Medical Imaging Market Outlook 2032: Cloud-Based Imaging Solutions Gaining Traction
- sachi toshniwal
- 15 hours ago
- 4 min read
The medical imaging equipment market plays a vital role in modern healthcare by enabling accurate diagnosis and monitoring of various diseases through technologies such as X-ray, ultrasound, CT, MRI, and nuclear imaging. These tools are widely used across hospitals, diagnostic centers, and specialty clinics to assist in early detection, treatment planning, and preventive care. Market growth is fueled by increasing demand for advanced imaging solutions, a rising burden of chronic diseases, technological advancements like AI integration, and expanding access to healthcare in emerging regions. As imaging becomes more digital, portable, and patient-friendly, the market is expected to continue its strong upward trajectory.
According to Fortune Business Insights, the global medical imaging market was valued at USD 41.91 billion in 2024 and is projected to grow from USD 44.33 billion in 2025 to USD 68.43 billion by 2032, exhibiting a CAGR of 6.4% during the forecast period. In 2024, Asia Pacific dominated the medical imaging market with a market share of 38.61%.
🏆 Top Companies Leading the Market
General Electric (U.S.)
Hitachi, Ltd. (Japan)
Shimadzu Corporation (Japan)
Siemens Healthineers AG (Germany)
Koninklijke Philips N.V. (Netherlands)
Hologic, Inc. (U.S.)
Samsung (South Korea)
Fujifilm Holdings Corporation (Japan)
Key Industry Development
In September 2023, GE Healthcare entered a strategic collaboration with the Mayo Clinic, aiming to fast-track innovation in medical imaging and theranostics. This partnership focuses on delivering advanced diagnostic tools and precision therapies to clinicians, elevating patient care.
Market Drivers & Restraints
📈 Market Drivers
Technological Breakthroughs: AI-enabled imaging, portable scanners, and 3D/4D modalities are pushing the boundaries. For example, Fujifilm’s release of ECHELON Synergy 1.5 T MRI with AI-powered workflows and GE’s MyBreastAI for breast cancer screening emerged in 2024.
Prevalence of Chronic Diseases: Increased cases of cardiovascular, oncological, neurological, and musculoskeletal conditions have spurred demand for diagnostic imaging. Approximately 3.6 billion diagnostic procedures are performed annually, according to the WHO.
Healthcare Spending and Infrastructure: Rising medical budgets in emerging economies coupled with expansion of diagnostic facilities support market growth .
Government Support: Regulatory backing and funding are promoting early diagnosis via imaging, driving adoption worldwide
🚧 Market Restraints
High Costs & Recalls: Advanced imaging systems are expensive to procure and maintain. Product recalls, such as Philips’ Incisive CT scanner in 2021, have negatively impacted confidence.
Regulatory Delays: Stringent approval processes, especially for CT, MRI, and AI integrations, slow time-to-market.
Skilled Workforce Shortages: Limited numbers of qualified radiologists, especially in developing regions, hamper imaging uptake.
Data Privacy & Economic Gaps: Concerns around patient data security and unequal healthcare access in low-income countries remain significant challenges .
Market Coverage & Segmentation
The report covers all key modalities, applications, and end-user segments:
Modalities: MRI, CT, X-ray, Ultrasound, Molecular Imaging
Applications: Cardiology, Neurology, Orthopedics, Gynecology, Oncology, Others
End Users: Hospitals, Specialty Clinics, Diagnostic Centers, Others
📊 Segment Analysis
By Modality Type
The X-ray segment leads due to its use in interventional procedures like digital C-arms and mobile X-ray systems. In 2024, Asia Pacific giants Siemens and Philips launched new mobile and cloud-integrated X-ray solutions.
Meanwhile, the ultrasound segment is growing due to compact handheld devices and emerging features such as POCUS, 3/4D imaging, and AI-based diagnostics.
By Application
Orthopedics dominated in 2024, driven by the rising incidence of trauma and sports injuries—up to 7 million cases yearly in the U.S.—requiring precise imaging support
Oncology imaging is expected to grow at the fastest CAGR due to the global rise in cancer rates and enhanced early detection efforts.
By End User
Diagnostic imaging centers currently dominate, fueled by the proliferation of outpatient facilities. Over 6,000 independent diagnostic testing facilities operate in the U.S. alone.
Hospitals are forecast to grow significantly, supported by expanding surgical services and rising inpatient care needs.
Regional Insights
Asia Pacific: The largest region by revenue in 2024 (USD 16.18 billion). Fastest growth driven by chronic disease burden, installed base upgrades, and rising healthcare infrastructure.
North America: Second-largest, propelled by widespread adoption and the high number of imaging centers (~19,000 in the U.S.).
Europe: Solid growth thanks to robust hospital networks and R&D collaborations (e.g., GE & University of Sheffield MRI innovations).
Latin America, Middle East & Africa: Emerging demand driven by public–private partnerships and investments, though adoption is hindered by infrastructure gaps.
Competitive Landscape
Market leaders like GE Healthcare, Siemens Healthineers, Philips, Hitachi, and Hologic hold significant share via broad portfolios, global footprint, and cutting-edge innovations.Recent developments include:
GE received FDA clearance for SIGNA MAGNUS 3.0T head-only MRI and its AI-based Precision DL image-processing software (2024).
Siemens' Biograph Trinion PET/CT (June 2024) and FDA-cleared Symbia Pro.specta SPECT/CT (June 2022).
Hologic launched the Genius digital diagnostics cytology platform (Nov 2023)—an AI-driven cervical cancer screening tool.
Philips added Compact 5000 ultrasound (Dec 2022) and Zenition C-arm cloud-AI upgrades (Jul 2022) to its lineup.
Explore the full research report with detailed insights and TOC:https://www.fortunebusinessinsights.com/industry-reports/medical-imaging-equipment-market-100382
Future Outlook & Scope
The medical imaging market is poised for continued expansion, spurred by:
📡 AI Integration: Machine learning will enhance imaging accuracy, automate workflows, and cut scan times .
🚶♂️ Portable / POC Devices: Handheld ultrasound and mobile X-ray systems will service remote and emergency settings.
🔗 Smart Multi-Modality Systems: Combining CT/MRI/PET capabilities into compact, value-driven units.
✅ Easing Regulations: Flexible regulatory pathways and streamlined approvals (e.g., for AI-assisted systems) are expected.
Conclusion
The medical imaging market’s climb to USD 68.43 billion by 2032 highlights its critical importance in modern healthcare. Leading vendors backed by innovation in AI, portability, and multi-modality systems, coupled with global infrastructure growth, are well-placed to meet rising clinical needs. While cost, regulation, and workforce challenges remain, the sector offers compelling opportunities for stakeholders powered by technology and collaboration.
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