and treat different medical conditions. These services aid in cardiovascular assessment, disease monitoring, neurological evaluation, and diagnostic imaging.

They are used in functional and quantitative diagnostics, ultrastructural diagnostics, nanotechnology, and molecular medicine. These services are governed by various regulations and standards to ensure proper diagnosis and patient safety. Some regulations and standards are radiation-safety standards, clinical protocols, equipment standards, and environmental regulations.

Analyst’s Review

Investments of research and development in companies and private & government organizations are rising, due to the increasing occurrence of chronic diseases and the growing geriatric population. Incorporation of Artificial Intelligence (AI) in the healthcare sector is rising, as AI algorithms are capable of analyzing complicated medical images quicker than standard methods, enhancing patient outcomes.

• For instance, in March 2024, Mass General Brigham and GE Healthcare integrated the foundation models of medical imaging into their AI research initiatives.

Utilization of AI in medical imaging services has created opportunities for personalized medicine and AI-powered tools, attracting significant investment in the healthcare industry.  

Medical Imaging Services Market Growth Factors

Increasing prevalence of chronic diseases and the rising geriatric population are driving the market. Chronic diseases such as cancer, diabetes, and cardiovascular diseases need early detection and continuous monitoring. The demand for these services is continuously increasing, due to the growing awareness of the need for regular health check-ups, surging population, and changing lifestyles.

• According to the CDC’s National Center for Chronic Disease Prevention and Health Promotion, chronic diseases are considered as the leading cause of disability and death in the U.S., and is the main driver of the annual healthcare costs in the U.S., with USD 4.5 trillion.

Among these, diabetes and heart attack are the most common chronic diseases and cause more deaths than other diseases. The rising geriatric population is driving the market, as older people are at a high risk of chronic diseases such as cancer, stroke, and cardiovascular diseases.

The medical imaging services market faces challenges related to the high cost of imaging procedures. Advanced imaging technologies, like MRI, CT, and PET scans, require significant initial investments, ongoing maintenance costs, and skilled personnel to operate and evaluate data. These factors increase the cost of procedures, making them expensive for patients, particularly those from the low and middle classes.

Limiting insurance coverage or reimbursement for specific surgeries puts a financial burden on patients, reducing their usage. As a result, healthcare providers faced less demand for these services. This factor hampers the market growth, despite the growing demand for precise diagnostic tools.

Medical Imaging Services Industry Trends

Increasing use of AI, multi-modal imaging, 3D, 4D, and hyperspectral imaging, augmented reality (AR), and virtual reality (VR) is fueling the demand for medical imaging services. Additionally, the increasing use of advanced AI-enabled diagnostic equipment for quick diagnosis and predictive analysis in developed nations is driving the medical imaging services market.

• In November 2023, GE Healthcare launched the MyBreastAI suite, which aids in breast cancer detection.

AI algorithms improve image quality, reduce scan times, and increase diagnosis accuracy. They analyze large amounts of imaging data for small abnormalities and help in the early detection of diseases such as cancer.

3D imaging improves spatial resolution and enable visualization of complicated anatomical structures and anatomy. Incorporating AR & VR technologies with imaging technologies shows better visualization experience for surgical planning, education, and intraoperative navigation.

The increasing number of product approvals and launches with technologically advanced systems is driving the market. Advancements in imaging technology, including AI-powered diagnostics, 3D imaging, and portable equipment, have increased diagnostic accuracy and accessibility, leading to market growth.

Regulatory agencies approving advanced imaging technology that improves efficiency and patient outcomes. Companies operating in the market are focusing on the R&D of advanced technologies that aids in the rising adoption of medical imaging services.

Segmentation Analysis

The global market is segmented based on service type, application, end-user, and geography.

By Type

Based on type, the market is categorized into magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, X-ray, nuclear imaging, and others. The magnetic resonance imaging (MRI) segment led the medical imaging services market in 2023, reaching a valuation of USD 176.24 billion. MRI offers better images than X-ray and ultrasound.

• In August 2023, Fujifilm Healthcare Americas Corporation launched the new 1.5 Tesla MRI, the ECHELON Synergy.

MRI scans diagnose many medical conditions like cardiovascular disease, cancer, strokes, and neurological disorders. MRI scans are rapid, as they use magnets and radio waves. They are suitable for pregnant woman, children, and the aged people. They are safe for use and do not use any radiation.

By Application

Based on application, the market is segmented into oncology, cardiology, neurology, orthopedics, gastroenterology, obstetrics and gynecology, and others. The oncology segment captured the largest market share of 29.22% in 2023, due to the increasing prevalence of cancer and the rising focus on early diagnosis.

Advanced imaging techniques such as PET-CT, MRI, and CT scans are used in oncology for tumor detection, staging, and monitoring. Advancements in imaging technology, such as AI-based image processing, which improves diagnostic precision and treatment planning, are also driving the market.

By End-User

Based on end-use industry, the market is categorized into hospitals, diagnostic imaging centers, ambulatory surgical centers, and research and academic institutes. The hospitals segment is expected to garner the highest revenue of USD 578.17 billion by 2031.

This segment plays an essential role in using and adopting medical imaging services, such as MRI, CT, ultrasound, and X-ray scans and nuclear imaging to help in the diagnosis of diseases, patient health monitoring, and treatment planning.

Hospitals invest huge amounts in advanced medical imaging equipment and technology to enhance patient outcomes, increase diagnostic accuracy, and fulfil the surging demand for medical imaging services by the rising geriatric population and growing prevalence of chronic diseases.

Medical Imaging Services Market Regional Analysis

Based on region, the market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

The North America medical imaging services market share stood at 35.51% in 2023 in the global market, with a valuation of USD 249.00 billion. North America has an advanced healthcare system with a high adoption rate of inventive imaging technologies and significant healthcare expenditure. The U.S. accounts for a large number of chronic diseases, high old-age population, and rising demand for early diagnostic solutions.

• According to the American Cancer Society, the U.S. accounted for total 1,958,310 cases of cancer and 609,820 deaths related to cancer in 2023.

These conditions need advanced imaging for diagnosis and treatment. North America has a strong presence of manufacturers and technology innovators. The adoption of AI and Machine Learning (ML) in medical imaging services continues to drive the market in the region.

The medical imaging services market in Asia Pacific is anticipated to witness the fastest growth at a CAGR of 5.95% over the forecast period. Rapid urbanization and enhanced healthcare access in developing economies such as China and India are boosting the demand for medical imaging services. The geriatric population in countries like China, Japan, and India is increasing and is at a high risk of chronic diseases, which boosts the demand for medical imaging services.

APAC has become prominent as a key region for medical treatment at rational costs, due to the expanding network of hospitals and rising number of treatments in countries like Singapore, Malaysia, and South Korea. As per the World Health Organization (WHO), Singapore has a better healthcare system with advanced medical treatments apart from Japan.

Competitive Landscape

The global medical imaging services market report will provide valuable insights with an emphasis on the fragmented nature of the market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expanding services, investing in R&D, establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create opportunities for market growth.

List of Key Companies in Medical Imaging Services Market

• Agfa-Gevaert Group
• Canon Medical Systems
• Carestream Health
• Echelon Health
• Esaote SPA
• Fujifilm Holdings Corporation
• Hitachi Healthcare
• Pall Mall Medical
• Vista Health
• Sonic Healthcare

Key Industry Developments

• May 2024 (Launch): Agfa Healthcare launched the latest X-Ray imaging system with increased workforce efficiency and image quality.
• February 2024 (Launch): Siemens Healthineers launched a new CT scanner with advanced dose reduction technology, focusing to decrease radiation exposure for patients.
• November 2023 (Launch): Radnet, Inc., a top provider in outpatient diagnostic imaging services sector, launched the advanced health informatics ‘DeepHealth’.
• February 2023 (Launch): Fujifilm India launched its latest range of healthcare imaging products.

The global medical imaging services market is segmented as:

By Service Type

• Magnetic Resonance Imaging (MRI)
• Computed Tomography (CT)
• Ultrasound
• X-ray
• Nuclear Imaging
• Others

By Application

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

By End-User

• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers
• Research and Academic Institutes

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America