Medical Imaging Market Forecasted to Reach $68.8 Billion in 2030 with Growth at CAGR of 5.8%

Allied Market Research reveals that the global medical and diagnostic imaging market earned $38.5 billion in 2020 and is projected to grow at a CAGR of 5.8% from 2021 to 2030, reaching a value of $68.8 billion. According to the report, the dramatic increase will be caused by a rising need for improved optical images to facilitate the diagnosis of diseases and disorders, an increase in the incidence of chronic illnesses, and a higher demand for point-of-care imaging systems.

Further, the medical and diagnostic imaging market experienced a positive impact from the Covid-19 pandemic, as there was a significant surge in demand for CT scanners, MRI scanners, and X-ray imaging devices. These devices were used to determine the level of infection, leading to an increase in the market's growth.

According to the research, in terms of product type, the X-ray imaging systems segment held the largest share in the global medical and diagnostic imaging market in 2020, accounting for almost one-third of the total market share. This segment is expected to maintain its leadership position during the forecast period and is anticipated to grow at the highest CAGR of 6.5% from 2021 to 2030.

The study reveals that the cardiovascular and thoracic segment was the largest contributor to the global medical and diagnostic imaging market in 2020. Nevertheless, the breast health segment is projected to grow the fastest, with an estimated CAGR of 6.8% from 2021 to 2030.

In aspect region, the North American region was the dominant medical and diagnostic imaging market in 2020, representing approximately one-third of the total market share. It is projected to maintain its leading position in revenue through 2030. Meanwhile, the Asia-Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) of 6.5% during the forecast period.

Medical imaging is an essential component of modern healthcare, providing doctors with the means to diagnose and monitor a diverse range of medical conditions accurately. Within the passing years, the potential of the technology has been recognized, and organizations and companies have been working toward providing solutions through medical imaging.