Diagnostic Imaging Market Size is projected to reach USD 48 billion by 2029, with growth at a CAGR of 5.6% over the forecast period 2022-2029

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ENTERPRISE, Nevada, Nov. 23, 2022 (GLOBE NEWSWIRE) — Diagnostic Imaging Market Size Share Growth Insights:

  • According to the research report published by DataM Intelligence, the global Diagnostic Imaging market size was valued at USD 32 billion in 2021, it is projected to reach USD 48 billion by 2029, with growth at a CAGR of 5.6% over the forecast period 2022-2029.
  • Medical imaging allows medical examiners to observe the inside of a body to establish a medical condition using techniques and machines such as Magnetic Resonance Imaging (MRI), X-ray, and Computed Tomography (CT) scan. This imaging allows radiologists and other health professionals to picture the structures and activities occurring inside the body.
  • Medical imaging is the process in which imaging modalities and processes are utilized to obtain pictures of the human body, which helps diagnose and treat patients. There are different medical imaging procedures, all of which use different machinery to produce images for health-screening-related purposes. The growing technological advancements, increasing chronic disease cases, growing geriatric population and new product introductions are boosting the global market growth.

Diagnostic Imaging Market Drivers:

  • As per WHO’s latest report, about 3.6 billion diagnostic procedures are performed yearly. The increasing need for early and cost-effective diagnosis of chronic diseases, along with growing aging populations, is predicted to boost the demand for medical imaging equipment globally. For instance, according to the WHO in geriatric population was 1 billion in 2020 and is estimated to reach 1.4 billion by 2030. Thus, promoting the global market growth.

Diagnostic Imaging Market Restraints:

  • However, imaging devices’ high cost and maintenance will restrain the global market growth in the forecast period. For instance, according to the diagnostics and international cardiology publication article, a 64-slice scanner costs a little more than $1 million, while a 256-slice scanner runs about $2 million, and a 320-slice system costs about $2.5 million.

Diagnostic Imaging Market Opportunities

  • The utilization of 3D and 4D technologies, multi-modality imaging systems, and integration of Artificial Intelligence (AI) in imaging modalities are some of the emerging trends in the diagnostic imaging field, which presents the market will excellent growth opportunities in the forecast period (2022-2029).

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COVID-19 Impact Analysis of the Global Diagnostic Imaging Market:

  • The COVID-19 pandemic had a great impact on the medical imaging market. The medical imaging industry has witnessed significant growth during the COVID-19 pandemic owing to the usefulness of medical imaging in the diagnosis and treatment guidance of severe COVID-19 infections.
  • Medical imaging procedures are also used in the management of patients post-COVID-19. Chest X-rays, ultrasound and CT are commonly used to gauge the severity of COVID-19 infections and detect the spread of the disease in the lungs. These factors help to surge the global market demand.

Recent Developments in the Industry:

  1. In March 2022, Canon Medical Systems acquired Nordisk Rontgen Teknik. Nordisk Rontgen Teknik is a leading manufacturer of diagnostic X-ray systems. This acquisition has helped the company establish its global presence in the X-ray business.
  2. In April 2021, NANO-X Imaging acquired FDA approval for its Nanox.ARC digital X-Ray Technology.

Diagnostic Imaging Market Segmentation Analysis:

As per the research analysis, the global Diagnostic Imaging market is segmented by Type into X-Ray, (By Portability (Mobile, Stationary), By Technology (Analog Imaging, Digital Imaging)), MRI (By Structure (Closed MRI, Open MRI), By Resolution (Low- Field MRI Scanners, High-Field MRI Scanners, Mid-Field MRI Scanners), Nuclear Medicine (Scintigraphy, PET Imaging, SPECT Imaging), Ultrasound (2D Ultrasound, 3D/4D Ultrasound, Doppler Imaging), Tomography (High End Slice CT Scanners, Mid End Slice CT Scanners, Low End Slice CT Scanners), Tactile Imaging, Functional near Infrared Spectroscopy). By Application Orthopedic, Neurology, Oncology, Cardiology.

  1. Based on type, Tomography is estimated to grow at the highest CAGR of YY% during the forecast period (2022-2029). The Tomography segment accounted for the largest market share of YY% of the global Diagnostic Imaging market in 2020. Owing to the large number of product introductions in this segment. For instance, in March 2022,  Siemens Healthineers revealed its new product MAGNETOM Free. Star and NAEOTOM Alpha in MRI and CT pipeline at 74th National Conference, IRIA 2022, Bengaluru. Also, in May 2021, Koninklijke Philips N.V. unveiled Spectral CT 7500, a novel flagship CT scanner planned to achieve spectral imaging for regular daily utilization. Moreover, in august 2021, Siemens Healthineers Announced FDA Clearance of the Biograph Vision Quadra Extended Axial FoV PET/CT Scanner.
  2. Based on the Application, Cardiology accounted for the largest market share of around YY% in 2020 and is expected to grow at a CAGR of YY% during the forecast period (2022-2029). Owing to the increased cases of cardiovascular diseases globally. For instance, according to the America Heart Association, approximately 19.1 million deaths were attributed to CVD globally in 2020.

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Geographical Classification:

The global Diagnostic Imaging market is segmented into regions including North America, South America, Europe, Asia Pacific, and the Middle East & Africa.

North America Diagnostic Imaging Market:

The North American region holds the dominant share of about YY% in 2020. This region’s dominance is due to the large spending by the government on healthcare is fueling the market growth in this region; for instance, according to the Center for Medicare & Medicaid Services, National Healthcare Expenditure grew 9.7% to $4.1 trillion in 2020, or $12,530 per person, and accounted for 19.7% of Gross Domestic Product (GDP) and is estimated to reach $6.2 trillion by 2028.

Asia-Pacific Diagnostic Imaging Market:

The market in Asia-Pacific is expected to grow by showcasing a significant CAGR owing to the rising population in this region. For instance, according to the United Nations Census, Asia-Pacific holds 60% of the global population and has the two most Populus countries, India and China.

Europe Diagnostic Imaging Market:

The European market is expected to grow by showcasing a high CAGR owing to the rising investments in this region. For instance, the National Health Service focuses on addressing unmet needs through cost-effective ways to help the government’s economic growth in the UK. For example, in February 2020, a new advanced imaging center received £81 million in funding from the UK government to support housing super-bright lasers to produce state-of-the-art 3D X-rays in just 40 seconds.

Competitive Analysis:

The Diagnostic Imaging market is highly competitive with the presence of major players and small emerging players. In the Diagnostic Imaging market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive Diagnostic Imaging. Key players compete on the basis of aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence.

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Diagnostic Imaging Market Major Companies:

  • GE Healthcare
  • Siemens Healthcare
  • Carestream Health Inc
  • Hitachi Medical Corporation
  • Canon Toshiba Medical Systems Corporation
  • Hologic Corporation
  • Philips Healthcare
  • Fujifilm Holdings Corporation
  • Shimadzu Corporation

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Additional Benefits Post Purchase:

1) Unlimited Analyst support for a period of 1 year.

2) Any query with regards to the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

The Full Report has the below insights:

  • The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
  • Visualize the composition of the global Diagnostic Imaging market segmentation by product, application and region, highlighting the key commercial assets and players.
    • By Product: X-Ray, (By Portability (Mobile, Stationary), By Technology (Analog Imaging, Digital Imaging)), MRI (By Structure (Closed MRI, Open MRI), By Resolution (Low- Field MRI Scanners, High-Field MRI Scanners, Mid-Field MRI Scanners), Nuclear Medicine (Scintigraphy, PET Imaging, SPECT Imaging), Ultrasound (2D Ultrasound, 3D/4D Ultrasound, Doppler Imaging), Tomography (High End Slice CT Scanners, Mid End Slice CT Scanners, Low End Slice CT Scanners), Tactile Imaging, Functional near Infrared Spectroscopy.
    • By Application: Orthopedic, Neurology, Oncology, Cardiology
    • By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
  • Identify commercial opportunities in the Diagnostic Imaging market by analyzing trends and co-development deals.
  • The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
  • Excel data sheet with thousands of data points of Diagnostic Imaging Market -level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. 
  • Product mapping in excel for the key product of all major market players
  • The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages. 

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