North America Medical Imaging Market (By Product: X-ray Devices, Ultrasound, Computed Tomography, Magnetic Resonance Imaging; By End-use: Hospitals, Diagnostic Imaging Centers) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The North America medical imaging market size was estimated at around USD 14.63 billion in 2023 and it is projected to hit around USD 22.55 billion by 2033, growing at a CAGR of 4.42% from 2024 to 2033. The North America medical imaging market is driven by advancements in technology, increasing healthcare awareness, and a growing aging population.

Key Pointers

• North America dominated the market with the largest market share of 37% in 2023.
• By Product, the magnetic resonance imaging segment held the largest share of 31% in 2023.
• By Product, the CT segment is expected to witness the fastest growth from 2024 to 2033.
• By End-use, the hospitals captured the largest share of 42% in 2023.
• By End-use, the diagnostic imaging centers segment is expected to witness significant growth from 2024 to 2033.

North America Medical Imaging Market Growth

The robust growth of the North America medical imaging market can be attributed to several key factors. Foremost among these is the continual advancement in medical imaging technologies, such as magnetic resonance imaging (MRI), computed tomography (CT), and ultrasound. These technological innovations have significantly enhanced diagnostic precision and imaging capabilities, driving increased adoption across healthcare facilities. Additionally, the escalating prevalence of chronic diseases, including cardiovascular conditions and cancer, has spurred demand for sophisticated diagnostic tools, further fueling market expansion. The growing aging population in the region has also played a pivotal role, as elderly individuals necessitate more frequent and specialized medical imaging procedures. Moreover, supportive government initiatives and substantial investments in healthcare infrastructure have created a conducive environment for market growth, emphasizing the importance of medical imaging in modern healthcare. Overall, these factors collectively contribute to the upward trajectory of the North America Medical Imaging Market.

North America Medical Imaging Market Trends:

• Integration of Artificial Intelligence (AI): The North America medical imaging market is witnessing a notable trend towards integrating artificial intelligence into imaging technologies. AI algorithms enhance diagnostic accuracy, streamline image analysis, and contribute to personalized medicine, thereby revolutionizing the interpretation of medical images.
• Rise of Telemedicine: The increasing adoption of telemedicine practices is influencing medical imaging trends. Remote diagnostic imaging and consultations have become more prevalent, allowing healthcare providers to reach patients in diverse geographical locations, fostering accessibility and convenience.
• Emphasis on 3D Imaging: A growing emphasis on three-dimensional (3D) imaging techniques is evident, offering enhanced visualization for complex anatomical structures. This trend is particularly prominent in fields like orthopedics, cardiology, and oncology, where detailed imaging is crucial for accurate diagnosis and treatment planning.
• Advancements in Molecular Imaging: Molecular imaging techniques, including positron emission tomography (PET) and single-photon emission computed tomography (SPECT), are experiencing advancements. These techniques enable the visualization of cellular and molecular processes, contributing to early disease detection and personalized treatment strategies.
• Cloud-Based Imaging Solutions: The migration towards cloud-based medical imaging solutions is gaining traction. This trend facilitates secure storage, easy accessibility, and seamless sharing of medical images, promoting collaboration among healthcare professionals and improving overall patient care.
• Portable and Point-of-Care Imaging Devices: The market is witnessing a shift towards portable and point-of-care imaging devices. These compact, mobile technologies enable imaging in non-traditional settings, enhancing flexibility and providing rapid diagnostic insights, especially in emergency and critical care situations.
• Focus on Radiation Dose Reduction: With a growing awareness of radiation exposure risks, there is a notable trend towards developing and adopting imaging technologies that prioritize minimizing radiation doses. This emphasis aligns with efforts to enhance patient safety and reduce potential long-term health risks.
• Expansion of Interventional Radiology Procedures: Interventional radiology procedures are expanding, offering minimally invasive alternatives to traditional surgical interventions. This trend is driven by advancements in imaging guidance, enabling precise and targeted treatments for various medical conditions.

Product Insights

The magnetic resonance imaging segment held the largest share of 31% in 2023 and is expected to maintain its lead over the forecast period. MRI systems have applications in imaging of various organs, including the abdomen, pelvis, brain, spine, heart, and breast as well as musculoskeletal structure. MRI systems are expected to drive the market as scans produced are of superior quality because of an exceptional contrast resolution. Thus, MRI techniques can provide quantitative information about the biological and physical properties of tissue. As MRI is free from ionizing radiation, they are selected over CT, especially in patients and children requiring multiple imaging examinations.

The CT segment is expected to witness the fastest growth during the forecast period. High demand for point of care CT device and the development of a high-precision CT scanner by the integration of AI & ML and advanced visualization systems are the primary factors driving the segment. In March 2020, GE Healthcare increased their manufacturing capacity by opening new production facilities, to curb the growing demand for advanced imaging tools, especially during the Covid-19 pandemic.

End-use Insights

Hospitals captured the largest share of 42% in 2023. Rising demand for advanced imaging modalities and the integration of surgical suits with imaging technologies are some of the factors driving the segment growth. Over the years, there has been a sharp rise in demand for these modalities in teaching hospitals as compared to general or special hospitals. New hospitals generally provide dedicated space for imaging modalities. Rising competition and increasing demand for world-class healthcare services are the factors expected to fuel the segment growth in upcoming years.

The diagnostic imaging centers segment is expected to witness significant growth during the forecast period, owing to an increase in awareness about chronic diseases such as cancer, neurological diseases, and neurodegenerative disorders. This has accelerated the demand for CT and MRI procedures used for diagnosis, treatment planning, and prevention of chronic disorders. The increased adoption of advanced technology, improved infrastructure, and high funding for the development of these centers is supplementing the segmental growth.

Country Insights

North America medical imaging market share was estimated to be 37% of the market in 2023. The presence of a large number of industry players and the high frequency of new product launches within the region are the factors contributing to the regional market growth. The region exhibits high adoption of advanced, high-end medical imaging equipment due to favorable reimbursement scenario and fundings from market players. The aforementioned factors, coupled with the increasing aging population, the rise of chronic diseases, and the growing trend of preventive diagnostic practices, are expected to drive the medical imaging industry in the region.

North America Medical Imaging Market Key Companies

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthineers
• Canon Medical Systems Corporation
• Mindray Medical International
• Esaote
• Hologic, Inc.
• Samsung Medison Co., Ltd.
• Koning Corporation
• PerkinElmer Inc.
• FUJIFILM VisualSonics Inc.
• Cubresa Inc.

North America Medical Imaging Market Segmentations:

By Product

• X-ray Devices
  • By Modality
    • Radiography
    • Fluoroscopy
    • Mammography
• Ultrasound
  • By Portability
    • Handheld
    • Cart/Trolley Based
• Computed Tomography
  • By Technology
    • High end slice
    • Mid end slice
    • Low end slice
    • Cone beam
• Magnetic Resonance Imaging
  • By Architecture
    • Closed System
    • Open System
• Nuclear Imaging
  • By Product
    • SPECT
    • PET

By End-use

• Hospitals
• Diagnostic Imaging Centres
• Others

By Country

• U.S.
• Canada