Bio Imaging Market - Forecast(2025 - 2031)

Bio Imaging Market Overview:

The Bio Imaging Market size is estimated to reach $36 Billion by 2030, growing at a CAGR of 16.9% during the forecast period 2024-2030. Bio imaging is a field that uses different types of imaging to visualise biological processes in living organisms for the early diagnosis, research and treatment of diseases. The current prevalence of chronic diseases such as cancer and cardiovascular disorders with technological advancements such as 3D imaging technologies which improves the accuracy and efficiency of diagnosis are driving the bio imaging market. As the need for early disease detection continues to rise and investments increase in healthcare infrastructure, global adoption of advanced bio-imaging systems is accelerated.
Two major transformative trends in the bio imaging market are the integration of Artificial Intelligence (AI) and the shifting towards portable and wearable imaging devices. AI allows for complex image analysis to increase diagnostic precision, minimise human error and deliver results quickly so that disease can be detected earlier and more accurately. This fits the growing need for efficiency and accuracy in healthcare workflows and AI driven imaging is indispensable in modern diagnostics. In addition, for extending and enhancing access to diagnostic tools and enabling timely medical intervention, portable and wearable devices provide imaging in non-traditional settings including rural and remote areas. These trends, simultaneously make diagnostic capabilities even more advanced and advanced healthcare accessible and responsive to individual patient needs.

Market Snapshot: 

Bio Imaging Market - Report Coverage:

The “Bio Imaging Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Bio Imaging Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

•    In the initial days of the COVID19 pandemic, chest x-rays were one of the most common ways of determining the extent of the infection. As COVID-19 is a respiratory illness, hospitals concentrated on equipment for chest CT scans and portable x-ray machines to watch lung health of infected patients. As a result, bioimaging became instrumental to infectious disease monitoring, leading to accelerated development of certain imaging technologies.
•    The Russia-Ukraine war influenced the Bio Imaging Market by causing the healthcare funding and resources in Eastern Europe to be diverted to emergency and trauma care from diagnostic imaging development. In the region many hospitals invested very little in advanced imaging equipment and instead focused on providing essential and immediate care services. In addition, the high cost of high end imaging equipment due to inflation reduced affordability of high end diagnostic equipment in conflict affected regions and slowed down the growth of the market in this region.

Key Takeaways:

North America Leads the Market

North America occupies the largest market share in the bio imaging market owing to the rising number of healthcare investments and high incidence of critical illnesses for which advanced diagnostic solutions are needed. According to the American Cancer Society, nearly 2 million new cancer diagnoses are expected in the United States in 2024, and about 5,480 new cases a day. The high cancer burden in this population requires innovative bio-imaging technologies for early detection and monitoring of treatment. Further, according to American Cancer Society, in 2022 healthcare spending in the U.S. reached $4.5 trillion and $13,493 per capita. The high importance attached to healthcare innovation and to the quality of patient care is reflected in the high expenditure level, which is at a rate roughly equal to pre-pandemic growth. As a result, the North American market has the resources and demand to grow bio imaging.

X-ray dominates the Market

The Bio Imaging Market by Type segment is dominated by X-ray imaging. X-rays performed 1.81 million procedures in March 2024, more than any other modality, according to the NHS of England's Diagnostic Imaging Dataset Statistical Release (July 18, 2024), followed by ultrasound (0.84 million), CT scans (0.63 million) and MRI (0.37 million). Over the 12-month period from April 2023 to March 2024, use of X-rays remained in high demand because they are effective and useable for many diagnostics from fractures to chest infections, with a total of 46.6 million imaging tests carried out. In particular, X-rays are very useful because they are available widely and easily; median wait times for X-ray results were typically same day in March 2024, versus 22 days for MRI. And GPs asked for almost a quarter (28.7%) of all imaging tests to diagnose or rule out cancer, with chest X-rays the most common (204,000). X-rays are preferred in the bio imaging market because they are practical and have wide applicability.

Oncology Leads the Market 

Oncology is the largest segment in the Bio Imaging Market due to the growing need for cancer detection and treatment. There were 19,017 medical oncologists, 5,826 radiation oncologists and 1,398 surgical oncologists in America in 2023, according to August data reported by Definitive Healthcare, totalling 26,241 oncologists. Yet cancer remains the leading cause of death worldwide, with an estimated 19.3 million new cases and 9.7 million cancer related deaths in 2022. Early detection, accurate diagnosis and continuous monitoring of cancer is crucially dependent on advanced imaging technology, which is indispensable for the care of cancer. By 2040, the number of new cases of cancer will rise to 29.9 million a year, and 15.3 million cancer deaths are projected, according to the National Cancer Institute. This increasing reliance on imaging for comprehensive cancer care puts oncology in a strong position as the single largest application segment within the bio-imaging market.

Rising prevalence of chronic diseases Drives the Market

The Bio Imaging Market is being driven by the rising prevalence of chronic diseases, especially because the global burden of diseases like cancer is on the rise. World Health Organisation predicts that new cancer cases will increase by 77 % to 35 million by 2050, from 20 million in 2022. The rise in incidence of this underscores the importance of the latest diagnostic imaging to help to diagnose, monitor and treat chronic disease early. In addition, cancer outcomes are starkly inequitable by human development level. For example, in high development countries, 1 in 12 women will be diagnosed with a breast cancer in their lifetime and 1 in 71 will die from it. These disparities point to a need for accessible, high quality imaging technologies that fill in the gaps of healthcare access. This, in turn, is driving demand for bioimaging tools that enable timely interventions and better care standards across a range of healthcare settings as chronic disease rates rise.

High Initial Costs of Advanced Imagine Machines is a Challenge

The Bio Imaging market faces a big challenge in the form of high installation and maintenance costs, especially for MRI machines. MRI machines cost between $225,000 for entry level machines and over $500,000 for premium models, making them a huge investment for healthcare providers, says Block Imaging. Beyond the initial cost, hospitals and clinics must also worry about critical factors such as magnet strength for best image clarity, patient throughput for best use, specialized software options that could affect diagnostic accuracy. Also, MRI machines need large amounts of space, which often involves shifting the setup costs. The complex technology involves also calls for ongoing maintenance and service contracts; modification from malfunctioning equipment can upset diagnostic schedules and endanger patient care. The access to these advanced bio-imaging technologies, which are very costly and have high financial and operational requirements, is very limited to institutions, especially those smaller ones, which then limits the market growth and accessibility.

Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Bio Imaging Market. The top 10 companies in this industry are listed below:
1.    GE Healthcare
2.    Siemens Healthineers
3.    Medtronic Plc
4.    Canon Medical Systems
5.    Hitachi Medical Corporation
6.    Fujifilm Holdings Corporation
7.    Konica Minolta Inc.
8.    Koninklijke Philips N.V 
9.    Samsung
10.    Hologic Inc.

Scope of the Report: