Market Insight

Global medical imaging market hit $25 billion in 2017

February 07, 2019

Holley Lewis Holley Lewis Senior Analyst, Healthcare Technology

Want to learn more?
Have an expert contact you.

Global medical imaging equipment revenues totaled $25 billion in 2017 and will grow at a compound annual growth rate (CAGR) of 3.2 percent through 2022. X-ray equipment will remain the largest imaging segment, followed by ultrasound equipment and computerized tomography (CT) equipment. GE Healthcare, Siemens Healthineers, and Philips Healthcare increased their combined global medical imaging market share in 2017. The combined revenue share of these leading medical imaging companies grew to 57.5 percent in 2017.

Global demand for diagnostic imaging and interventional procedures will continue to increase, leading to strong growth. However, this growth could be offset by the strain of caring for an aging population, as the reallocation of healthcare spending could move funds away from medical imaging budgets. Procuring imaging equipment that increases efficiency and maximizes return-on-investment will be a primary focus for many healthcare providers.

As x-ray systems decline, ultrasound and CT equipment rise

The rapid decline of traditional x-ray systems, including conventional-analogue, computed-radiography, and image-intensifier markets are restricting overall growth for the radiography and fluoroscopy market. Despite these older systems being replaced with digital technology, the rates of decline are often not fully outweighed by the uptake in digital.

Point-of-care and primary-care ultrasound markets are expanding, bringing new users to ultrasound. Healthcare investment in emerging markets and China are also driving more demand for ultrasound equipment. For these reasons, global ultrasound revenues grew 7.6 percent, year over year, in 2017, which is the largest market growth rate for this category in several years.

The CT equipment market is forecast to grow at a CAGR of 3.6 percent from 2017 to 2022. The Chinese CT market, which is the largest in the world, grew by double digits in 2017. Healthcare investment in China and other emerging market will continue propelling the global CT market forward through the forecast period.

The global magnetic resonance imaging (MRI) market grew 3.1 percent from 2016 to 2017. Increasing MRI utilization rates in emerging markets will drive growth in this market, over the next five years. Additionally, demand for higher functionality systems will contribute to global MRI revenue growth through 2022.

Medical Imaging Executive Overview Report – 2018

This annual report collates information from the IHS Markit medical imaging report library, to present a summary view of the complete medical imaging market. It includes an overview of the key trends and statistics for the global medical imaging equipment market, which is comprised of x-ray, ultrasound, MRI, and CT equipment.

Research by Market
Healthcare Technology
Share facebook Twitter Google Plus Linked In Add This Contact Us