Global Medical Physics Market Size is valued at USD 5.16 Bn in 2023 and is predicted to reach USD 8.11 Bn by the year 2031 at an 5.9% CAGR during the forecast period for 2024 to 2031.
Medical Physics Market Share & Trends Analysis Report, By Modality (Diagnostics (Radiographic X-Ray Systems, Fluoroscopic X-Ray Systems, Dental X-Ray Systems, Mammography Systems, Computed Tomography, Magnetic Resonance Imaging, Ultrasound, SPECT, PET, Others), Therapeutics (LINAC, Brachytherapy)), By Service, By End User, By Region, and Segment Forecasts, 2024 to 2031
Medical physics is a field that applies physics principles and methods to healthcare, particularly in diagnosing and treating diseases. Medical physicists work at the intersection of physics, biology, and medicine, developing and implementing technologies that support medical imaging, radiation therapy, and nuclear medicine. They design, test, and optimize radiation therapy treatments for cancer patients, ensuring precise dose delivery to target tissues while minimizing exposure to surrounding healthy tissues, and monitor and calibrate equipment like linear accelerators used in cancer treatments. Medical physics also encompasses technologies such as X-ray, CT, MRI, and ultrasound imaging, where medical physicists work to improve image quality, develop safer imaging protocols, and reduce patients' radiation exposure during diagnostic procedures. Furthermore, the use of advanced medical physics solutions is facilitated by the move toward personalized therapy and minimally invasive procedures.
The growing importance of medical physicists in interdisciplinary healthcare teams, along with regulatory support for radiation safety, is driving market expansion. Continuous R&D efforts are expected to sustain innovation and growth, particularly in developing countries where healthcare infrastructure is evolving rapidly. A major driver of the medical physics industry is the rapid advancement of technology; innovations like AI-driven diagnostic tools, enhanced radiation therapy, and sophisticated imaging techniques are making medical procedures more precise and efficient.
Additionally, stricter regulations and an increasing number of business owners looking to exit the medical physics field are fueling mergers and acquisitions. These stringent regulations have led to more extensive machine inspections and higher risks for healthcare systems, creating an opportunity for medical physics companies to provide outsourcing services that ensure compliance and reduce operational costs. Many of these companies are owned by retiring baby boomers, who see selling their businesses as an attractive option. This trend has led a significant portion of medical physics service providers to consider selling their companies as they prepare for retirement.
The Medical Physics Market is segmented based on modality, service, and end user. Based on the modality, the market is divided into diagnostics and therapeutics. Based on the diagnostics, the market is divided into radiographic X-ray systems, fluoroscopic X-ray systems, dental X-ray systems, mammography systems, computed tomography, magnetic resonance imaging, ultrasound, SPECT, PET, others. Based on the therapeutics (LINAC, Brachytherapy, Others. Based on the end-use, the market is divided into hospitals, ambulatory surgical centers, and diagnostic imaging centers. Based on the service, the market is divided into accreditation assistance, physics testing, performance testing, radiation, dose monitoring, radiation safety training, treatment commissioning, safety surveys, regulatory & auditing services, and others.
Based on the modality, the market is divided into diagnostics and therapeutics. The diagnostics, segment is divided into radiographic X-ray systems, fluoroscopic X-ray systems, dental X-ray systems, mammography systems, computed tomography, magnetic resonance imaging, ultrasound, SPECT, PET, and others. Among these, the solar PV segment is expected to have the highest growth rate during the forecast period. the rising rates of chronic diseases, such as cancer, cardiovascular conditions, and neurological disorders, are increasing the demand for MRI, as it provides detailed and accurate images crucial for diagnosis and treatment planning. This is particularly significant in aging populations, which are more susceptible to these conditions. As healthcare infrastructure in emerging economies grows, the installation of advanced imaging equipment like MRI machines is becoming more common. Governments and private healthcare providers in these regions are investing in MRI to offer advanced diagnostic services, especially as awareness and demand for high-quality care increase. With growing investments in healthcare technology, hospitals, and diagnostic centers are expanding their imaging capabilities by adopting state-of-the-art MRI machines. This is further supported by favorable policies in many countries that promote technological upgrades in healthcare facilities.
Based on the service, the market is divided into accreditation assistance, physics testing, performance testing, radiation, dose monitoring, radiation safety training, treatment commissioning, safety surveys, regulatory & auditing services, and others. Among these, Regulatory bodies worldwide are strengthening safety standards and protocols for radiation use in medical facilities. This includes mandatory radiation safety training for healthcare staff, as these training programs help facilities comply with national and international regulations. This growing emphasis on compliance is leading to heightened demand for professional radiation safety training services. As demand for radiology and radiation therapy services grows, healthcare facilities face a shortage of trained personnel. This has led to an increase in training programs to upskill new recruits quickly while ensuring they adhere to radiation safety standards, thus driving the growth of the radiation safety training segment. These modern approaches to training enable healthcare facilities to train larger groups and reach remote locations, further boosting the segment’s growth.
North America, especially the United States and Canada, has one of the most advanced healthcare infrastructures globally. This includes a high number of hospitals, diagnostic centers, and specialized cancer treatment facilities, all of which require medical physics services, particularly for radiation safety, dose monitoring, and performance testing. Many leading medical device companies and research institutions are based in North America, which drives continuous innovation and demand for specialized medical physics services. This includes experimental treatments, new diagnostic modalities, and personalized medicine approaches that require significant medical physics expertise. There is a strong focus on occupational safety in North American healthcare, especially concerning radiation exposure risks. This has led to increased demand for radiation safety training and monitoring services, further strengthening the market.
| Report Attribute | Specifications |
| Market Size Value In 2023 | USD 5.16 Bn |
| Revenue Forecast In 2031 | USD 8.11 Bn |
| Growth Rate CAGR | CAGR of 5.9% from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive Market structure, growth prospects, and trends |
| Segments Covered | By Modality, Service, and End User |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
| Competitive Landscape | Medical Physics Services LLC, LANDAEUR, Krueger-Gilbert Health Physics Inc., GE Healthcare, Radiation Safety & Control Services Inc., Upstate Medical Physics Services, NV5 (Dade Moeller & Associates), Versant Medical Physics Services & Radiation Safety, Alliance Medical Physics Services LLC, West Physics Consulting LLC, Alyzen Medical Physics Services, Radiation Safety & Control Services Inc., Upstate Medical Physics Services, Dade Moeller & Associates, Associates in Medical Physics Services, Radiation Services Inc., Jaeger Corporation, Petrone Associates LLC, Fujifilm SonoSite, Siemens, ClariPi Inc |
| Customization Scope | Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing and Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
Medical Physics Market- By Modality
Medical Physics Market- By Service
Medical Physics Market – By End User
Medical Physics Market – By Region
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Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.