Diagnostic Imaging Market Size, Competitive Landscape and Market Forecast - 2030
Diagnostic Imaging Market is segmented By Type (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), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Diagnostic Imaging Market Overview
Diagnostic Imaging Market size was valued USD million in 2021 and is estimated to reach USD million by 2029, growing at a CAGR of 7.7% during the forecast period (2022-2029). 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 also helps identify cardiac abnormalities, broken bones, aneurysms, gastrointestinal issues, and various types of cancer. Diagnostic imaging also monitors how the patient's body responds to the treatment being given. Diagnostic imaging diagnoses disease in its early stage and greatly improves patient survival outcomes. It is a painless technique and offers rapid diagnosis. The medical imaging industry has been revolutionized by the transition from bedside monitoring to high-end digital scanning.
As per DataM Intelligence, Diagnostic Imaging Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Diagnostic Imaging Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. Diagnostic Imaging Market in the United States and Canada produces the utmost share. Whereas the European Diagnostic Imaging Market is projected to continue its presence globally during the period of 2022- 2029.
The major drivers fueling the growth of the market are the growing geriatric population, increasing prevalence of chronic diseases, technological advancement, and an increase in funds and grants by government bodies.
Diagnostic Imaging Market Summary and Scope
Metrics |
Details |
Market CAGR |
7.7% |
Segments Covered |
By Type, By Technology, By Resolution, By Application, and By Region |
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, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Technological advancements in medical imaging are expected to drive market growth.
A typical radiology department will do over 50 different imaging examinations daily. The Picture Archiving and Communication System (PACS), which collects images from multiple imaging devices and provides advanced image management and communication features for the department and the entire hospital, was one of the first tools to organize all images. With access to the PACS, radiologists will manually interpret and analyze the pictures, which may be a time-consuming and difficult operation. AI can be useful in many aspects of radiology and diagnosis. It has the potential to provide new knowledge and promote individualized medicine, which is the future of healthcare. If AI tools are integrated into the workflow, diagnostic imaging, clinical pathology, radiomics, and genomes may blend into a single precision medicine tool. Instead of the present serial procedure, which involves multiple appointments spread out over days and weeks, this integrated system will allow for a quick, single-point-of-care diagnosis. For instance, True 3D software delivers surgical views that enable surgeons to provide exact care to patients by reducing the occurrence of unforeseen situations during procedures. Thus, from the above statements, the market is expected to drive in the forecast period.
Restraint:
The shortage of trained radiologists, the high cost of diagnostic imaging systems and the side effects of diagnostic imaging are the factors the market is expected to get hampered in the forecast period.
Industry Analysis
The diagnostic imaging market provides in-depth analysis of the market based on various industry factors such as unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.
Diagnostic Imaging Market Segment Analysis
X-ray segment is expected to hold the largest market share in the diagnostic imaging market.
The X-ray segment accounted for the largest market share in 2021. X-Ray is further segmented based on mobile and stationary portability and technology such as analog and digital imaging. The segment is beneficial because X-ray is a noninvasive medical test that helps physicians diagnose and treat medical conditions. Moreover, technological advancements like digital flat panel detector systems and increasing incidents of cancer & orthopedic disease are the prime factors boosting the growth of this segment. For instance, in August 2021, Fujifilm, Lunit launched the AI-powered product CXR-AID for chest X-rays in Japan. In addition, Dynamic digital radiography (DDR) was created by Konica Minolta and Shimadzu to create moving X-ray images. The approach can assist imaging at a reduced dose in illnesses such as asthma, COPD, and orthopedic applications. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.
Diagnostic Imaging Market Geographical Share
North American region is expected to hold the largest market share in the global diagnostic imaging market.
North America accounted for the highest revenue share in 2021. The increasing geriatric population, raising prevalence of coronary heart diseases and the adoption of advanced diagnostic imaging techniques for disease diagnosis, favorable reimbursement policies, and product launches by the market players are the factors to drive in the forecast period. For instance, according to the Centers for Disease Control and Prevention, coronary heart disease is the most common heart disease, killing 382,820 people in 2020. About 20.1 million adults aged 20 and older have CAD (about 7.2%). Moreover, in 2020, about 2 in 10 deaths from CAD happened in adults less than 65 years old. Therefore, there is an increase in the demand for diagnostic imaging in the region. In addition, most people opt for insurance coverage and take advantage of wellness programs and preventive care such as workplace wellness initiatives offered by employers; hence the spending capacity is enhanced.
Furthermore, Shimadzu Medical Systems USA, a subsidiary of Shimadzu Corporation, launched the MobileDaRt Evolution MX8 Version V type on July 13, 2022. This device will be displayed at the AHRA (American Healthcare Radiology Administrators) Annual Meeting and Exposition, which will be placed from July 10 to 13, 2022, in Phoenix, Arizona. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.
Diagnostic Imaging Companies and Competitive Landscape
Major key players in the diagnostic imaging market are 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.
GE Healthcare:
Overview:
GE Healthcare is a subsidiary of the American multinational conglomerate General Electric Company. The company manufactures and distributes diagnostic imaging agents and radiopharmaceuticals for imaging modalities used in medical imaging procedures as of 2017. Dyes for magnetic-resonance imaging methods are available from the firm. GE Healthcare also manufactures medical diagnostic equipment, including CT image machines. Moreover, it develops Health technology for medical imaging and information technologies, medical diagnostics, patient monitoring systems, disease research, drug discovery, and biopharmaceutical manufacturing. The company is operated in more than 100 countries.
Product Portfolio:
Revolution EVO Gen 3: Designed to reveal anatomic details obscured by metal artifacts, helping you utilize CT scans and diagnose disease with greater confidence. Set up and perform complex cardiac procedures quickly, reliably, and repeatedly.
The global diagnostic imaging market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.