Radiology Devices Market Outlook:
Radiology Devices Market size was valued at USD 43.2 Billion in 2024 and is projected to cross USD 90.2 Billion by the end of 2037, expanding at more than 7.03% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of radiology devices is evaluated at USD 46.4 billion.
According to the report published by the World Health Organization, more than 19 million new cancer patients are registered annually. Demand for early diagnosis and advanced imaging is increasing within the global platform. According to the estimation of the Centers for Disease Control and Prevention, over 45% of U.S. adults need imaging through MRI or CT scans. The growing chronic diseases are the leading driving factor to create demand for the radiology devices market. Helium is one of the key raw materials needed to manufacture the radiology devices, that is mainly sourced from the U.S., Qatar, and Russia. According to the U.S. Bureau of Labor Statistics, the Producer Price Index rose to 5.0% and the Consumer Price Index rose to 3.5%. The data exhibits high demand for the components in the global market, which leads to margin pressure due to a shortage of raw material supply.
Government support for research and development is a leading aspect that has elevated market growth. Approximate investment in research and development is evaluated at USD 4 billion in the global market in 2023. Furthermore, the National Institute of Health allocated more than 910 million for AI-assisted imaging in the same year. Whereas the EU Horizon Europe allocated over USD 640 million to the elevated development of portable ultrasound. Improvement in the supply chain is experienced specifically within the semiconductor components that influence the cost of the device.
