Diagnostic Imaging Market

GMI Research analysis indicates that the Diagnostic Imaging Market size was estimated at USD 28,145 million in 2022 and is slated to register a single digit CAGR of 5.6% over the forecast period, and is projected to reach USD 43,523 million in 2030.

Diagnostic Imaging Market Overview

Diagnostic imaging refers to a procedure to the non-invasive method of generating an image of the body’s internal structure for treatment and diagnostic purposes. This application is widely used in several medical fields such as cardiology, neurology, oncology, and orthopedics. The healthcare professionals professionally use diagnostic imaging for examination and accurate diagnosis. The most common type of diagnostic imaging refers to magnetic resonance imaging (MRI), X-ray, computed tomography (CT), and others.

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Major Diagnostic Imaging Market Drivers

The key factors driving the growth of the global diagnostic imaging market include the increase in the prevalence of chronic diseases, the rise in the geriatric population, and the increase in the adoption of advanced technologies in healthcare. For instance, according to the International Agency for Research on Cancer, about 19.3 million new cancer cases were reported across the globe, and 9.9 million deaths were recorded due to cancer worldwide in 2020. The increase in the aging population results in the risk of developing diseases such as cardiovascular diseases, obesity, diabetes, and cancer. For instance, according to America medical association, estimates that at least 60% of those aged 65 and above will be living in more than one chronic condition by 2030. Thus, the increasing population stands act as a major factor for the growth of global diagnostic imaging market.

Restraint in the Diagnostic Imaging Market

However, this imaging technique comes with a high price and the high cost associated with installation might hamper the growth of the diagnostic imaging market. Moreover, the high risk of radiation exposure is harmful to health, and regulatory challenges and hurdles might restrict the growth of this market.

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Product – Segment Analysis

Based on the Product, the CT scanners segment is expected to grow at a higher CAGR rate in the global Diagnostic Imaging market during the forecast period. It is owing to the growing demand for accurate and early diagnosis for critical problems. It is widely used in hospitals and diagnostic centers across the globe. With the emergence of COVID 19 the demand for CT scanners increased as CT of the chest plays a vital role in determining the COVID 19 diseases progression. Thus, the rising demand for early diagnosis for diseases progression has boosted the growth of this segment.

End User – Segment Analysis

Based on the End User, the hospital segment is expected to grow at a higher CAGR rate in the global diagnostic imaging market during the forecast period due to the availability of different diagnostic imaging equipment in one place resulting in the preference of people to visit the hospital for diagnostic imaging. Additionally, the improvement in services, availability of reports on apps or email and focus on patients’ satisfaction are some of the major driving factors for the growth of this segment.

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Regional – Segment Analysis

Based on the region, North America region is expected to grow at a higher CAGR rate in the global diagnostic imaging market during the forecast period. This is due to well-developed healthcare infrastructure and the increasing geriatric population. For instance, according to the Rural Health Information hub, more than 46 million adults aged 65 and above are living in the U.S, and this number is expected to grow to almost 90 million by 2050. Furthermore, technological advancement and rising healthcare expenditure are further supporting the market growth. In 2021, according to the CDC U.S stands to be the largest spender on healthcare with USD 3.8 trillion. These factors have attributed to the growth of the diagnostic imaging market in this region.

Top Market Players

Various notable players operating in the market, include, General Electric Company, Siemens Healthcare GmbH, Koninklijke Philips N.V., Agfa-Gevaert Group, CANON MEDICAL SYSTEMS CORPORATION, Hitachi, Ltd, Carestream Health, ESAOTE SPA, Hologic, Inc., FUJIFILM Holdings Corporation, among others.

Key Developments:

• • In 2021, Koninklijke Philips N.V. launched the spectral detector-based Spectral Computed Tomography (CT) 7500 solution for precision diagnosis.
  • In 2021, GE Healthcare US launched a Venue Fit, a streamlined and compact POCUS system, alongside an industry-first artificial intelligence offering for cardiology.

Segments Covered in the Report:

The global Diagnostic Imaging market has been segmented on the basis of Product, End User, Application, and regions. Based on Product, the market is segmented into X-Ray Imaging Systems, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Systems, Computed Tomography (CT) Scanners and Nuclear Imaging Systems. Based on End User, the market is segmented into Diagnostic Imaging Centers, Hospitals and others. Based on Application, the market is segmented into Cardiology, Oncology, Neurology, Orthopedics, Urology, Dentistry, Ophthalmology and Obstetrics/Gynecology (OB/GYN).

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Market Segmentation

Global Diagnostic Imaging Market by Product

• • X-Ray Imaging Systems
  • Magnetic Resonance Imaging (MRI) Systems
  • Ultrasound Systems
  • Computed Tomography (CT) Scanners
  • Nuclear Imaging Systems

Global Diagnostic Imaging Market by End User

• • Diagnostic Imaging Centers
  • Hospitals
  • Others

Global Diagnostic Imaging Market by Application

• • Cardiology
  • Oncology
  • Orthopedics
  • Urology
  • Neurology
  • Dentistry
  • Ophthalmology
  • Obstetrics/Gynecology (OB/GYN)

Global Diagnostic Imaging Market by Region

• • North America Diagnostic Imaging Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By End User
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Diagnostic Imaging Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By End User
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Diagnostic Imaging Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By End User
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Diagnostic Imaging Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By End User
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Diagnostic Imaging (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • General Electric Company
  • Siemens Healthcare GmbH
  • Koninklijke Philips N.V.
  • Agfa-Gevaert Group
  • CANON MEDICAL SYSTEMS CORPORATION
  • Hitachi, Ltd
  • Carestream Health
  • ESAOTE SPA
  • Hologic, Inc.
  • FUJIFILM Holdings Corporation