Global Medical Imaging Market Projected to Reach $82.6 Billion by 2029, According to BCC Research

“Innovative Technologies and Trends in AI, 3D Imaging, and Minimally Invasive Diagnostics Drive Growth in the Medical Imaging Market”

BOSTON, May 6, 2025 /PRNewswire/ — According to the latest study from BCC Research, “Medical Imaging: A BCC Research Outlook,” the market is expected to grow from $63.4 billion in 2024 to $82.6 billion by the end of 2029 at a compound annual growth rate (CAGR) of 5.5% during the forecast period of 2024 to 2029.

The research report provides a comprehensive analysis of the medical imaging market. It covers various product types, including X-ray systems, ultrasound devices, MRI, CT, nuclear imaging, and others like optical and photoacoustic imaging. The report evaluates leading companies, industry drivers, regional dynamics, and current trends. It also discusses emerging technologies, recent innovations in medical imaging instruments and the role of ESG in the industry.

The factors driving the market include:

Invasive and Non-Invasive Procedures: Invasive procedures, such as surgeries, use imaging for precision and safety. Non-invasive techniques, such as MRI and CT scans, provide detailed internal images without surgery.

Demand for Advanced Imaging Technologies: There is a growing need for early and accurate diagnosis. Innovations such as 3D imaging and improved MRI and CT scanners enhance diagnostic capabilities and patient outcomes.

Prevalence of Chronic Diseases and Investments: Chronic diseases such as cancer and diabetes require frequent imaging for diagnosis and monitoring. Increased investments in healthcare are driving the development of advanced imaging solutions.

AI Integration in Medical Imaging: AI improves the accuracy and efficiency of image analysis, rapidly identifying patterns and abnormalities. This supports personalized treatment plans by combining imaging data with patient history.

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Report Synopsis

Interesting facts:

•  In May 2023, scientists at Washington University in St. Louis received a grant to develop a new brain-imaging device. Called HD-DOT, this device uses infrared light to see inside the brain. The device is portable and non-invasive, and can monitor brain activity in real-time during everyday activities or seizures, making brain imaging easier and less disruptive.
•  In October 2024, engineers at the University of California, San Diego, introduced a wearable ultrasound device that can track muscle activity wirelessly. This device sticks to the skin and runs on a battery, providing high-resolution muscle monitoring without invasive procedures. It could be used in healthcare and human-machine interfaces, opening new muscle monitoring and rehabilitation possibilities.

Emerging startups:

•  Exo: Exo has made strides with its FDA-cleared AI applications for its Exo Iris handheld ultrasound device. In April 2023, Exo launched cardiac and lung AI apps, adding to its portfolio of bladder, hip and thyroid applications. This breakthrough allows point-of-care diagnostics, including heart ejection fraction estimation and lung condition detection, all within a pocket-sized, affordable device. Exo aims to double its FDA clearances by 2025, solidifying its position as a leader in AI-powered medical imaging.
•  Positron Corp.: In July 2024, Positron launched its NeuSight PET-CT 3D 64-slice scanner in North America, featuring the smallest footprint and lightest weight of any 64-slice PET-CT system. Despite its compact design, it offers a spacious 72cm gantry for patient comfort and minimizes radiation exposure with high-sensitivity technology.

Questions addressed:

1. What is the market’s projected market size and growth rate?

• The global medical imaging and technologies market was $60.4 billion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 5.5%, reaching $82.6 billion by the end of 2029.

2. What segments are covered in the report?

• The market is segmented by product type, application, end-user, and geographic region. Product types include X-ray systems, MRI instruments, CT scanners, ultrasound systems, and nuclear imaging instruments. End users include diagnostic centers, hospitals, and research centers. Regions include North America, Europe, Asia-Pacific, and the Rest of the World. Specific countries covered include the U.S., Germany, the U.K., Italy, Spain, France, Japan, China, India, Australia and South Korea.

3. Which product type will be dominant throughout the forecast period?

• Ultrasound systems will be the dominant product type.

4. Which region has the largest share of the market?

• North America holds the largest market share.

Market leaders include:

•  ABBOTT
•  MEDTRONIC
•  BOSTON SCIENTIFIC CORP.
•  KONINKLIJKE PHILIPS N.V.
•  CANON INC.
•  ESAOTE SPA
•  FUJIFILM HOLDINGS CORP.
•  GE HEALTHCARE
•  HOLOGIC INC.
•  ICRCO INC.
•  JOHNSON & JOHNSON SERVICES INC.
•  NEUSOFT MEDICAL SYSTEMS CO. LTD.
•  SIEMENS HEALTHINEERS AG
•  TOMOWAVE LABORATORIES INC.
•  VAREX IMAGING

Related reports Include:

Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets: This report analyzes scientific and technological advances, revenue trends, and leading manufacturers. It also examines the competitive landscape, offering insights into how companies position themselves for future growth.

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