The medical imaging equipment market size is expected to reach US$ 62,509.98 million by 2031 from US$ 45,983.21 million in 2024. The market is estimated to record a CAGR of 4.5% from 2025 to 2031.
Executive Summary and Global Market Analysis
The global medical imaging equipment market is experiencing significant growth, driven by technological advancements aimed at addressing the complex and escalating healthcare demands of an aging population. As chronic conditions become more prevalent and early diagnosis gains strategic importance, next-generation imaging solutions are playing a pivotal role in enhancing diagnostic precision, streamlining clinical workflows, and improving patient outcomes. This shift not only underscores the critical role of innovation in modern healthcare but also positions the sector for sustained growth amidst rising global health challenges. The market performance is evaluated by considering the adoption of devices such as X-rays, MRIs, CT scanners, ultrasounds, and nuclear imaging globally.
In line with the adoption rate, the global medical imaging equipment market stood at US$ 45,983.21 million in 2024 and is expected to reach US$ 62,509.98 million by 2031. This steady growth is expected due to rising healthcare investments, innovation in AI and machine learning integration, and expanding access to healthcare in emerging economies. Future trends indicate greater demand for affordable, portable imaging products and the use of AI to enhance diagnostic quality and workflow. Also, the trend toward personalized medicine and the detection of disease in its early stages will continue to drive the growth of the market. Nevertheless, the expansion of the market is being hampered by the expensive prices of sophisticated imaging products and product recalls, which result in reputational risks.
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Medical Imaging Equipment Market Drivers and Opportunities:
Rising Prevalence of Chronic and Complex Diseases
The world’s increase in chronic and complicated diseases, including cancer, cardiovascular disease, diabetes, and neurologic conditions, is having a profound impact on the healthcare industry. Demographic changes, urbanization, lifestyle changes, and environmental factors have driven a high increase in disease incidence. For instance, according to the data published by the Global Cancer Observatory (GCO), new cancer cases were reported in 2022 across the globe. In addition, cancer resulted in 9,743,832 deaths globally in 2022.
Increasing Integration with Artificial Intelligence
Healthcare providers have begun to look for ways to improve accuracy in their diagnoses, lower operational costs, and deal with the abundant number of patients. The use of artificial intelligence in diagnostic imaging devices has several advantages, including improved quality of diagnosis, speedier image multi-processing, improved decisions being determined by advanced algorithms that can recognize patterns, identify abnormalities, and make improved and more definitive decisions while reducing the potential of human error. Artificial intelligence’s possibilities are generating serious interest in hospitals since they may have even more choices to consider upgrading to hardware that includes AI software without worrying about bias and consistency.
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