Medical Imaging Equipment Market Size to Hit USD 62.51 Billion by 2031 with 4.5% CAGR | Business Market Insights

NEW YORK, June 20, 2025 /PRNewswire/ -- Players such as GE HealthCare, Siemens Healthineers, Philips, and Canon Medical are investing in R&D, expanding product portfolios, and teaming up to stay ahead. These steps, along with helpful government rules and better healthcare systems worldwide, will keep pushing the market forward in the years to come.

The research report "Medical Imaging Equipment Market Size and Forecast (2021–2031)" forecasts how the market is set to surge 35.94% by 2031 as technological advancements reshapes global medical imaging equipment ecosystems. The report spotlights that the integration of artificial intelligence (AI) and machine learning (ML) into imaging systems has further revolutionized the field.

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Technology is starting to become a major driver for this market. We expect integrated capabilities of medical imaging with AI-powered technologies such as smart automated diagnostics, enhanced image analysis, and real-time decision support to improve clinical workflows with higher accuracy, efficiency and expand access to high quality care. This represents a fundamental change in the way medical imaging supports formal diagnosis and treatment worldwide.

Overview of report findings

1. Market Growth 
   The Medical Imaging Equipment Market is projected to grow from US$ 45,983.21 million in 2024 to US$ 62,509.98 million by 2031, registering a compound annual growth rate (CAGR) of 4.5% between 2025 and 2031.
   
   Rising prevalence of chronic and complex disease, increasing Integration with artificial intelligence, increasing government initiatives, and regulatory approval are key factors propelling market growth. On the other hand, increasing product recall and high cost of advance medical imaging equipment are hindering the market expansion.
2. Favorable Government Initiatives and Funding 
   Globally, the amount of funding for health infrastructure is increasing. Government across the globe is launching several screening programs for diagnosis of life-threatening diseases. In addition, governments are providing subsidies or grants to expand the diagnostic capacity of imaging systems. Public health initiatives aimed at early disease detection, especially for cancer and cardiovascular conditions, are increasing the demand for advanced imaging technologies. Additionally, regulatory support for faster approval of innovative devices and investments in digital health ecosystems are accelerating market growth. Most of these initiatives not only improve access to imaging services, but they allow manufacturers opportunities for expanding their existing product offering in both developed and emerging markets.
3. Increasing Demand for Early and Accurate Diagnosis Rising demand for early and precise diagnosis is significantly fuelling the medical imaging equipment market. Early detection of diseases like cancer, cardiovascular disease, and neurological disorders enhances treatment outcomes and decreases healthcare expenditure. Sophisticated imaging technologies allow doctors to detect abnormalities at early stages with high accuracy, facilitating timely intervention. With increased awareness among patients and medical professionals regarding the advantages of early diagnosis, the need for advanced imaging machines that provide accurate and precise results is growing consistently, boosting market growth worldwide.
4. Geographic Insights
   North America continues to be the top region for medical imaging equipment due to an increasing rate of chronic diseases, demand for early and accurate diagnoses, and technological advancements. The US and Canada fuel growth with major healthcare providers and technology innovators investing heavily in advanced imaging solutions such as AI-powered systems and portable devices. Although imaging innovations such as hybrid imaging and cloud-based imaging improvements provide a significant increase in speed, accuracy, and overall diagnostic capabilities, it is important to deploy these innovations in a cost-effective manner to healthcare facilities experiencing higher demand for quality care.

Europe, has a well-established healthcare infrastructure providing a foothold for imaging technology and equipment, including low-radiation devices, hybrid imaging technologies, and other advanced imaging modalities. An increased focus on personalized medicine and sustainable healthcare solutions will also contribute to advancing the regional market.

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Market Segmentation

• Based on Product Type, the market is segmented into Magnetic Resonance Imaging Systems, Ultrasound, Computed Tomography Devices, X-Ray Imaging Devices and Nuclear Imaging Systems. The Computed Tomography Devices segmented dominated the market in 2024.
• Based on Application, the market is segmented into Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Urology and Others. The Oncology segment dominated the market in 2024.
• Based on End User, the market is segmented into Hospitals, Specialty Clinics, Diagnostics Imaging Centers, Academic & Research Institutes, and Others. The Hospitals segment dominated the market in 2024.

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Competitive Strategy & Development

- Key Players: The Medical Imaging Equipment Market is populated by several key players, each contributing to its growth and innovation. Some prominent players are:

1. GE HealthCare
2. Siemens Healthineers AG
3. FUJIFILM Holdings Corporation
4. CANON MEDICAL SYSTEMS CORPORATION
5. Koninklijke Philips N.V.
6. Shimadzu Corporation
7. Hologic, Inc. 
8. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

- Trending Topics: In-Situ Hybridization (FISH) Imaging, Clinical Trial Imaging, Whole Slide Imaging, Diagnostic Imaging, Retinal Imaging  

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Global Headlines

• "India's first indigenous MRI scanner, set for clinical trials at AIIMS- India has developed its first indigenous MRI scanner, which will be installed at AIIMS-Delhi by October 2025. The initiative aims to cut MRI costs by 50 per cent and reduce reliance on imports while increasing public access to medical imaging."
• "Radon Medical Announces Acquisition of Alpha Imaging– In November 2024, Radon Medical Imaging, a medical imaging equipment maintenance and repair services company, announced it has acquired Alpha Imaging, one of the largest distributors and servicers of medical imaging equipment in the eastern region of the U.S.

Conclusion

The medical imaging equipment market is poised for steady growth. This growth is driven by rising chronic diseases, a higher need for early and accurate diagnoses, and quick tech progress like AI and portable imaging. New trends such as the shift toward the tailored or personalized medicine and hybrid imaging systems, are driving new ideas. On the other hand, factors such as high cost of advance imaging modalities and stringent regulatory guidelines can hamper the industry growth.

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Trending Related Reports:

The North America medical imaging equipment services market is expected to reach US$ 8,916.28 Mn in 2027 from US$ 6,526.03 Mn in 2018. The market is estimated to grow with a CAGR of 3.6% from 2019-2027.

The US medical imaging equipment services market is expected to reach US$ 5,848.2 Mn in 2027 from US$ 4,169.0 Mn in 2018. The market is estimated to grow with a CAGR of 3.9% from 2019-2027.

Medical imaging market in Europe is expected to grow from US$ 7,703.9 million in 2021 to US$ 10,003.1 million by 2028; it is estimated to grow at a CAGR of 3.8% from 2021 to 2028.

The medical endoscopes market size is expected to reach US$ 22,467.07 million by 2031 from US$ 14,487.23 million in 2024. The market is estimated to record a CAGR of 6.5% from 2025 to 2031.

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