According to the report titled ‘Global Medical Imaging Market (2021 Edition) - Analysis By Product (X-Ray, Ultrasound, MRI, CT Scan, Nuclear Imaging), End-User, Application, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2021-2026)’, available with MarketStudyReport, global medical imaging market was valued at USD 39.94 billion in the year 2020 and is expected to rise exponentially during the period 2021-2026.
 

Rise in cases of chronic ailments such as cardiovascular and orthopedic disorders that necessitate medical imaging, the widespread use of portable equipment rather than fixed devices, and the government's increased reliance on early disease diagnosis to reduce overall healthcare costs are driving the growth of global medical imaging market.
 

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For the uninitiated, medical imaging is a process that uses various imaging mechanisms to create a visual representation of the insides of a person's body to aid in proper diagnosis and therapy.
 

Technological advancements such as the incorporation of Big Data in this field to preserve electronic health records (HER), as well as advanced imaging devices that reveal greater details are bolstering industry development. 
 

In this regard, World Health Organization (WHO) reported that around 3.6 billion diagnostic tests are performed every year using imaging techniques, of which 350 million are pediatric examinations. 
 

From a regional standpoint, North America medical imaging industry size is poised to expand exponentially during the forecast period, due to booming elderly population resulting in a surging burden of diseases, as well as the widespread availability of advanced medical imaging devices such as portable CT scanners and ultrasound machines. These devices are leveraged in cardiology, obstetrics, and other fields, providing precise & relevant information about the health of the elderly population that aids in clinical assessment.
 

The competitive landscape of global medical imaging industry is defined by companies such as Canon Medical Systems Corporation, General Electric Company, Hologic, Inc., Koninklijke Philips N.V., Mediso, Siemens Healthineers AG, Carestream Health Group, SonoSite, Inc., MR Solutions Group, and MiLabs among others.