What is the global market size of Diagnostic Imaging Market?

Global Diagnostic Imaging Market size was valued at USD 26267 million in 2021 and is poised to grow from USD 27685.42 million in 2022 to USD 42167.31 million by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).

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 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.

Global Diagnostic Imaging Market Report Snapshots

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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).

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. 'Shimadzu Corporation ', 'Samsung', ' GE Healthcare ', ' Siemens Healthineers ', ' Philips Healthcare ', ' Canon Medical Systems ', ' Hitachi Medical Systems ', ' Fujifilm Holdings Corporation ', ' Hologic Inc. ', ' Carestream Health ', ' Toshiba Medical Systems Corporation ', ' Esaote SpA ', ' Koninklijke Philips N.V. ', ' Analogic Corporation ', ' Bracco Imaging S.p.A. ', ' Agfa-Gevaert N.V. ', ' Varian Medical Systems, Inc. ', ' Terarecon, Inc. ', ' Ziehm Imaging GmbH ', ' Mindray Medical International Limited '

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.

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.

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.

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Global Diagnostic Imaging Market Dynamics

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