Diagnostic Device Market is segmented By Product Type (X-ray Imaging Systems, Computed Tomography (CT) Scanners, Ultrasound Systems, Magnetic Resonance Imaging (MRI) Systems, Nuclear Imaging Systems, Planar Scintigraphy Imaging Systems), By Application (Orthopedic, Neurology, Obstetrics/Gynecology, Oncology, Cardiology, Dental, Others), By End-User (Hospitals, Diagnostic Imaging Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Diagnostic Device Market Overview
The Global Diagnostic Device Market reached USD 47 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 79.9 billion by 2030. The market is expected to exhibit a CAGR of 6.9% during the forecast period 2023-2030. Diagnostic devices play a crucial role in healthcare by aiding in identifying, monitoring, and managing diseases and medical conditions.
These diagnostic devices are designed to provide accurate and timely information about a patient's health status, allowing healthcare professionals to make informed decisions regarding diagnosis, treatment, and patient care. Diagnostic devices enable early detection and diagnosis of diseases, which is essential for timely intervention and improved patient outcomes.
Diagnostic Device Market Scope
| Metrics | Details |
| CAGR | 6.9% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (USD ) |
| Segments Covered | Product Type, Application, End User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Orthopedic Surgery key Insights. |
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Diagnostic Device Market Dynamics
The rise in the prevalence of chronic diseases is boosting the Global Diagnostic Device Market Growth.
The major factors augmenting the growth of the diagnostic imaging market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and a rise in the geriatric population.
The risk of developing diseases increases proportionately with age. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. In addition, the American Medical Association (AMA) estimates that at least 60% of individuals aged 65 and above will live with more than one chronic condition by 2030.
This increase in the aging population will drive the demand for improved healthcare facilities and advanced treatment options and medication. New models for therapy and diagnoses are being developed, which provide precise results, help in the early detection of diseases, and help minimize the cost of treating these diseases.
With the rapid growth in the geriatric population globally, the prevalence of age-associated diseases such as Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia, along with CVDs and cancer, is expected to increase. These factors are driving the market growth.
Expensive procedures and equipment will hamper the growth of the Global Diagnostic Device Market.
However, producing, procuring, and maintaining diagnostic tools can be expensive. Particularly in places with low resources, the high cost of these devices might influence healthcare budgets and accessibility. Diagnostic devices’ affordability and accessibility can be difficult, restricting their use and advantages. The high price of the systems will hamper the market's expansion.
Diagnostic Device Market Segment Analysis
The Global Diagnostic Device Market is segmented based on product type, application, end-user, and region.
The X-ray imaging systems segment is expected to dominate the market over the forecast period.
X-ray imaging systems accounted for the biggest market stake, accounting for approximately 50.3% of the diagnostic device market in 2022. X-ray Imaging Systems are one of the basic healthcare systems incorporated in many of hospitals and other medical facilities. X-ray imaging has wide adoption in medical applications, allowing non-invasive and painless diagnosis and therapy monitoring.
X-ray imaging equipment detects diverse diseases, such as fractures, infections, cancers, and arthritis. The increasing number of cases associated with these diseases will positively impact the market growth.
The major players are developing advanced portable and battery-operated handheld X-ray technologies to meet the needs of clinicians. Manufacturers are launching new products and highly investing by collaborating with other players to expand their portfolios globally.
For instance, on July 13, 2022, at the European Congress of Radiology (ECR) this year in Vienna, Siemens Healthineers introduced Mobilett Impact, their most recent mobile X-ray equipment. The system combines full digital integration, an affordable price, and all the advantages of mobile X-ray equipment for imaging at the patient's bedside.
Additionally, on March 2, 2023, at ECR 2023, Canon Medical introduced new CT and X-ray modalities. The 80/160-slice Aquilion Serve computed tomography (CT) scanner, which enables simultaneous previews of axial, lateral, and AP views, is one of the new introductions. Another is Celex, a versatile X-ray system with automatic and programmable capabilities to maximize operational efficiencies. And as a result, the market is driven by the leading players' product launches.
Source: DataM Intelligence Analysis (2023)
Diagnostic Device Market Geographical Share
North America holds a dominant position in the global Diagnostic Device market.
North America is estimated to hold about 37% of the total market share throughout the forecast period. North America dominates the diagnostic device market. The U.S. has a major market for diagnostic imaging equipment in North America, with major Computed Tomography (CT) Scanners and Magnetic Resonance Imaging (MRI) equipment.
The North American market is driven by extensive use of imaging modalities such as mammography, CT scan and MRI, increased investment in research and development, high healthcare expenditure, improved healthcare infrastructure, and major regional companies.
For instance, in 2021, a simplified and portable POCUS device called Venue Fit and an industry-first AI product for cardiology were both introduced by GE Healthcare. Additionally, on March 28, 2023, at the Lee Health Regional Cancer Centre in Fort Myers, Florida, ViewRay's modern MRIdian MRI-guided radiation therapy system will be introduced. GenesisCare is a top integrated cancer care provider in the US, Australia, Spain, and the UK. For patients who select GenesisCare, providing access to the accuracy of MRIdian Stereotactic MRI-guided Adaptive Radiotherapy (SMART) therapy in a community cancer care setting may help lessen the financial burden of cancer treatment.
Source: DataM Intelligence Analysis (2023)
Diagnostic Device Market Companies
The major global players in the market include GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V, Canon Medical Systems Corporation, Carestream Health, Inc, Hologic, Inc, Allengers Medical Systems, SternMed, Neusoft Medical Systems, Medtronic Plc, among others.
COVID-19 Impact on Diagnostic Device Market
Russia-Ukraine War Impact Analysis
The Russia-Ukraine is estimated to have a minimal impact on the global diagnostic device market owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials, test product types, and devices is anticipated to have little influence over the global diagnostic device market in the forecast period.
Artificial Intelligence Impact Analysis
Artificial intelligence is anticipated to impact positively. Due to AI-powered diagnostic devices excel in interpreting medical images, such as X-rays, CT scans, MRIs, and mammograms. AI algorithms can quickly analyze images and identify potential abnormalities or patterns that may indicate diseases like cancer, cardiovascular conditions, or neurological disorders. This aids radiologists and clinicians in making accurate diagnoses.
By Product type
- X-ray Imaging Systems
- X-ray Digital Imaging Systems
- X-ray Analog Imaging Systems
- Computed Tomography (CT) Scanners
- Conventional CT systems
- Cone Beam CT Systems (CBCT)
- Ultrasound Systems
- 2D Ultrasound
- 3D and 4D Ultrasound
- Doppler Ultrasound
- Magnetic Resonance Imaging (MRI) Systems
- Closed MRI
- Open MRI
- Nuclear Imaging Systems
- SPECT Systems
- Hybrid PET Systems
- Mammography Systems
By Application
- Orthopedic
- Neurology
- Oncology
- Obstetrics/Gynecology
- Cardiology
- Dental
- Others
By End User
- Hospitals
- Diagnostic Imaging Centers
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On November 28, 2022, at the Radiological Society of North America (RSNA) annual meeting (November 27–December 1, Chicago, USA), Royal Philips, a world leader in health technology, announced the global debut of a next-generation tiny portable ultrasound system.
The new Compact 5000 Series from Philips seeks to make high-end cart-based ultrasound devices' diagnostic capabilities accessible to more people.
- On March 31, 2023, with the installation of the brand-new NAEOTOM Alpha CT scanner from Siemens Healthineers at its Palm Beach Gardens, Florida site, RAYUS Radiology expanded its portfolio of high-end imaging technology solutions. This is the only CT scanner to serve patients in South Florida.
- On April 13, 2023, the Medtech firm SigTuple and Molbio Diagnostics established a partnership to develop next-generation AI-enabled portable devices for numerous common yet crucial diagnostic tests.
Why Purchase the Report?
- To visualize the Global Diagnostic Device Market segmentation based on product type, application, end-user, and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous diagnostic device market-level data points with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consists of all major players' key product types.
The Global Diagnostic Device Market Report Would Provide Approximately 53 Tables, 54 Figures and 195 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
