Diagnostic Imaging Market

Updated on : Aug 28, 2024

The global diagnostic imaging market, valued at $26.5 billion in 2023, is projected to reach $34.6 billion by 2028, growing at a CAGR of 5.5%. The market is driven by an aging population and a rise in chronic diseases, such as cancer and cardiovascular conditions. Key factors influencing growth include increasing grants, the adoption of teleradiology, and new technologies. However, high costs of diagnostic systems and a shortage of trained professionals pose challenges. Emerging economies offer significant growth opportunities due to rising disease prevalence and government initiatives like India's Ayushman Bharat. Major players in the market include GE Healthcare, Siemens Healthineers, and Philips, with North America currently holding the largest market share.

Global Diagnostic Imaging Market

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e- Estimated; p- Projected

Diagnostic Imaging Market: Market Dynamics

Driver: Growing geriatric population and subsequent rise in chronic diseases

Globally, the burden for associated diseases is consistently increasing. 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. According to American Medical Association, by the year 2020 nearly 60% of individuals aged 65 and above in the US will be living with more than one chronic condition. The rapid growth in old-age population, the prevalence of age-associated diseases such as Alzheimer’s disease, CVDs, cancer is expected to increase. According to GLOBOCAN 2020, about 18.1 million new cancer cases were estimated to be diagnosed globally in 2020. This is a significant increase as compared to the 14.1 million cases diagnosed in 2012.

Restraint: High cost of diagnostic imaging systems

Diagnostic imaging systems are available at premium price and require capital investments for installations, increasing the procedural cost for patients. This affects the adoption rate of new systems, especially in emerging countries. Most of the healthcare facilities in emerging countries cannot afford high investment to adopt these systems. Hence, these high costs, coupled with maintenance costs, tend to impact market growth negatively. Due to increasing demand for cost-effective medical imaging equipment, the adoption of refurbished medical devices is increasing, limiting the market growth in the forecast period. Hence, continuous cuts in reimbursements for diagnostic imaging scans and the increasing cost of diagnostic imaging systems are preventing medium-sized and small healthcare facilities from investing in technologically advanced diagnostic imaging modalities.

Opportunity: Growth opportunities in emerging countries

Developing economies offer high growth opportunities for key players operating in the diagnostic imaging industry. Countries such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa offers a sustainable market for diagnostic imaging devices. Due to consistent rise in the population the demand for diagnostic imaging has significantly increased in emerging economies. The higher incidence of chronic diseases—such as cancer, stroke, and neurological and cardiovascular diseases—and the higher death rates in these countries show the need for early detection. For instance, GLOBOCAN 2020 data estimates that roughly over 50% of the global cancer population belongs to developing regions. The Indian government has launched the Ayushman Bharat program to provide insurance scheme. The key market players are adopting various growth strategies to strengthen their foothold in this region. Siemens Healthineers, for instance, reported that China is one of their biggest markets and major incremental growth drivers. Moreover, in 2023, as part of its India expansion plan, Siemens Healthineers opened a new manufacturing facility at Bengaluru for Magnetic Resonance Imaging. Furthermore, the growth in the emerging economies is accompanied by favourable government and private policies to enhance access to diagnostic imaging, including the provision of reimbursement.

Challenge: Shortage of trained professionals

Technical skill and on-hand experience are critical to handle advanced and sophisticated diagnostic imaging systems. Poorly captured images may lead to incorrect interpretation or the unnecessary repetition of examinations. s. However, major healthcare markets (such as the US, the UK, Canada, and Australia) are witnessing a severe shortage of well-trained sonographers. According to the US Bureau of Labor Statistics, the demand for diagnostic medical sonographers is projected to grow 10% from 2021 to 2031, which is faster than the average for all other occupations. As of 2020, in Sao Paulo, Brazil, there were ten radiologists per every 100,000 inhabitants; in the northern part of the country, there were less than three radiologists for every 100,000 inhabitants.

By product, the CT scanners segment accounted for the largest share of the diagnostic imaging industry in 2022

Based on product, the global diagnostic imaging market is segmented into CT scanners, X-ray imaging systems, ultrasound systems, MRI systems, nuclear imaging systems, and mammography systems. In 2022, CT scanners segment accounted for the largest market share. The rising use of advanced instruments supporting accurate diagnosis and the need for better sensitivity is driving the segment growth.

By application, the cardiology segment of the diagnostic imaging industry to register significant growth in the near future.

Based on application, the global diagnostic imaging market is segmented into CT scanners- cardiology, oncology, neurology, and other applications, MRI systems – brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI, ultrasound systems – radiology/general imaging, cardiology, obstetrics/gynecology, vascular applications, urology, other applications, X-ray imaging systems – general radiography, fluoroscopy, dentistry, nuclear imaging systems - cardiology, oncology, neurology, and other applications, and mammography systems. Cardiology segment of the CT scanners market by application to register the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the rising use of novel equipment that allows precise targeting of internal organs supporting real-time imaging.

By end user, the hospitals segment accounted for the largest share of the diagnostic imaging industry in 2022.

Based on end user, the global diagnostic imaging market market is segmented into hospitals, diagnostic imaging centers, and other end users. In 2022, hospitals segment accounted for the largest market share. The highest share of this segment is attributed to the rising utilization of automated systems at the hospitals for disease diagnosis and increasing awaness for early diagnosis. This is primarily attributed to the digitization of radiology patient workflow, increasing number of imaging procedures performed in hospitals, and the rising adoption advanced systems with improved features in hospitals to improve the quality of patient care.

By region, North America is expected to be the largest market for the diagnostic imaging industry during the forecast period

North America, comprising the US and Canada, accounted for the largest market share of the diagnostic imaging industry in 2022. Factors such as increasing applications in the healthcare sector, favourable reimbursement policies, and the presence of major players in the region are fueling the growth in North America. Rapid growth in the old age population in the region and significant establishment of imaging centers are supporting the growth of the market.

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As of 2022, prominent players in the market are FUJIFILM Corporation (Japan), Canon Inc. (Japan) among others.

Scope of the Diagnostic Imaging Industry:

This report has segmented the global diagnostic imaging market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• CT Scanners
• Ultrasound systems
• X-ray Imaging Systems
• Nuclear Imaging Systems
• MRI Systems
• Mammography Systems

By Application

• X-ray Imaging Systems
• General Radiography
• Fluoroscopy
• Dentistry
• MRI Systems
• Brain and Neurological MRI
• Spine and Musculoskeletal MRI
• Pelvic and Abdominal MRI
• Vascular MRI
• Breast MRI
• Cardiac MRI
• Ultrasound Systems
• Radiology/General Imaging
• Cardiology
• Obstetrics/Gynecology
• Vascular Applications
• Urology
• Other Applications
• CT Scanners
• Oncology
• Cardiology
• Neurology
• Other Applications
• Nuclear Imaging Systems
• Oncology
• Cardiology
• Neurology
• Other Applications
• Mammography Systems

By End User

• Hospitals
• Diagnostic Imaging Centers
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa

Recent Developments of Diagnostic Imaging Industry

• In 2022, Siemens Healthineers (Germany) launched a new MRI system for mobile use. The Magnetom Viato.Mobile system is equipped with latest advancements and can be used anywhere.
• In 2022, GE Healthcare (US) launched a new and advanced Next-generation Definium 656 HD x-ray system launched by GE Healthcare is highly automated, simplifies workflow, and delivers consistent release.
• In 2020, Koninklijke Philips N.V. (Netherlands), launched a new Ultrasound 3300 system for cardiovascular, general imaging, obstetrics, and gynecology procedures. It improves clinical outcomes and patient experience.

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