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), Ultrasound Imaging (2D Ultrasound, 3D and 4D Ultrasound), By Application(General Imaging, Cardiology, Gynecology, Oncology), By End-User(Hospitals & Clinics and Diagnostic Imaging Centers), By Region - Industry Forecast 2024-2031

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 Additionally, a sizable and outdated installed base of imaging equipment in Asia Pacific is providing market competitors with a profitable potential.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.