Market Overview and Dynamics
The North America medical imaging market is projected to grow from US$ 8,083.5 million in 2021 to US$ 10,986.5 million by 2028, at a compound annual growth rate (CAGR) of 4.5%. One of the key drivers of this growth is the increasing integration of big data analytics in healthcare, particularly in medical imaging. Experts at the University of Cincinnati highlight that continued advancements in big data and data mining are enabling radiologic professionals to access real-time data during imaging procedures. This development enhances diagnostic accuracy, reduces errors, and enables more personalized care. Advanced analytics can identify pathology-specific patterns within medical images, generating metrics and scores that support radiologists’ evaluations, ultimately leading to faster and more precise diagnoses.
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Key Market Segments
- By Product: X-ray systems held the largest market share in 2020, reflecting their widespread use and essential role in diagnostic imaging.
- By End User: Hospitals were the leading end users in 2020, driven by high patient volumes, advanced infrastructure, and access to cutting-edge imaging technologies.
Leading Companies
Key players operating in the North America medical imaging market include:
- General Electric Company
- Siemens AG
- Koninklijke Philips N.V.
- Shimadzu Corporation
- Hitachi, Ltd.
- Canon Inc.
- Hologic, Inc.
- Carestream Health Inc.
- ESAOTE SPA
- Samsung Group
Sources used to compile this market analysis include company websites, annual and financial reports, government publications, and statistical databases.
Reasons to Purchase This Report
- Gain a clear understanding of the North America medical imaging market landscape and identify high-return segments.
- Stay competitive by keeping up with evolving industry dynamics and the strategies of key players.
- Support strategic planning, including mergers and acquisitions or partnership opportunities, by identifying promising market areas.
- Make informed business decisions based on a comprehensive analysis of segment performance.
- Access reliable revenue forecasts for various segments from 2021 to 2028 across the North American region.
Market Introduction
Medical imaging encompasses a range of techniques and processes used to generate visual representations of the interior of the human body for clinical analysis and medical intervention. These techniques are vital components of digital health and include radiological imaging modalities such as X-ray radiography, fluoroscopy, magnetic resonance imaging (MRI), ultrasound (medical ultrasonography), endoscopy, elastography, tactile imaging, thermography, medical photography, and functional imaging techniques like positron emission tomography (PET). Medical imaging plays a crucial role across all levels of healthcare, from initial diagnosis to ongoing treatment and monitoring.
The rising demand for early and accurate diagnosis is expected to significantly drive the demand for medical imaging solutions in the coming years, contributing to the continued growth of the global medical imaging market.
In North America, the surge in COVID-19 cases, particularly in the US, Canada, and Mexico, led to widespread disruption in healthcare services. Many hospitals and clinics faced cancellations of appointments and delays in treatment for chronic conditions such as cardiovascular, musculoskeletal, and gynecological disorders. While physical distancing measures created challenges, the pandemic also accelerated the adoption of imaging technologies for respiratory diagnostics. Leading companies, including Siemens Healthineers and General Electric Company, responded by deploying imaging modalities like CT and ultrasound to assess lung conditions in COVID-19 patients. For example, Siemens Healthineers promoted the use of lung ultrasound as a practical alternative to CT scans during acute respiratory emergencies, especially when CT access was limited.
Despite supply chain disruptions, the increased demand for imaging procedures during the pandemic—particularly for chest imaging—contributed to a notable boost in market growth.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
Author: Akshay patil
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