Medical Imaging Market growing at a CAGR of 4.95% from 2025 to 2030

The global medical imaging market size was valued at USD 41.6 billion in 2024 and is projected to reach USD 55.4 billion by 2030, growing at a CAGR of 4.95% from 2025 to 2030. The increasing prevalence of chronic diseases, surging demand for early disease diagnosis and detection tools, growing geriatric population, rising investments by key players, product innovations and technological advancements such as integration of Artificial Intelligence (AI) in medical imaging, development of point-of-care medical imaging equipment are expected to drive market growth during the forecast period.

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The growing geriatric population is significantly influencing the growth of the medical imaging industry as aging is associated with an increased risk of chronic diseases such as heart disease, stroke, cancer, and osteoporosis, among others, which often require diagnostic imaging for accurate diagnosis and management. The United Nations Population Division anticipates that the population of individuals aged 65 and above will double in the next 30 years, hitting a total of 1.6 billion by 2050.

The following charts illustrate that the world is heading toward an aging population. Japan has the highest share of the elderly population, followed by Italy, Germany, France, and Denmark will have the highest proportions of the elderly population in 2022. This is due to significant improvements in life expectancy over recent years, a trend that is expected to continue. By the year 2050, approximately 40% of the population in Hong Kong, South Korea, and Japan will be 65 or older. This marks a substantial increase from the current percentages in highly developed regions, where only about 20% of the population falls into this age group. 

The rise in life expectancy globally is a critical driver for expanding the medical imaging market. As people live longer, they become more susceptible to chronic diseases. Medical imaging plays a pivotal role in accurately diagnosing, managing, and treating these diseases, offering detailed views of the body’s internal state without invasive procedures. Therefore, as the global population ages, the demand for diagnostic imaging services is expected to surge, propelling the growth of the medical imaging market. This trend underscores the importance of advanced imaging technologies in meeting the healthcare needs of an increasingly aging population. According to the United Nations, a newborn in 2021 is projected to have an average lifespan of nearly 25 years longer than someone born in 1950, achieving an average age of 71 years, with females typically living five years longer than males.

“The world is aging fast, and we have only a couple of regions that are still very young; one is Africa,”

-Daniela Bas, director of the Division for Inclusive Social Development at the UN’s Department of Economic and Social Affairs.

The growing prevalence of chronic diseases is expected to drive the demand for medical imaging devices. Medical imaging aids in the early and accurate diagnosis of diseases, enabling effective treatment. The U.S. National Center for Health Statistics estimates 1,958,310 new cancer cases and 609,820 cancer-related deaths in the country in 2023. Furthermore, the rise in chronic disorders has significantly boosted the demand for medical imaging, resulting in a global increase in diagnostic imaging tests. A World Health Organization (WHO) report indicates that around 3.6 billion diagnostic tests are conducted worldwide annually, with about 350 million of these exams involving pediatric patients.

Market Concentration & Characteristics

The medical imaging industry is characterized by a significant level of concentration, with a few major players dominating the industry. Key players such as GE HealthCare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, Fujifilm Holdings, among others, are dominating the medical imaging industry. The industry is in a mature growth stage, with steady technological advancements and incremental innovation. Its pace is relatively fast, driven by rapid technological advancements and the growing demand for early and accurate disease diagnosis. The industry sees a steady stream of innovation, particularly in areas such as artificial intelligence, machine learning, and 3D imaging, which enhance imaging systems’ capabilities and improve diagnostic accuracy.

The medical imaging industry is characterized by a high degree of innovation, with companies consistently developing products that enhance efficiency and safety. For instance, in February 2023, Boston Imaging (a subsidiary of Samsung Medison Co., Ltd.) unveiled the Hera W10 Elite, a specialized version of the Hera platform tailored for obstetrics and gynecology. This advanced model offers clinicians robust Artificial Intelligence (AI) capabilities and clinical applications to improve diagnostic accuracy. Boston Imaging is the U.S. headquarters responsible for marketing, sales, and distribution of all Samsung digital radiography and ultrasound systems.

Regulations play a significant role in the medical imaging industry, as products must meet stringent safety and efficacy standards set by regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). The impact of regulations can be seen in the lengthy and expensive process of bringing new imaging technologies to market. For instance, in December 2023, The U.S. Food and Drug Administration (FDA) classified the recall of Philips’ medical imaging devices, specifically some models of the Panorama 1.0T HFO device (MRI Systems), as the most critical type, indicating that their usage could potentially lead to serious injuries or even fatalities. This action comes in light of concerns that an explosion could occur during a “quench procedure” due to an excessive accumulation of helium gas. Following the announcement, shares of Philips listed in the U.S. saw a decrease of approximately 1%.

Mergers and acquisitions in the medical imaging industry are rising due to the need for research and development, reflecting the industry’s dynamic nature. Companies are leveraging M&A activities to innovate and offer advanced solutions that meet the evolving needs of healthcare professionals. For instance, in July 2022, Canon Medical Systems USA, Inc., a branch of Canon Medical Systems Corporation, finalized the purchase of NXC Imaging, a company based in Minneapolis, Minnesota, specializing in medical devices and services.

Product substitutes in the medical imaging industry include alternative diagnostic methods, such as blood tests and biopsy procedures. However, medical imaging offers unique advantages, such as the ability to visualize internal body structures non-invasively, which often makes it the preferred diagnostic method.

Medical Imaging Market Report Scope

Report Attribute	Details
Market size value in 2025	USD 43.5 billion
Revenue forecast in 2030	USD 55.4 billion
Growth Rate	CAGR of 4.95% from 2024 to 2030
Actual Data	2018 – 2023
Forecast period	2025 – 2030
Quantitative units	Revenue in USD million/billion and CAGR from 2025 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Technology, application, end-use, region
Regional scope	North America, Europe, Asia Pacific, Latin America, and MEA
Country scope	U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.
Key companies profiled	GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, Mindray Medical International, FUJIFILM VisualSonics Inc., Carestream Health, Hitachi, Samsung Medison Co., Ltd., Koning Corporation, PerkinElmer Inc., Konica Minolta, Esaote, Hologic, Inc., and Varex Imaging
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options