USD 26267 million
Global Diagnostic Imaging Market Size, Share, Growth Analysis, By Type(Magnetic Resonance Imaging (Closed MRI and Open MRI), X-Ray Imaging (X-ray Digital Imaging Systems and X-ray Analog Imaging Systems)), By Application(General Imaging, Cardiology), By End-User(Hospitals & Clinics and Diagnostic Imaging Centers) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2164 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
96 |
Figures:
76
Global Diagnostic Imaging Market Insights
Diagnostic Imaging Market size was valued at USD 26267 million in 2019 and is poised to grow from USD 27685.42 million in 2023 to USD 42167.31 million by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
Diagnostic imaging is a branch of medicine in which doctors reconstruct images of various body components for diagnostic and therapeutic purposes. Non-invasive diagnostic imaging procedures allow clinicians to diagnose injuries and diseases without becoming obtrusive. Increased prevalence of chronic diseases such as cardiovascular and neurologic problems, along with the realignment of healthcare systems has resulted in an increased emphasis on early diagnosis.
The rising prevalence of lifestyle-related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased government investment and reimbursement initiatives, and expansions of new facilities by market players in developing countries are expected to drive market growth. For example, in June 2021, the Indian government released X-Ray Setu, a free Artificial Intelligence (AI)-based tool designed to assist doctors with early COVID-19 therapies. Siemens Healthineers opened a new CT scanner production line in India in 2023 to meet the growing demand for CT scanners and strengthen its market position.
US Diagnostic Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals & Clinics
Fastest Growth
Hospitals & Clinics
Growth Rate
5.4% CAGR
Global Diagnostic Imaging Market ($ Bn)
Country Share for North America Region (%)
Global Diagnostic Imaging Market By End-User ($ Bn)
Global Diagnostic Imaging Market By End-User (%)
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Global Diagnostic Imaging Market Segmental Analysis
Global Diagnostic Imaging market is segmented based on Type, Application, End-User, and region. Based on the type, the Diagnostic Imaging market is segmented as Magnetic Resonance Imaging (Closed MRI and Open MRI), X-Ray Imaging (X-ray Digital Imaging Systems and X-ray Analog Imaging Systems), Ultrasound Imaging (2D Ultrasound, 3D and 4D Ultrasound, and Doppler Ultrasound), Computed Tomography, and Nuclear Imaging. Based on the Application, the Diagnostic Imaging market is segmented as General Imaging, Cardiology, Gynecology, Oncology, Neurology, Orthopedics, and Other Applications. Whereas, based on the End-User, the Diagnostic Imaging market is segmented as Hospitals & Clinics, and Diagnostic Imaging Centers. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Diagnostic Imaging Market Analysis by Type
Based on the type, the Diagnostic Imaging market is segmented as Magnetic Resonance Imaging (Closed MRI and Open MRI), X-Ray Imaging (X-ray Digital Imaging Systems and X-ray Analog Imaging Systems), Ultrasound Imaging (2D Ultrasound, 3D and 4D Ultrasound, and Doppler Ultrasound), Computed Tomography, and Nuclear Imaging. In 2021, CT scanners held the greatest proportion of the worldwide diagnostic imaging market. The strong growth of this product sector can be ascribed to the increasing demand for early and accurate diagnosis, as well as the widespread adoption of CT Scanners by hospitals and diagnostic centers worldwide. Since the beginning of the COVID-19 epidemic, there has been a continuous increase in demand for CT scanners. A CT scan of the chest is useful in diagnosing COVID-19; practically every patient requires a CT scan to monitor disease development. As a result, even with the deferred treatments, the increased need for illness treatment has supported the CT scanners industry.
Global Diagnostic Imaging Market By End-User, 2023 (%)
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Global Diagnostic Imaging Market Regional Insights
In 2021, North America is expected to have the biggest share of the market. The growth of the diagnostic imaging market in this region is being driven by an increase in the number of patients receiving diagnostic imaging treatments in the nation. Due to the presence of established healthcare facilities and the rising need for cutting-edge healthcare systems among the ageing population, Europe is predicted to develop at a high CAGR. At around 44 MRI systems per 100,000 inhabitants, the United States comes in second place globally in terms of installed MRI systems per million residents, trailing only Japan, which has 55 systems per 100,000.
Further, In the projected period of 2022–2028, Asia Pacific is anticipated to grow at the fastest CAGR due to the rising prevalence of chronic diseases and the rising demand for better diagnostic tools. Additionally, a sizable and outdated installed base of imaging equipment in Asia Pacific is providing market competitors with a profitable potential. The demand for new Diagnostic Imaging equipment is predicted to be driven by this as well as a fast-increasing healthcare and hospital infrastructure in the area, particularly in nations like China and India.
While, Due to the existence of a sizable untapped market, Latin America is predicted to develop at a relatively lower share of the market. Rapidly expanding hospital networks in the Middle East and Africa are anticipated to propel regional markets at a moderate CAGR over the course of the forecast period. For instance, the U.S.-based network Mayo Clinic funded roughly $50 million in a 741-bed hospital project in the UAE in 2020. Additionally, the rapid development of hospitals in Latin American nations is being facilitated by public-private partnerships, thanks to rising private sector investments. According to projections, this will increase the need for brand-new Diagnostic imaging equipment in these countries.
Global Diagnostic Imaging Market By Region, 2024-2031
- Largest
- Fastest
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Global Diagnostic Imaging Market Dynamics
Diagnostic Imaging Market Driver
- Factors such as the growing desire for early and cost-effective diagnosis of chronic diseases, as well as the world's ageing population, are expected to influence global demand for diagnostic imaging equipment. Some of the important factors driving market expansion are the introduction of technologically improved equipment and the increasing healthcare sector in Asian countries. For instance, in May 2020, Fujifilm Corporation will develop a new AI-based technology for lung nodule diagnosis. This method detects pulmonary nodules in chest CT scans to aid in the diagnosis of lung cancer. While, in November 2020, Canon Medical Systems Corporation will introduce One-Beat Spectral Cardiac CT, featuring quick kVp switching and deep learning spectral reconstruction, to gather whole-heart spectral pictures in one beat. The launch of several new products is expected to boost the demand hence propelling the growth of the market.
Diagnostic Imaging Market Restraint
- The technological restrictions of independent imaging modalities discourage researchers from purchasing them, limiting their market expansion. For example, MRI requires more time to scan big volumes or provide high-quality images, but PET has a lesser spatial resolution. Ultrasound systems are highly dependent on the operator, necessitate direct touch with the body, and have limited tissue depth penetration. SPECT has low detection sensitivity, while CT has poor soft-tissue contrast, offering less information on functional qualities and exposing both clinicians and patients to radiation.
- Frequent product recalls in imaging equipment are expected to be one of the primary factors impeding worldwide market growth during the forecast period. Canon Medical Equipment, USA, INC., for example, recalled more than 60 Canon Aquilion Prime SP, Multislice Helical CT Scanner, TSX-303B/8L in December 2020 due to a software issue with the system.
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Global Diagnostic Imaging Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Diagnostic Imaging Market Top Player’s Company Profiles
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GE Healthcare
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Siemens Healthineers
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Philips Healthcare
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Canon Medical Systems
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Hitachi Medical Systems
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Fujifilm Holdings Corporation
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Hologic Inc.
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Carestream Health
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Toshiba Medical Systems Corporation
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Esaote SpA
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Koninklijke Philips N.V.
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Analogic Corporation
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Bracco Imaging S.p.A.
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Agfa-Gevaert N.V.
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Varian Medical Systems, Inc.
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Terarecon, Inc.
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Ziehm Imaging GmbH
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Mindray Medical International Limited
Diagnostic Imaging Market Recent Developments
- In March 2022, Siemens Healthineers showcased the latest products and technologies in radiology at 74th National Conference, IRIA 2022, Bengaluru, India. Siemens Healthineers introduced its unique solutions in MRI and CT portfolio – MAGNETOM Free.Star and NAEOTOM Alpha. MAGNETOM Free.Star is a disruptively simple approach to MRI that transforms access to high-value care. Whereas NAEOTOM Alpha is the first photon-counting CT that provides high-resolution images at minimal dose, spectral information in every scan, and improved contrast at lower noise.
- In March 2022, Intelerad Medical Systems has launched the Enterprise Imaging and Informatics Suite at the 2022 Healthcare Information and Management Systems Society (HIMSS) Global Health Conference and Exhibition in Orlando, Fla.
Global Diagnostic Imaging Key Market Trends
- Introduction of technologically enhanced imaging equipment is the prime trend in the market. The primary reasons expected to contribute to expanding product demand throughout the projected period is the increased usage of modern AI-enabled diagnostic equipment for speedy diagnosis and predictive analysis in developed countries. Currently, just a few market participants are offering AI-enabled imaging solutions to the healthcare business. For example, in October 2019, Siemens Healthineers announced the Acuson Redwood ultrasound system, which provides an imaging solution for clinical departments like as radiology, cardiology, and obstetrics/gynecology. The system is portable and lightweight, with a variety of AI-based capabilities for smart workflows and cardiology features. Hologic, Inc. declared in December 2020 that Genius AI Identification technology had received U.S. Food and Drug Administration approval for the early detection of breast cancer. It is projected that the availability of equipment with AI capabilities will increase demand and propel the medical imaging industry forward.
Global Diagnostic Imaging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Diagnostic Imaging market is segmented based on Type, Application, End-User, and region. Based on the type, CT Scan segment is projected to dominate the diagnostic imaging market during the forecast period. Among the application, the general imaging segment is projected to dominate the market while among the end-user, the hospitals and clinics segment is projected to lead the Diagnostic Imaging market during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 26267 million |
| Market size value in 2031 | USD 42167.31 million |
| Growth Rate | 5.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Diagnostic Imaging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Diagnostic Imaging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Diagnostic Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Diagnostic Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Diagnostic Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Diagnostic Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Diagnostic Imaging Market Report Snapshots
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