The Global Medical Imaging Market was valued at US$ 23,901.88 million in 2020 and is anticipated to be worth US$ 33,002.52 million by 2028, recording a stellar annual growth rate of 4.3% from 2021 to 2028. Introduction of technologically advanced systems and increasing demand for early diagnosis are the potential aspects assisting the market expansion.

Medical imaging is an integral part of clinical procedures. Radiologists use ultrasound, MRIs, and CT scans for proper diagnosis and treatment. Over the past few decades, the capabilities of medical imaging have increased radially. Besides, artificial intelligence (AI) has helped improve the critical aspects of healthcare industry, with medical imaging being a prime area of benefit. In February 2018, Aidoc, a deep learning startup, revealed world’s first comprehensive full-body technology that uses AI to analyze CT scans. In September 2018, Nvidia unveiled Nvidia Clara platform that integrates AI in future medical instruments.

Fatal disease such as cancer is now responsible for almost one in six deaths worldwide. Over 14 million people develop cancer every year, which is projected to exceed 21 million by 2030. In several cases, the disease is detected at a pretty advanced stage where it becomes gruesome for the doctors to treat any further. Research on early cancer diagnosis to commence the treatment quicker can help several countries to lower the death rate.

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New guidance from the WHO facilitates early diagnosis for patient survival. Around 75% of clinical decisions are subject to proper diagnostic tests. Initial diagnosis reduces the scale and cost of treatment and also lowers the possible pain and suffering. Medical imaging simplifies the diagnostic process and help determine the suitable treatment. These aforementioned parameters foster the global medical imaging market.

Key players dominating the global medical imaging market are General Electric Company; Siemens AG; Koninklijke Philips N.V.; Shimadzu Corporation; Hitachi, Ltd; Canon Inc; Hologic, Inc; Carestream Health Inc; Esaote SPA; and Samsung Group, among others.

  • In March 2021, General Electric launched Vscan AirTM, a cutting-edge, wireless, pocket-sized ultrasound system that offers crystal clear image quality, whole-body scanning, and intuitive software to clinicians. In May 2021, the company acquired Zionexa, a leading innovator of in-vivo oncology and neurology biomarkers.
  • In September 2019, Siemens Healthineers set up a medical imaging manufacturing facility in Bengaluru, India by investing a sum of Rs 20 crore. In November 2020, the company signed a ten-year value partnership with UI Healthcare to work on cutting-edge medical imaging technology, expand research opportunities, and invest in staff and student workforce training.
  • In August 2020, Canon Medical Systems launched a mobile digital X-ray system for enhanced versatility and performance. Also, it partnered with Zebra Medical Vision to expand its AI offerings.

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