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Diagnostic Imaging Equipment Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: September 2024 || SKU: MI3651
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Global Diagnostic Imaging Equipment Market is segmented By Product Type (X-ray, Computed Tomography, Ultrasound, Magnetic Resonance Imaging, Nuclear Imaging, Tactile Imaging, Photoacoustic Imaging, Thermography, Elastography, Echocardiography, Functional Near Infrared Spectroscopy, Mammography), By Application (Cardiology, Orthopedics, Gastroenterology, Gynecology, Oncology, Neurology, Others), By End-User (Hospitals and Clinics, Diagnostic Imaging Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis 2024-2031

 

Report Overview

The Global Diagnostic Imaging Equipment Market reached US$ 44.5 billion in 2023 and is expected to reach US$ 66.06 billion by 2031, growing at a CAGR of 5.2% during the forecast period 2024-2031.

Diagnostic imaging describes various techniques of viewing the inside of the body to help figure out the causes of an illness or injury and confirm a diagnosis. Diagnostic health imaging technology has transformed healthcare and now allows for earlier diagnosis of medical conditions, reduces the need for needless invasive exploratory processes, and creates better patient outcomes. Diagnostic imaging technology is applied in various fields of medicine like orthopedics, neurology, obstetrics/gynecology, oncology, cardiology, dental, and others. 

Diagnostic imaging is a medical technique of non-invasive imaging tests for diagnosing and monitoring diseases or injuries by getting visual images of internal structures and organs of the patient's body. Diagnostic imaging technologies are used extensively by doctors to examine and diagnose the exact medical conditions of patients. It helps identify cardiac abnormalities, broken bones, aneurysms, gastrointestinal issues, and various types of cancer. Diagnostic imaging is also used to monitor how the patient's body responds to the treatment being given. Diagnostic imaging diagnoses disease early and significantly improves patient survival outcomes. It is a painless technique and offers a rapid diagnosis. The diagnostic imaging industry has been revolutionized from bedside monitoring to high-end digital scanning.

 

Market Scope

Metrics

Details

CAGR

5.2%

Market Size 

2022-2031

Market Estimation Forecast Period

2024-2031

Revenue Units

Value (US$ Mn) 

Segments Covered

Product Type, Application, and End-User

Regions Covered

North America, Europe, Asia-Pacific, South America, and Middle East & Africa

Largest Region

North America

Fastest Growing Region

Asia-Pacific

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product 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: Drivers

Increasing prevalence of chronic diseases

The rising prevalence of various chronic diseases propels the market growth. For instance, according to an article published by nih.gov in January 2023, in 2023, 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the United States. Cancer incidence increased for prostate cancer by 3% annually from 2014 through 2019 after two decades of decline, translating to an additional 99,000 new cases. 

Moreover, according to wcrf.org, including non-melanoma skin cancer (NMSC) there were 19,976,499 cancer cases in 2022. When NMSC was excluded, this number dropped to 18,741,966 cancer cases around the world in 2022. Of these, 9,566,825 were in men and 9,175,141 in women. Moreover, according to IARC, There were close to 20 million new cases of cancer in the year 2022 (including nonmelanoma skin cancers [NMSCs]) alongside 9.7 million deaths from cancer (including NMSC). The estimates suggest that approximately one in five men or women develop cancer in a lifetime, whereas around one in nine men and one in 12 women die from it. Lung cancer was the most frequently diagnosed cancer in 2022, responsible for almost 2.5 million new cases, or one in eight cancers worldwide (12.4% of all cancers globally).

Restraints

Factors such as high cost associated with the treatment, lack of healthcare infrastructure, and shortage of skilled professionals are expected to hamper the market are expected to hamper the market.

Market Segment Analysis

The global diagnostic imaging equipment market is segmented based on product type, application, end-user, and region.

The X-ray accounted for approximately 48.6% of the global diagnostic imaging equipment market share

The X-ray segment is expected to hold the largest market share over the forecast period. In this segment, technological advancements drive this market. 

X-rays are a form of electromagnetic radiation, similar to visible light. Unlike light, however, x-rays have higher energy and can pass through most objects, including the body. Medical X-rays are used to generate images of tissues and structures inside the body. If X-rays traveling through the body also pass through an X-ray detector on the other side of the patient, an image will be formed that represents the “shadows” formed by the objects inside of the body.

For instance, in January 2024, Carestream Health launched a new x-ray system called DXR-Excel Plus with features designed to help simplify workflow and enhance productivity. DXR-Excel Plus is a two-in-one system for both fluoroscopy and general radiology that delivers real-time, images for a wide range of exams while providing features that help create an enhanced experience for users, patients, and administrators.

Market Geographical Share

North America accounted for approximately 42.8% of the global diagnostic imaging equipment market share 

North America region is expected to hold the largest market share over the forecast period. The rising incidence of chronic diseases, and technological advancements, in this region, help to propel the market.

For instance, according to an article published by nih.gov in January 2024, 2024, 2,001,140 new cancer cases and 611,720 cancer deaths are projected to occur in the United States. Cancer mortality continued to decline through 2021, averting over 4 million deaths since 1991 because of reductions in smoking, earlier detection for some cancers, and improved treatment options in both adjuvant and metastatic settings. However, these gains are threatened by increasing incidence for 6 of the top 10 cancers.

Moreover, in June 2024, Smiths Detection launched its latest X-ray scanner powered by diffraction technology SDX 10060 XDi. X-ray Diffraction (XRD) is a powerful inspection technology offering highly accurate material discrimination and substance identification based on an object’s molecular structure. XRD is particularly suited to detecting constantly evolving compounds in powder, liquid, or solid forms, such as ‘homemade’ explosives or narcotics, even for materials with similar densities.

Market Segmentation

By Product Type

  • X-ray
  • Computed Tomography
  • Ultrasound
  • Magnetic Resonance Imaging
  • Nuclear Imaging
  • Tactile Imaging
  • Photoacoustic Imaging
  • Thermography
  • Elastography
  • Echocardiography
  • Functional Near-Infrared Spectroscopy
  • Mammography

By Application

  • Cardiology
  • Orthopedics
  • Gastroenterology
  • Gynecology
  • Oncology
  • Neurology
  • Others

By End-User

  • Hospitals And Clinics
  • Diagnostic Imaging Centers
  • Other

By Region

  • North America 
  • U.S.
  • Canada
  • Mexico 
  • Europe 
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe 
  • South America 
  • Brazil
  • Argentina
  • Rest of South America 
  • Asia-Pacific 
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific 
  • Middle East and Africa

Market Competitive Landscape

The major global players in the global diagnostic imaging equipment market include GE Healthcare, Shimadzu Corporation, Philips Healthcare, Genesis Medical Imaging Inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Hitachi Medical Corporation and Toshiba Corporation among others.

Key Developments

  • In February 2024, Philips Healthcare announced the launch of a new light-based catheter guidance system for cath labs that represents a step toward radiation-free interventional imaging. The focus of the technology right now is endovascular aortic procedures.
  • In March 2024, Philips Healthcare introduced a new computed tomography system this week at the European Congress of Radiology (ECR) aimed at the rapidly growing cardiac coronary CT angiography (CCTA) market. It features a new detector that was designed to optimize the use of artificial intelligence (AI) image reconstruction algorithms. The new CT 5300 system provides more accurate and reliable imaging results to better manage the increase in complex cardiac cases.
  • In February 2024, A&M Life Solutions, a certified public procurement supplier of medical devices/healthcare services in collaboration with Fujifilm, launched a mobile X-ray device into the market known as the Fujifilm Xair, the device is a mobile X-ray solution with AI, mainly for Occupational Healthcare. It can generate reports on site for most communicable diseases such as Tuberculosis (TB), COVID-19, etc for chest-related issues, extremities, and emergencies or accident X-ray diagnoses.

Why Purchase the Report?

  • To visualize the global diagnostic imaging equipment market segmentation based on product 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 global diagnostic imaging equipment market level with all segments.
  • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
  • Product mapping is available in Excel consisting of key products of all the major players.

The global diagnostic imaging equipment market report would provide approximately 51 tables, 54 figures, and 181 Pages.

Target Audience 2024

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies
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FAQ’s

  • Global Diagnostic Imaging Equipment Market reached US$ 44.5 billion in 2023 and is expected to reach US$ 66.06 billion by 2031

  • Key players are GE Healthcare, Shimadzu Corporation, Philips Healthcare, Genesis Medical Imaging Inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Hitachi Medical Corporation and Toshiba Corporation.
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