Market Size of Global Medical Imaging Workstation Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 6.21 Billion |
Market Size (2029) | USD 8.70 Billion |
CAGR (2024 - 2029) | 6.99 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Imaging Workstations Market Analysis
The Global Medical Imaging Workstation Market size is estimated at USD 6.21 billion in 2024, and is expected to reach USD 8.70 billion by 2029, growing at a CAGR of 6.99% during the forecast period (2024-2029).
The Covid-19 pandemic has shown a significant impact on the market studied. The application of imaging for the diagnosis and treatment of COVID-19 and associated diseases has positively impacted the market's growth. For instance, a BMC Pulmonary Medicine Journal article titled 'Chest x-ray findings and temporal lung changes in patients with COVID-19 pneumonia' published in September 2020 reported that almost half of patients with COVID-19 have abnormal chest x-ray findings with peripheral ground-glass opacification affecting the lower lobes being the most common finding. Moreover, as per a study titled "Rapid Deployment of Home PACS Workstations to Enable Social Distancing in the Coronavirus Disease (COVID-19) Era," published in the American Journal of Roentgenology in December 2020, the radiologist department decided to deploy a number of interpretation PACS workstations at the homes of various radiologists to help with social distancing, protect vulnerable radiologists and others in the hospital, and ensure seamless interpretation capabilities in emergency scenarios. Thus, COVID-19 significantly impacted the medical imaging workstation market,
The growth is attributed to technological advancements in imaging systems that require sophisticated operating units and workstations for smooth operation. The rising technological advancements, supported by the novel launches of products by the key players, are also expected to take the market to new heights. For Instance, in October 2021, JVC launched the CL-S600, a 30-inch medical imaging monitor. 6-megapixel wide color monitor for displaying various diagnostic images on one workstation.
In addition, the growing number of chronic diseases coupled with the rising healthcare expenditure around the world is projected to boost the market growth. Also, the introduction of advanced display and image processing modalities is anticipated to boost the existing workstation and further fuel the market growth. For instance, as per the April 2021 report of the World Health Organization (WHO), non-communicable diseases (NCDs), also known as chronic diseases, are long-duration diseases and are the result of a combination of genetic, physiological, environmental, and behavioral factor and NCDs are responsible for about 41 million deaths every year around the world, which is about 71% of all deaths globally. As per the same source, cardiovascular diseases are the major form of NCDs, followed by cancer, respiratory diseases, and diabetes, and 77% of all NCD deaths are in low- and middle-income countries.
Additionally, rising healthcare expenditure is anticipated to boost the market over the forecast period. According to Eurostat data published in December 2021, Germany and France had the highest current healthcare expenditure relative to GDP in 2019. The level of current healthcare expenditure in Germany was EUR 403 billion in 2019 and remained at the highest level among the European Union (EU) and the Member States. Current healthcare expenditure in Germany and France was equivalent to 11.7 % and 11.1 %, respectively, of gross domestic product (GDP), more than in any other EU Member State. The next highest ratios were in Sweden (10.9 %), Belgium (10.7 %), Austria (10.4 %), the Netherlands (10.2 %), and Denmark (10.0 %); none of the remaining EU Member States recorded double-digit ratios. Hence, the increasing healthcare expenditure is likely to support the market growth
Thus, all aforementioned factors anticipated boosting the market over the forecast period. However, the high cost of imaging systems and lack of skilled professionals is expected to hamper the market progress over the forecast period.
Medical Imaging Workstations Industry Segmentation
Medical imaging workstations play a vital role in the diagnosis of various diseases. The medical imaging workstations reduce the manual workflow and improve the precision and accuracy of diagnosis. The report covers the workstations that are used as add-ons to imaging systems in healthcare setups. The Market is Segmented by Component (Visualization Software, Display Units, Others) By Modality (Computed Tomography (CT), Magnetic Resonance Imaging, Ultrasound, Mammography, Others), Usage Mode (Thick Client Workstation, Thin Client Workstation), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers value in USD million for the above segments.
By Component | |
Visualization Software | |
Display Units | |
Others |
By Modality | |
Computed Tomography (CT) | |
Magnetic Resonance Imaging | |
Ultrasound | |
Mammography | |
Others |
By Usage Mode | |
Thick Client Workstation | |
Thin Client Workstation |
Geography | ||||||||
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Global Medical Imaging Workstation Market Size Summary
The global medical imaging workstations market is poised for significant growth, driven by technological advancements and increasing healthcare expenditures. The market is experiencing a positive impact from the COVID-19 pandemic, which highlighted the importance of imaging in diagnosing and treating the virus and its complications. This has led to the deployment of advanced imaging systems and workstations, such as PACS workstations, to ensure seamless operation and interpretation capabilities. The introduction of novel products, like JVC's 30-inch medical imaging monitor, further supports market expansion. The rising prevalence of chronic diseases, including non-communicable diseases, coupled with the demand for advanced display and image processing modalities, is expected to propel the market forward. However, challenges such as the high cost of imaging systems and a shortage of skilled professionals may hinder progress.
North America is anticipated to hold a significant share of the market due to its robust healthcare infrastructure, aging population, and high healthcare spending. The region's growth is fueled by the presence of numerous diagnostic centers, the increasing prevalence of targeted diseases, and the adoption of advanced imaging systems. Key market players, including GE Healthcare and Koninklijke Philips N.V., are focusing on technological advancements and regional expansion to enhance their market presence. The introduction of innovative solutions, such as GE Healthcare's cloud-based PACS, addresses the challenges faced by radiology departments. The market's competitive landscape is characterized by moderate fragmentation, with major players continuously striving to advance technologies and expand their geographical reach.
Global Medical Imaging Workstation Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Technological Advancements in The Imaging Technologies and Use of Artificial Intelligence
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1.2.2 Rising Healthcare Expenditure Coupled with Rising Disease Burden
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1.3 Market Restraints
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1.3.1 High Cost of Medical Imaging Equipment
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1.3.2 Lack of Skilled Professionals
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Component
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2.1.1 Visualization Software
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2.1.2 Display Units
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2.1.3 Others
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2.2 By Modality
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2.2.1 Computed Tomography (CT)
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2.2.2 Magnetic Resonance Imaging
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2.2.3 Ultrasound
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2.2.4 Mammography
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2.2.5 Others
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2.3 By Usage Mode
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2.3.1 Thick Client Workstation
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2.3.2 Thin Client Workstation
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle-East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle-East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Medical Imaging Workstation Market Size FAQs
How big is the Global Medical Imaging Workstation Market?
The Global Medical Imaging Workstation Market size is expected to reach USD 6.21 billion in 2024 and grow at a CAGR of 6.99% to reach USD 8.70 billion by 2029.
What is the current Global Medical Imaging Workstation Market size?
In 2024, the Global Medical Imaging Workstation Market size is expected to reach USD 6.21 billion.