The medical imaging equipment market size is expected to reach US$ 62,509.98 million by 2031 from US$ 45,983.21 million in 2024. The market is estimated to record a CAGR of 4.5% from 2025 to 2031.
This steady growth is expected due to rising healthcare investments, innovation in Al and machine learning integration, and expanding access to healthcare in emerging economies. Future
market trends indicate greater demand for affordable, portable imaging products and the use of Al to enhance diagnostic quality and workflow. Also, the trend toward personalized medicine and the detection of disease in its early stages will continue to drive the growth of the market. Nevertheless, the expansion of the market is being hampered by the expensive prices of sophisticated imaging products and product recalls, which result in reputational risks.
Key Market Drivers and Growth Opportunities
1. Rising Burden of Chronic and Complex Diseases
The surge in chronic and lifestyle-related diseases—including cancer, cardiovascular disorders, diabetes, and neurological conditions—is placing increasing pressure on global healthcare systems. Factors such as urbanization, aging populations, changing lifestyles, and environmental influences have contributed to this trend.
According to the Global Cancer Observatory (GCO), nearly 9.74 million cancer-related deaths were recorded worldwide in 2022, highlighting the urgent need for early detection and intervention. Medical imaging technologies such as MRI, CT, and ultrasound offer non-invasive, accurate visualization of internal body structures, making them invaluable for early diagnosis and disease management.
These imaging tools are not only used to detect illness but are also essential for ongoing monitoring, surgical planning, and assessing treatment response—especially for diseases that are increasingly complex and difficult to treat.
2. Technological Advancements and AI Integration
Innovation in imaging equipment is a key enabler of market growth. Healthcare providers are adopting AI-powered imaging solutions to improve diagnostic accuracy, enhance clinical decision-making, and optimize operational efficiency. AI algorithms can recognize complex patterns, detect abnormalities, and assist radiologists in interpreting images with greater speed and accuracy.
These capabilities reduce diagnostic errors, improve workflow efficiency, and allow physicians to manage higher patient volumes without compromising care quality.
Medical Imaging Equipment Market Drivers and Opportunities:
Rising Prevalence of Chronic and Complex Diseases
The world's increase in chronic and complicated diseases, including cancer, cardiovascular disease, diabetes, and neurologic conditions, is having a profound impact on the healthcare industry. Demographic changes, urbanization, lifestyle changes, and environmental factors have driven a high increase in disease incidence. For instance, according to the data published by the Global Cancer Observatory (GCO), new cancer cases were reported in 2022 across the globe. In addition, cancer resulted in 9,743,832 deaths globally in 2022.
Medical imaging is vital in early diagnosis of medical disorders, giving detailed and clear pictures of inner body structures without having to perform invasive surgical intervention. MRI, CT, and ultrasound are the most common medical imaging equipment used in hospitals. To understand a patient's condition and determine the most effective treatment, various diagnostic tools have become integral to the management of serious health issues. As diseases become increasingly prevalent and challenging to treat, medical teams require more precise and expedited methods for decision-making. In this context, imaging technology plays a crucial role.
Increasing Integration with Artificial Intelligence
Healthcare providers have begun to look for ways to improve accuracy in their diagnoses, lower operational costs, and deal with the abundant number of patients. The use of artificial intelligence in diagnostic imaging devices has several advantages, including improved quality of diagnosis, speedier image multi-processing, improved decisions being determined by advanced algorithms that can recognize patterns, identify abnormalities, and make improved and more definitive decisions while reducing the potential of human error. Artificial intelligence's possibilities are generating serious interest in hospitals since they may have even more choices to consider upgrading to hardware that includes AI software without worrying about bias and consistency.
Medical Imaging Equipment Market News and Key Development:
The medical imaging equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the medical imaging equipment market are:
On December 5, 2024, GE Healthcare, a US-based multinational medical device manufacturing company, announced the launch of three new advanced deep learning image processing and reconstruction solutions for their Recon DL MRI system. These MRI systems have AI-powered algorithms for enhanced image quality and streamlined workflows.
In December 2024, NANO-X IMAGING LTD, a medical imaging technology company, announced that they had received 510(k) clearance from the US Food and Drug Administration (FDA) for its Nanox.ARC. It is a stationary X-ray system intended to produce tomographic images for the human musculoskeletal system, pulmonary, intra-abdominal, and paranasal sinus indications, adjunctive to conventional radiography, on adult patients.
In July 2022, Spryte Medical, an advanced medical imaging technologies company, announced that its neuro Optical Coherence Tomography (nOCT) technology had been granted Breakthrough Device Designation by the US Food and Drug Administration (FDA).
Medical Imaging Equipment Market Size and Share Analysis
By product type, the medical imaging equipment market is segmented into Magnetic Resonance Imaging Systems, Ultrasound, Computed Tomography Devices, X-Ray Imaging Devices and Nuclear Imaging Systems. The Computed Tomography segment dominated the market in 2024. Due to their fast scanning capabilities and high-resolution imaging, CT devices are beneficial in emergency medical settings and routine diagnostics.
In terms of applications, the market is segmented into Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Urology, and Other Applications. The oncology segment held the largest share of the market in 2024. According to the data published by the Global Cancer Observatory (GCO), ~19,976,499 new cancer cases were reported across the globe in 2022, and cancer resulted in 9,743,832 deaths globally in 2022. As the cancer burden rises globally, the demand for advanced imaging technologies to provide precise, non-invasive diagnostic solutions continues to grow.
By end user, the market is segmented into Hospitals, Specialty Clinics, Diagnostics Imaging Centers, Academic & Research Institutes and Others. The hospitals segment held the largest share of the market in 2024. Hospitals rely heavily on a range of imaging modalities—including MRI, CT, X-ray, ultrasound, and nuclear imaging—for diagnosis, treatment planning, and monitoring across nearly all medical specialties. The need for rapid, accurate diagnostics in inpatient and emergency settings drives the demand for advanced imaging systems in hospitals. Additionally, investments in high-end technologies, integration with electronic health records (EHRs), and the availability of skilled radiology professionals further contribute to the demand.
Conclusion
The global medical imaging equipment market is at a transformative juncture, shaped by technological progress and a growing emphasis on early and precise diagnosis. As healthcare systems worldwide strive to meet rising patient demands and improve outcomes, medical imaging will remain a cornerstone of diagnostic excellence.
With continued investment in innovation, AI integration, and broader accessibility, the sector is well-positioned to deliver impactful solutions that enhance patient care and operational efficiency—driving sustained growth well into the next decade.
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