The medical imaging market is poised to showcase massive progress by 2030 owing to an increasing prevalence of chronic diseases. In addition, government emphasis on product awareness, along with rigorous R&D in the field, are likely to augment market growth over the analysed timespan.

Recently, the role of medical imaging emerged as an important solution to diagnose the severity of COVID-19. The omicron outbreak severely impacted infected patients by forming lymph nodes in the lungs which hampered their respiratory functionality. As a result, mammography and CT scans became crucial COVID-19 detection solutions in diagnostic centers and hospitals. Furthermore, usage of artificial intelligence in medical imaging has substantially boosted COVID-19 detection.

Moreover, the key participants in the medical imaging market have been focusing on rigorous innovations, strategic partnerships, and collaborations to impel their market position, thereby positively influencing the overall market growth.

In November 2021, for instance, Samsung Electronics, a South Korean electronics corporation, showcased its advancements toward medical imaging solutions integrated with artificial intelligence at RSNA 2021, and introduced its ultrasound, digital radiography, and computed tomography solutions.

To cite yet another notable instance, in March 2022, Canon Medical Systems, a leading medical equipment firm, acquired Nordisk Rontgen Teknik A/S, a Danish medical equipment firm. The acquisition is set to provide a considerable opportunity to the company and expand its business in its X-ray business in the European region with innovations in collaboration with Nordisk.

In another instance, in July 2022, Siemens Healthineers, a German medical company, in collaboration with Subtle Medical, an AI solution provider for medical imaging equipment, introduced SubtleMR on the new Open Recon interface by Siemens. The innovation offers sharpness in MRI sequences, optimizes workflow, delivers improved quality, and supports better patient experience.

The medical imaging market has been bifurcated in terms of end-use, product, and region.

With regards to product, the industry has been divided into mammography, MRI, nuclear imaging, X-ray devices, computed tomography, and ultrasound.

The computed tomography segment held around 15.8% market share in 2021 and is further slated to grow significantly over analysis timeline. The growth is attributed to the widespread penetration of CT scans to detect tumors and diagnose other chronic diseases like cardiovascular diseases, orthopedic disorders, and neurology diseases.

Based on end-use, the medical imaging market has been categorized into diagnostic centers, hospitals, and others. The surging number of diagnostic imaging centers around the world is set to boost the diagnostic centers segment which registered a valuation of more than $11.3 billion in 2021.

From a regional frame of reference, the Latin America medical imaging industry is estimated to progress at around 4.8% CAGR between 2022 and 2030 owing to the favorable government initiatives to enhance healthcare facilities across the LATAM region.