Medical/Diagnostic Imaging Market is expected to garner $45.0 billion by 2022, registering a CAGR of 5.1% during the forecast period 2015-2022. Medical/Diagnostic Imaging refers to the use of different imaging modalities to get visual representations of the interior of a body for diagnostic and therapeutic purposes. The medical imaging includes different types of modalities that are used to image the human body for diagnosis and treatment of a variety of diseases, and hence plays a vital role in improving health. The medical imaging industry has been revolutionized from bed-side monitoring towards high-end digital scanning.

Technological advancements in diagnostic imaging devices, rising incidences of chronic diseases coupled with the rapidly aging population, increase in number of medical imaging procedures, and rising awareness for early diagnosis of clinical disorders are the key factors that are expected to boost the medical/diagnostic imaging market growth. Furthermore, untapped medical/diagnostic imaging market in Asia-Pacific and LAMEA region is also expected to accelerate the overall market growth during the forecast period. Shortage of helium, high cost of imaging modalities and unfavorable reimbursement scenario in emerging countries may limit market growth, but the increasing healthcare spending in emerging markets will continue to boost demand for diagnostic imaging devices.

The market is expected to gain traction in the developing regions of Asia-Pacific and other LAMEA nations. The reasons for the unparalleled market growth are large undiagnosed patient population, rapid urbanization, increase in disposable income, improved government funding towards chronic disorders, and growing awareness about early diagnosis of diseases. However, adoption of these high-cost medical imaging systems in countries namely, India and China would continue to remain a key challenge for the leading innovators in medical/diagnostic imaging market.