The medical imaging market was valued at US$ 23,901.88 million in 2020 and it is projected to reach US$ 33,002.52 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021-2028.

Factors such as the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations drive the growth of the medical imaging market. However, declining reimbursements hinder the market growth.

Medical imaging refers to techniques and processes used to create images of various parts of the human body for diagnosis and treatment purposes within digital health. The term, medical imaging, includes various radiological imaging techniques such as X-ray radiography, fluoroscopy, magnetic resonance imaging (MRI), medical ultrasonography or ultrasound, endoscopy, elastography, tactile imaging, thermography, medical photography and nuclear medicine functional imaging techniques-e.g. positron emission tomography (PET). Medical imaging is crucial in every medical setting and at all levels of healthcare. The use of medical imaging helps physicians to arrive at more accurate diagnoses and appropriate treatment decisions. Without medical imaging, both diagnosis and treatment in digital health can be very difficult to achieve with any level of accuracy.

The global medical imaging market is segmented on the basis of product, and end user. Based on product, the medical imaging market is categorized into CT systems, X-ray systems, PET systems, MRI systems, ultrasound systems, and others. The X-ray segment held the largest share of the market in 2020 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on end user, the medical imaging market has been segmented into hospitals, OP centers, clinicians' offices, and emergency care centers. The hospitals segment held the largest share of the market in 2020 and is also estimated to register the highest CAGR of 5.0% in the market during the forecast period.

World Health Organization, German Cancer Research Center, University of Pittsburg Medical Center, and American College of Radiology are among the primary and secondary sources referred to while preparing the report on the medical imaging market.