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North America Medical Imaging Market Size By End-use (Hospitals, Diagnostic Centers), By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), Industry Analysis Report, Regional Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Published Date: December 2020 | Publisher: Graphical Research Report ID: GR1552 | Delivery : PDF  Request Free Sample

Industry Trends

North America Medical Imaging Market share was valued at USD 12.1 billion in 2019 and is expected to witness 5.6% CAGR from 2019 to 2026.
 

North America Medical Imaging Market

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Rising disease burden along with rapidly growing elderly population base will accelerate the medical imaging business growth. Availability of advanced medical imaging modalities such as portable ultrasound and portable CT scanners that offers easy and relevant health information for clinical assessment of elderly population will propel the industry progression. Increasing adoption of these systems for cardiology, emergency medicine, obstetrics and gynaecology as well as critical care anaesthesiology for the care of ICU patients will surge its demand. Moreover, surging geriatric population base will enhance the demand for medical imaging devices for proper disease diagnosis and treatment. According to the U.S. Department of Health and Human Services, the population with age 65 and above was around 49.2 million in 2016 and is projected to almost double to 98 million by 2060. This factor will drive the industry growth.
 

North America Market, By Product

The product segment is classified into X-ray devices, magnetic resonance imaging (MRI), computed tomography, mammography, ultrasound, and nuclear imaging. X-ray devices segment accounted for more than USD 3.5 billion revenue size in 2019. X-ray devices have therapeutic applications and are used to treat malignant tumours. X-ray devices are highly preferred owing to its low cost compared to other imaging modalities. Another advantage of using X-ray devices is operational ease and efficiency as compared to MRI and CT scanners. However, increasing awareness pertaining to the side effects of the X-ray technology is predicted to hamper its growth over the forecasting period.
 

North America Market, By End-use

North America Medical Imaging Market

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Based on end-use, the market is segmented into diagnostic centres, hospitals and others. The hospitals segment was valued around 44% market share in 2019 and projected to show substantial growth during forthcoming years. The segmental growth is attributable to surging application of CT scanners, MRI and other imaging modalities in hospitals for effective diagnosis, and treatment fostering the segment growth. Availability of well-developed infrastructure and skilled healthcare professionals in hospital settings will further escalate the industry growth.
 

North America Market, By Country

The U.S. medical imaging market accounted for around 5.5% CAGR and is expected to dominate the market over the analysis period. Presence of leading business players offering a wide range of medical imaging devices will augment the market demand. Rising number of chronic disorders across the U.S. is one of the major impact rendering factor in medical imaging market. According to the CDC, chronic diseases such as cancer, heart diseases and diabetes are the leading cause of disability and death in the U.S. Therefore, rising number of different disorders across the U.S. will propel the demand for medical imaging devices.
 

Competitive Market Share

Some of the foremost market players operating in the market include Canon Medical System, Fujifilm, Konica Minolta, Esaote, Samsung Medison, Siemens Healthineers, Carestream Health, Philips, GE Healthcare and Hologic. The industry players are adopting numerous growth strategies to maintain strong foothold in the medical imaging industry. For instance, in March 2020, Esaote increased the production of portable ultrasound by 70-80% owing to the surging demand for ultrasound systems across the Europe and U.S. This strategy will help the company in strengthening its customer base.
 

Industry Background

The concept of medical imaging started in 1895 with the invention of x-ray by a German professor of physics, named Wilhelm Rontgen. Later, in the 1960s ultrasound scanning emerged. Ultrasound scanning can be used to generate image beneath the skin, especially in pregnant women. Similarly, digital imaging techniques were executed in 1970's with the acceptance and first clinical use of the CT scanner, invented by Godfrey Hounsfield. Furthermore, magnetic resonance (MR) Imaging was initially researched in the early 1970s and the first MRI aging prototype was tested on clinical patients in 1980s. Later, in the 21st Century, technological advancements sustained to race forward at medical imaging with an arrival of preventative medicine, that utilizes MRI, CT scan, as well as ultrasound to pre-diagnose an issue before it turns out to be life threatening.
 

Frequently Asked Question(FAQ) :

The market size of North America Medical Imaging surpassed USD 12.1 billion in 2019.
The industry share of online gambling is anticipated to grow at 5.6% CAGR between 2020 and 2026.
The U.S. medical imaging market accounted for around 5.5% CAGR and is expected to dominate the market over the analysis period. Rising number of chronic disorders across the U.S. is one of the major impact rendering factors in medical imaging market.

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