United States Medical Imaging Market Assessment, By Product, By Application, By End-user, By Region, Opportunities and Forecast, 2017-2031F

United States medical imaging market is projected to witness a CAGR of 4.50% during the forecast period 2024-2031, growing from USD 12,586.00 million in 2023 to USD 17,898.56 million in 2031. This growth is driven by the technological developments in imaging systems such as CT and MRI, the rapidly increasing geriatric population and the subsequent rise in chronic conditions, diagnostic accuracy, workflow integration enhanced by AI and machine learning, and the evolution of portable imaging devices.

Medical imaging plays a crucial role in healthcare by providing detailed internal images that support accurate diagnosis and effective treatment planning. It facilitates early detection of diseases, allowing for timely intervention and significantly improving patient outcomes. Additionally, medical imaging is vital for monitoring disease progression and assessing the effectiveness of treatments, enabling necessary adjustments. The medical imaging market is driven by technological developments in imaging systems such as CT and MRI, which aid in better diagnosis. AI and machine learning enhance diagnostic accuracy and workflow integration. This growth is further supported by rising healthcare expenditure and the increased penetration of imaging technologies, especially in developing countries. For instance, in November 2023, Medmo Inc., a medical imaging technology company, successfully raised USD 9 million in a new funding round led by early-stage venture capital firm Lerer Hippeau Acquisition Corp., with participation from existing investors. These funds are designated to accelerate the company's ongoing expansion and further develop its radiology patient scheduling platform.

Introduction of Technologically Advanced Systems Drive Market Growth

The introduction of advanced technology is significantly influencing the medical imaging market expansion. Technologies like AI-enabled X-ray systems or computed tomography systems improve efficiency and accuracy in diagnosis. The improvements resulting from these technologies reduce the time needed to acquire and interpret images, allowing healthcare providers to make decisions more quickly and provide better quality to patients. Moreover, technologies like augmented reality and 3D printing are bringing imaging to new and faster capabilities while diagnosing accurately and creating more individualized treatment plans for patients. Furthermore, the increasing focus on early detection of disease and preventive health drives demand for advanced imaging technologies and plays an important role in detecting disease earlier.

For example, in January 2024, Butterfly Network, Inc., a leading digital health-based ultrasound manufacturing company, achieved a significant milestone. The company received approval from the US FDA for its Butterfly iQ3 device, a handheld point-of-care ultrasound system (POCUS). This innovative system, equipped with semiconductor-based single-probe technology, allows for automated image acquisition.

Growing Geriatric Population and Subsequent Rise in Chronic Diseases Promote Market Growth

The aging population is playing an important role in the medical imaging market. With the increase in longevity, individuals are at a higher risk of suffering from chronic conditions, including heart disease, stroke, cancer, osteoporosis, etc., that may require diagnostic imaging to assess the cause and aid in the diagnosis and management of these conditions. Therefore, the rapid growth of the elderly population creates opportunities for significant increases in diagnostic imaging service utilization, as chronic illnesses require ongoing monitoring and imaging accuracy to allow for better management and treatment of the conditions.

For instance, according to the United States Census Bureau, the population in the United States is aging rapidly. In 2022, about 18% of the population in the United States was aged 65 and older; this figure is expected to rise to 23% by 2054, reaching 84 million adults aged 65 and above. Additionally, heart disease remains the leading cause of death and disability in the United States. Thus, rising burden of health diseases, growing awareness about earlier disease diagnosis coupled with favorable reimbursement scenario will further the demand of supportive diagnostic imaging modalities - such as MRI and CT scanners.

CT Scanner Segment Leads the United States Medical Imaging Market

CT scanners drive the growth of the medical imaging market by offering high-resolution, detailed images crucial for accurate diagnosis and treatment planning. Their ability to quickly provide comprehensive cross-sectional views of the body makes them essential in detecting and evaluating a wide range of conditions, from trauma and cancers to complex internal injuries. The increasing adoption of advanced CT technologies, such as high-definition and low-dose CT scanners, enhances diagnostic precision while minimizing patient exposure to radiation. Thus, the rising incidence of chronic diseases, along with complementary requirements related to quick and accurate imaging solutions for emergencies as well as routine care settings, trigger the demand for CT scanners. For instance, in November 2023, Canon Medical Systems USA Inc. launched the Aquilion ONE/INSIGHT Edition and the Aquilion Serve SP CT scanner in the US market at the Radiological Society of North America Congress (RSNA) conference. These systems offer compact design, high-speed and high-resolution cardiovascular imaging capabilities.

Western Region Leads the United States Medical Imaging Market

The Western region holds dominance in the United States medical imaging market as the region benefits from healthcare infrastructure and the highest technology adoption rates in newer imaging technologies such as MRI, CT, and PET scanners, which makes it easy to do contrast-based studies for better accuracy. Moreover, the substantial presence of major companies in the Western region of the United States, including Hologic Inc., Inc., Canon Medical Systems USA Inc., Siemens Healthineers AG, and GE HealthCare Technologies Inc., will further increase the importance of this region in the United States medical imaging market. Substantial investments are dedicated to R&D, fostering creativity and guaranteeing that the United States continues to lead medical imaging advancement. New product launches keep the market dynamic and competitive.

For instance, in May 2024, Canon Medical Systems USA, Inc. installed the Aquilion Serve SP CT scanner with INSTINX, AI-driven workflow automation, at the Steinberg Diagnostic Medical Imaging (SDMI) Center in the United States. The Aquilion Serve SP CT scanner combines top-tier imaging capabilities with enhanced efficiency, consistency, and throughput, setting a new standard in medical imaging technology.

Future Market Scenario (2024-2031F)

The demand for medical imaging is set to rise as healthcare systems increasingly rely on portable and point-of-care solutions that help deliver diagnostic services. These devices detect diseases early and manage them promptly in low-resource settings, leading to better patient outcomes. As these devices become more advanced and affordable, they are likely to foster greater adoption and integration into diverse healthcare settings, fueling market expansion and driving future growth in the sector. For instance, in September 2023, Koninklijke Philips N.V.'s Philips MR 7700 system was installed at the Center for Biomedical Imaging (CBI) in the University at Buffalo's (UB) Clinical and Translational Research Center (CTRC). This new 3 Tesla scanner, one of the most powerful and AI-enabled MRI systems available, offers advanced imaging capabilities that can significantly enhance research across various fields.

Key Players Landscape and Outlook

The United States medical imaging market is quite competitive, with major players at local levels as well. Regulatory approvals of company products, mergers and acquisitions, and collaborations are the most common market strategies that have been observed in recent times.

For instance, in May 2023, Siemens Healthineers AG and CommonSpirit Health Organization acquired Block Imaging, Inc. (Block Imaging), a U.S.-based provider of refurbished medical imaging equipment, services, and parts. This strategic acquisition is designed to enhance value-based healthcare technology management solutions and promote a more sustainable approach to diagnostics. By integrating Block Imaging's expertise in refurbished equipment with their advanced technologies, Siemens Healthineers AG and CommonSpirit Health Organization aim to improve healthcare delivery while optimizing resource use and reducing environmental impact.

In July 2024, GE HealthCare Technologies Inc. acquired Intelligent Ultrasound Group PLC's (Intelligent Ultrasound) clinical artificial intelligence (AI) business. This acquisition has added innovative real-time image recognition technology and expertise to its portfolio of AI-enabled devices. This AI-based technology is designed to provide real-time support for OB/GYN scans, enhancing exam accuracy and efficiency. The planned acquisition aligns with GE HealthCare Technologies Inc.'s precision care strategy, aimed at addressing inefficiencies and improving the quality of patient care.