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Growing Need for improved Imaging Technologies: The growing need for improved imaging technologies is the main driver of the demand boom currently observed in the diagnostic imaging industry. Modern imaging modalities like CT (Computed Tomography), MRI (Magnetic Resonance Imaging), and ultrasound are becoming more and more popular as healthcare practitioners look to improve the efficiency and accuracy of diagnosis.
Growing Rate of Chronic Illnesses: Globally, the prevalence of chronic illnesses, such as cancer and cardiovascular problems, has been rising. Due to the fact that these disorders frequently require regular and accurate diagnostic imaging treatments for efficient disease management and treatment planning, this trend is a major driver of the diagnostic imaging market.
Technological Progress Motivating Innovation: The diagnostic imaging environment is changing as a result of ongoing technology improvements. Processes are becoming more efficient and capable of diagnosing conditions more accurately because to innovations like portable imaging equipment, 3D imaging, and the incorporation of artificial intelligence (AI). These developments improve diagnostic precision while also making imaging services more widely available.
Change toward Outpatient Imaging Services: Convenience, economy, and quicker turnaround times are some of the main drivers of the recent, discernible trend toward outpatient diagnostic imaging services. As imaging centers and healthcare providers adjust to accommodate the rising demand for outpatient services, this development is having an impact on the dynamics of the industry.
Growing Highlight: Point-of-Care Imaging: Due to its capacity to deliver quick and accurate diagnostic results, point-of-care imaging is becoming more and more popular. In emergency and critical care situations, where prompt decision-making is necessary, this tendency is especially noteworthy. With the increasing prevalence of portable and handheld imaging technologies, on-the-spot diagnostics may be completed quickly and effectively.
Growing Telemedicine Adoption: The market for diagnostic imaging is being impacted by the increasing use of telemedicine. Teleimaging, which allows medical practitioners to access and analyze diagnostic pictures from several places, is becoming more and more popular as a result of remote consultations and virtual healthcare services. This leads to more effective healthcare delivery in addition to facilitating prompt patient treatment.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 聽聽4.7%聽聽Base Year聽聽2021聽聽Forecast Period聽聽2023-2032聽聽Historical Data聽聽2020聽聽Forecast Units聽聽Value (USD Billion聽聽Report Coverage聽聽Revenue Forecast, Competitive Landscape, Growth Factors, and Trends聽聽Segments Covered聽聽Product Type, Application And End-User聽聽Geographies Covered聽聽North America, Europe, Asia-Pacific, and Rest of the World (RoW)聽聽Key Vendors聽聽Koninklijke Philips N.V., CANON MEDICAL SYSTEMS CORPORATION, Carestream Health, Esoate SpA, GE Healthcare, Toshiba Medical Systems Corporation, FUJIFILM Holdings Corporation, Siemens Healthcare Private Limited, Hitachi Medical Systems, Hologic Inc., and Shimadzu Corporation聽聽Key Market Opportunities路聽 Rising R&D spending路聽 Aggressive strategies adopted by the top players such as new product launches聽聽Key Market Drivers路聽 Growing geriatric population路聽 Rising number of chronic disease路聽 Advancement in technology聽 |
Diagnostic Imaging Market Highlights:
Global Diagnostic Imaging Market Overview
The diagnostic imaging market is expected to reach USD 49.66 billion by 2032 at grow at a CAGR 4.7% during the forecast period 2023-2032. Diagnostic imaging is used to detect medical complications and help in illness or condition therapy. The drivers driving market expansion include an aging population, an increase in chronic illnesses, and technological advancements. Furthermore, increased R&D investment and aggressive methods used by leading companies, such as new product releases, are driving market expansion.
For example, General Electric Company developed the Mammography System in September 2017, which allows patients to regulate their compression via remote control. The expense of diagnostic imaging systems, unfavorable reimbursement rules, and a shortage of experienced employees for the optimal use of diagnostic imaging systems may impede market growth over the assessment period.
Diagnostic Imaging Market Segment Insights
The diagnostic imaging market has been segmented on the basis of product type, application and end-user.
On the basis of product type, the market has been classified as x-ray equipment, ultrasound imaging systems, nuclear imaging systems, magnetic resonance imaging (MRI), computed tomography (CT) scanners, and other products.
The application segment has been further divided into gynecology, oncology, orthopedics, cardiology, gastroenterology, neurology, and other applications
The market, by end-user, has been segmented into hospitals and clinics, diagnostic centers, research institutes, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The diagnostic imaging market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary:
The Americas are likely to dominate the global diagnostic imaging market owing to the rising prevalence of chronic diseases in the aging population, increase in the number of cancer patients, the presence of a well-established healthcare system, and adoption of highly advanced technology. According to National cancer institute, in 2016, 15.5 million cancer cases were registered in united states, and it is expected to reach 20.3 million by the end of 2016. Also, the expenditure on cancer care in 2017 was 147.3 billion.
The European market is expected to be the second-largest market. The market growth in this region can be attributed to the favorable regulatory policies, increasing number of hospitals and diagnostic centers, and increasing healthcare expenditure. Moreover, increasing cases of chronic disorders is contributing to the growth of the market in this region. According to the Organization for Economic Co-operation and Development, in 2016 chronic diseases such as heart attacks, strokes, diabetes and cancer were responsible for 550,000 premature deaths in Europe and it cost around USD 130 billion to the economy.
Asia-Pacific is expected to be the fastest-growing market during the forecast period owing to the rising prevalence of chronic diseases, increasing investments in healthcare and expansions by market players in the region, and increase in disposable income.
The market in the Middle East & Africa is expected to account for the smallest share of the global market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Recent Development
Koninklijke Philips is a technology firm that offers products, solutions, and services in healthcare, consumer living, and lighting. The firm provides healthcare, illumination, and oral healthcare goods to professionals, as well as professional dictation and display solutions and innovation services. It provides customers with electrical items such as sound and vision, personal care, mother and child care, housewares, lighting, PCs and phones, and more.
Canon Medical Equipment USA Inc. markets sell, distributes, and supports radiology and cardiovascular systems in the United States, as well as organizes clinical diagnostic imaging research across all modalities. Canon Medical Systems Corporation, a wholly-owned subsidiary of Canon Inc., is a global leader in diagnostic imaging systems such as CT, MRI, ultrasound, X-ray, and clinical laboratory systems. Canon Medical Systems Corporation has been improving the quality of life for all people. It fulfilled this objective by developing medical breakthroughs that are "Made for Life"—that is, they are designed to better the lives of patients, physicians, and administrators.
Diagnostic Imaging Market Segmentation
Diagnostic Imaging Product Type Outlook
- X-Ray Equipment
- Ultrasound Imaging Systems
- Nuclear Imaging Systems
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT) Scanners
- Other Products
Diagnostic Imaging Application Outlook
- Gynecology
- Oncology
- Orthopedics
- Cardiology
- Gastroenterology
- Neurology
- Other Applications
Diagnostic Imaging End-User Outlook
- Hospitals and clinics
- Diagnostic centers
- Research institutes
- Others
Diagnostic Imaging Region Outlook
Americas North America
- US
- Canada
South America Europe Western Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Western Europe
Eastern Europe Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
The Middle East & Africa
- Middle East
- Africa
Company Profiles
- Koninklijke Philips N.V.
- CANON MEDICAL SYSTEMS CORPORATION
- Carestream Health.
- Esoate SpA
- GE Healthcare
- Toshiba Medical Systems Corporation
- FUJIFILM Holdings Corporation
- Siemens Healthcare Private Limited
- Hitachi Medical Systems
- Hologic Inc.
- Shimadzu Corporation
Intended Audience
- Diagnostic imaging product manufacturers
- Medical devices distributors and suppliers
- Healthcare providers
- Medical device manufacturers
- Research institutes and academic centers
- Government associations
- Market research and consulting
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