Diagnostic Imaging Market

Diagnostic Imaging Market

Market Synopsis

Diagnostic Imaging Market is valued at 27685.42 Million in 2022 and is projected to reach a value of 42167.31 Million by 2030 at a CAGR of 5.40% over the forecast period.

Diagnostic Imaging refers to the use of different imaging techniques to get visual representations of the interior of a body for diagnostic and therapeutic purposes. The major factors driving the growth of the market are the growing demand for early-stage diagnosis of chronic disease and the rising elderly population, which is expected to boost the demand for Diagnostic Imaging worldwide in the forecast period. Technological advancements, collectively with investments and funds by the government, especially in developing countries, such as India and China, are also expected to contribute to market growth in the upcoming years. The increasing awareness about the effects of major diseases such as cancer and orthopedic diseases has fuelled the demand for early detection of these diseases and immediate diagnosis methods in the forecast period. In addition, the growing demand for technologically advanced imaging techniques by teaching hospitals and universities to provide training regarding the use of advanced technology in the field is expected to have a positive impact on the growth of the market during the upcoming years.

Market Segmentation:

The Diagnostic Imaging Market is segmented on the basis of products, technology, portability, architecture field strength, application, and End User. On the basis of products the market is segmented as X-ray Imaging Systems (By Technology (X-ray Digital Imaging Systems, Direct Radiography (DR), Computed Radiography (CR), X-ray Analog Imaging Systems) By Portability (Stationary System, Portable Systems)), Computed Tomography (CT) Scanners (By Technology (Conventional CT systems, Cone Beam CT Systems (CBCT))), Conventional CT Systems Market (Technology (High-slice CT Scanners, Mid-slice CT Scanners, Low-slice CT Scanners)), Ultrasound Systems((By Technology (2D Ultrasound, 3D and 4D Ultrasound, and Doppler Ultrasound)) (By Portability (Trolley/Cart-based Ultrasound Systems, and Compact/Portable Ultrasound Systems))) Magnetic Resonance Imaging (MRI) Systems (By Architecture (Closed MRI, and Open MRI)) (By Field Strength (High- and Very-high-field MRI Systems, Low-to-mid-field MRI Systems, and Ultra-high-field MRI Systems)) Nuclear Imaging Systems, SPECT Systems (Standalone SPECT Systems, Hybrid SPECT Systems), Hybrid PET Systems and Mammography Systems. On the basis of application, the market is segmented X-ray Imaging Systems (General Radiography, Dental, Fluoroscopy), MRI System (Brain & Neurological MRI, Spine & Musculoskeletal MRI, Vascular MRI, Pelvic & Abdominal MRI, Breast MRI, Cardiac MRI), Ultrasound Systems (Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Urology, Vascular, Other Applications), CT Scanners (Cardiology, Oncology, Neurology, Other Applications), Nuclear Imaging Systems (Cardiology, Oncology, Neurology, Other Applications), Mammography Systems. On the basis of end-users, the market is segmented as Hospitals, Diagnostic Imaging Centers, and Other End Users.

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The CT Scanners market section acquired the highest share of the Diagnostic Imaging market within the forecast period.

In 2021, the CT scanners segment acquired the largest share of the global Diagnostic Imaging market. The high growth of this product is due to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. The development of high-precision CT scanners by integrating CT scanners with artificial intelligence and advanced visualization systems are the major factors driving the growth of this segment. There has been a considerable rise in the demand for CT scanners since the COVID-19 pandemic started as CT of the chest plays an important role in diagnosing COVID-19. Consequently, the rising demand for disease treatment will favor the CT scanners market in the coming years.

The ultrasound segment is also expected to maintain its lead over the forecast period due to the rising number of ultrasound applications. Moreover, a growing emphasis on the innovation of portable ultrasound equipment is expected to drive growth in this application sector in both ambulatory and emergency care.

Hospitals Imaging Centers hold the largest share of the global Diagnostic Imaging market.

The growing demand for advanced imaging techniques and the collaboration of surgical teams with imaging technologies are some of the factors driving the hospitals imaging centres segment growth. The developed countries are showing a substantial rise in demand for advanced imaging components in teaching hospitals as compared to general or special hospitals. The Healthcare service in developing countries is dominated by private players. Therefore, rising competition and increasing demand for world-class healthcare services are the factors expected to fuel the segment growth in upcoming years.

The rising demand for ambulatory imaging is expected to drive the ambulatory imaging centers segment at the fastest pace in upcoming years. The government investment to enlarge the reach of advanced healthcare in rural parts is one of the prime factors driving this segment.

North America is estimated to be the largest shareholder in the market during the forecast period.

In 2021, North America acquired the largest Medical Imaging Market in the forecasted period. The increase in numbers of chronic diseases, technological advancements, product launches, the rising number of awareness programs regarding the early diagnosis of diseases, and the increase in healthcare spending by people will drive the medical imaging market growth in the region in the coming years. In addition, implementation of safety guidelines and policies, and increase in investments by market players for product development and distribution in the US and Canada are encouraging market growth.

Asia Pacific medical imaging market is anticipated to grow at the fastest pace over the forecast period due to the rising incidences of chronic diseases and the high demand for advanced imaging devices. Japan is known as the largest market for medical imaging in the Asia Pacific. The presence of Japan and South Korea-based market players is anticipated to play a crucial role in the regional market growth. The growth of local manufacturing units is expected to lower the prices of diagnostic units, thus helping in price-sensitive and boosting the growth of the market in the upcoming years.

Competitive Landscape-

Some of the major key players in the Diagnostic Imaging Market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), FUJIFILM Holdings Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), Agfa-Gevaert N.V. (Belgium), Samsung Electronics (South Korea), Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (US), Shimadzu Corporation (Japan), Allengers Medical Systems (India), Neusoft Medical Systems (China), Konica Minolta, Inc. (Japan), NP, JSC Amico (Russia), Konica Minolta (Japan), SternMed (Germany), Allengers (India), Neusoft Medical Systems (China).

Diagnostic Imaging Market is segmented as follows:

Diagnostic Imaging Market is tabulated as follows: