Medical imaging refers to various techniques and technologies that are used to visualize parts of the body, organs or tissues for clinical analysis and medical intervention, to diagnose, monitor and treat several medical conditions. Medical imaging devices aid in the diagnosis of medical conditions by providing both functional and anatomical detailsof the targeted part of the body. Examples of medical imaging devices include X-ray devices, ultrasound systems, computed tomography (CT) scanners, magnetic resonance imaging (MRI) equipment, angiography equipment, and nuclear imaging devices for diagnosis. These devices provide accurate, non-invasive medical diagnostic imaging using different techniques such as X-rays, gamma rays, ultrasonography, magnetic resonance imaging (MRI), tomography, thermography or nuclear medicine functional imaging techniques. The rising global prevalence of chronic diseases such as cancer, cardiovascular diseases, neurological disorders and respiratory diseases has increased the demand for effective diagnostic procedures. As medical imaging devices play a key role in early detection and diagnosisof chronic as well as acute diseases, the market for medical imaging devices has witnessed steady growth over the past few years.

The global Medical Imaging Devices Market is estimated to be valued at US$ 40.33 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

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Market key trends:

One of the key trends in the global medical imaging devices market is increasing adoption of portable and point-of-care medical imaging devices. Conventional imaging systems are being replaced by portable imaging devices owing to advantages such as mobility, affordability and ease of operation. Portable ultrasound machines, X-ray devices and MRI systems are gaining popularity for use in point-of-care settings. Furthermore, innovation in imaging technologies is leading to development of hybrid imaging systems such as PET/CT and SPECT/CT which provide both anatomical and physiological details of the target area. Integration of artificial intelligence in medical imaging is also emerging as a key trend with AI assisting in analysis and reporting of medical images. AI tools help generate automated structured reports, detect and classify diseases and enable computer aided diagnosis. This aids in improving efficiency and diagnostic accuracy.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the global medical imaging devices market is moderate. Significant capital requirements and stringent regulations pose as a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of substitutes increases the bargaining power of buyers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the fragmented nature of suppliers in the industry.

Threat of new substitutes: The threat of new substitutes is low as medical imaging devices have limited substitutes.

Competitive rivalry: The competitive rivalry is high owing to the presence of major global players competing on the basis of product innovation.

Key Takeaways

The global medical imaging devices market is expected to witness high growth over the forecast period owing to increasing prevalence of chronic diseases. The global Medical Imaging Devices Market is estimated to be valued at US$ 40.33 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023-2030.

Regional analysis: North America dominates the global medical imaging devices market. Presence of key players, growing geriatric population, and rise in adoption of advanced technologies drive the growth of the region.

Key players: Key players operating in the medical imaging devices market are Hitachi, Ltd., Hologic Inc., Butterfly Inc., and Analogic. Hitachi and Hologic captured significant market share owing to their diversified product portfolio and strong geographical presence.