Diagnostic Imaging Market Size
The Global Diagnostic Imaging Market reached USD 27.4 billion in 2022 and is expected to reach USD 41.6 billion by 2031, exhibiting a CAGR of 5.5% during the forecast period (2024-2031).
The rising number of people with chronic diseases and pathological diseases has raised the need for avant-garde medical imaging procedures. The rising need for diagnostic devices that can detect conditions earlier has increased the market for progressive medical imaging devices.
With the improvement in technology, the reporting period which is needed after the image has been reviewed has also decreased extensively. The precision and accuracy of imaging devices have even improved with the upgrade in technology.
Market Scope
| Metrics | Details |
| CAGR | 5.5% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Application, End User |
| 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 Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
Increasing Product Approvals Drive the Growth of the Diagnostic Imaging Market
The increasing market developments are expected to boost the global medical imaging market growth in the forecast period. For instance, in November 2021, Philips launched an AI-enabled MR imaging portfolio, which is planned to enhance the efficiency and sustainability of radiology procedures by speeding up MR exams.
Moreover, in March 2022, Canon Medical Systems acquired Nordisk Røntgen Teknik, a top manufacturer of diagnostic X-ray systems. This investment has allowed the corporation to establish its multinational existence in the X-ray business.
The Increase in Research Funding is Expected to Present the Global Diagnostic Imaging Market With Growth Opportunities
The increasing research funding is expected to present the global diagnostic imaging market with prospective growth opportunities in the upcoming years. For instance, in June 2023, with equipment funding from the National Institutes of Health, the University of Arizona is among the foremost societies in the nation to obtain a new MRI system that can create more precise and more exhaustive images of the brain to promote investigation on brain's internal workings.
Moreover, through Euro-BioImaging, life science investigators will acquire full sponsorship and talented guidance to execute their imaging project at one of the establishments that partake in Euro-BioImaging. All scientists, regardless of their association, area of expertise, or domain of activity can aid from these pan-European open-access benefits.
The Shortage of Skilled Personnel and Efficient Training Programs is Estimated to Hamper the Diagnostic Imaging Market During the Forecast Period
The shortage of trained personnel is a considerable challenge facing the diagnostic imaging industry. Diagnostic Imaging is a highly specialized field requiring specialized training and expertise, and there is a growing shortage of skilled personnel.
One of the primary reasons for the shortage of skilled personnel is the lack of investment in education and training programs for diagnostic imaging. Many universities and colleges do not offer specialized programs in diagnostic imaging, and there is a limited number of training programs available for diagnostic imaging.
Market Segment Analysis
The global diagnostic imaging market is segmented based on type, application, end-user, and region.
The MRI Type of Diagnostic Imaging is Estimated To Be Around 20.8% Share in the Global Diagnostic Imaging Market During the Forecast Period
The MRI type of diagnostic imaging is expected to hold around 20.8% of the global market share owing to the increasing product introductions into the market. For instance, in July 2022, Canon Medical introduced the Vantage Fortain MRI System at ECR 2022, This MRI system features creative workflow solutions, picture enhancements, and high-rate scan technology, which concurrently contributes to lowering the time needed for MRI imaging.
Moreover, in March 2021, Hitachi Medical Systems introduced two permanent open MRI systems, AIRIS Vento Plus, and APERTO Lucent Plus, at the start of the 2021 European Congress of Radiology. Both systems are provided with SynergyDrive workflow solutions.
Market Geographical Share
North America is estimated to hold Approximately 38.3% of the Market Share by 2030, Owing to the Increasing Cases of Chronic Diseases
Owing to the increasing cases of chronic diseases in this region, North America is estimated to dominate the global market holding around 38.3% of the market by 2030. For instnace, according to the Centers for Disease Control and Prevention (CDC), coronary artery disease (CAD) impacts an assessed 18.2 million adults annually in the U.S. independently.
Moreover, the data publicized by the American Cancer Society in 2022 noted that a sum of 1.9 million fresh cancer patients is foreseen to transpire in the United States in 2022. Furthermore, the growing number of neurological ailments like brain tumors is expected to drive North American diagnostic imaging market growth.
Diagnostic Imaging Key Players
The major global players in the diagnostic imaging market include GE Healthcare, Siemens Healthcare, Carestream Health Inc., Hitachi Medical Corporation, Canon Toshiba Medical Systems Corporation, Hologic Corporation, Philips Healthcare, Fujifilm Holdings Corporation, and Shimadzu Corporation, among others.
Russia-Ukraine Conflict Analysis
The Russia-Ukraine conflict is thought to hold a moderate influence on the global diagnostic imaging market, as there is a lack of primary market players in this region. Though continuing to countenance invasions from Russian armies, Ukrainian clinics are forced by growing numbers of deaths and limited medical aid.
There are shortages across all types of healthcare assistance. Again, the significance of the import and export of fundamental materials are expected to slightly impact the global diagnostic imaging market growth in the forecast period.
Key Developments
- In November 2022, Hitachi acquired Canon Medical Systems, a multinational leader in diagnostic imaging systems, for $6.5 billion. This acquisition intends to help Hitachi grow its medical imaging technology portfolio and deliver the corporation's more significant pass to the multinational healthcare market.
- In July 2022, Philips acquired Carestream Health, a provider of diagnostic imaging systems, for $2.2 billion. This acquisition strengthened Philips’ position in the medical imaging technology sector, as Carestream Health is a multinational leader in medical imaging and IT solutions.
- In March 2023, Siemens Healthineers acquired Varian Medical Systems, a provider of medical imaging systems, for $16.4 billion. This acquisition intends to strengthen Siemens Healthineers’ standing in the medical imaging market, as Varian Medical Systems is a top provider of medical imaging solutions.
Why Purchase the Report?
- To visualize the global diagnostic imaging market segmentation based on type, application, end-user, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of diagnostic imaging market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available in excel consisting of key products of all the major players.
The global diagnostic imaging market report would provide approximately 53 tables, 54 figures, and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
