Global Diagnostic Imaging Market Research Report - Segmented by Type of Imaging System (MRI, Ultrasound, CT Scanners, Nuclear Imaging Systems, X-Rays, Mammography Systems), Type of Application (General Radiology, Vascular Imaging, Dental Care, Fluoroscopy, Cardiology, Oncology, Neurology, Other Applications), Type of End-User (Hospitals/Clinics, Home Care Settings, Other End Users); Region Forecast 2024 - 2030.

Market Size and Overview:

Global Diagnostic Imaging Market size was valued at $ 29.81 billion in 2023 and is estimated to reach a value of $45.12 Billion by 2030, growing at a CAGR of 6.1% in the forecast (2024-2030).

Diagnostic imaging constitutes an advanced procedural methodology employed for generating representations of internal bodily structures, offering a visual insight into the physiological examination of tissues and organs. Employing an array of techniques, diagnostic imaging serves to visualize the human body, thereby contributing to the diagnosis, monitoring, and treatment of various medical conditions. Diverse diagnostic technologies yield information pertaining to the specific body part under examination, encompassing details about ailments, injuries, or the effectiveness of medical interventions. Significantly, these imaging modalities grant direct visualization of internal organs without necessitating surgical procedures. This technological progress markedly enhances early disease detection and anomaly treatment, resulting in cost efficiencies and precise outcomes.

The global diagnostic imaging market experiences impetus from diverse factors, including the escalating elderly demographic, the pervasive prevalence of chronic ailments, technological advancements, and an augmented healthcare awareness prompting a demand for early disease identification. Furthermore, the market's expansion is fortified by abundant prospects in developing nations, underpinned by investments, collaborations, and financial support from governmental and public entities.

Drivers of the Global Diagnostic Imaging Market:

The burgeoning geriatric populace, coupled with an upsurge in associated diseases, propels the expansion of the Global Diagnostic Imaging Market.

The likelihood of ailment occurrence increases in tandem with age, with nearly 80% of the elderly in the US grappling with at least one chronic condition. Projections indicate that at least 60% of individuals aged 65 and above will contend with multiple chronic conditions by 2030. The mounting incidence of age-related ailments such as Alzheimer’s, Parkinson's, Arthritis, cardiovascular diseases (CVDs), and cancer is anticipated to elevate the demand for enhanced healthcare facilities, treatments, and medications.

A heightened demand for technologically advanced equipment and sophisticated diagnostic imaging methods is an additional catalyst for the growth of the Global Diagnostic Imaging Market.

Given the pivotal role played by imaging techniques in discerning structural irregularities and pathological changes within the body, the prevalence of common yet imperceptible traumatic injuries underscores their significance. Leveraging advanced diagnostic systems enables healthcare professionals to ascertain precise diagnoses, facilitating the selection of the most efficacious treatment modalities for patients. Consequently, the market experiences expansion due to the increasing number of cancer patients opting for sophisticated imaging reagents and diagnostic techniques to attain more precise diagnoses.

Global Diagnostic Imaging Market Challenges:

The market faces a decline in the adoption rates of cutting-edge imaging technology, primarily attributed to reduced imaging volumes and economic challenges. This trend has led to staff reductions at both radiology centers and hospitals, accompanied by a simultaneous surge in the utilization of teleradiology services. Despite technological advancements and the increased use of sophisticated imaging tools, the market has observed a downturn. The high cost of diagnostic imaging devices and an unfavorable reimbursement environment further constrains the expansion of advanced imaging equipment. Additionally, selective behavior by hospitals to prevent cross-infection has negatively impacted the market. Hospitals, prioritizing severe cases to minimize the risk of disease transmission, have opted to avoid routine checkups and follow-ups. Consequently, imaging procedures for orthopedic patients have become less frequent. Moreover, concerns about potential infections from shared imaging equipment with infected patients significantly hinder the market's growth.

Global Diagnostic Imaging Market Opportunities:

In response to the challenges, AI-based imaging techniques are under development to assist medical professionals in accurately assessing patients' conditions and delivering optimal medical care. Teaching hospitals have implemented various measures to ensure proper training of medical staff in using advanced technology, a critical aspect for the healthcare industry. Governmental standards and policies related to reimbursement services for medical imaging play a pivotal role in boosting the market. The introduction of attractive reimbursement options by insurance companies has significantly contributed to market growth. Insurance providers, offering excellent amenities and larger policies to entice customers, further drive the expansion of the market.

COVID-19 Impact on Global Diagnostic Imaging Market:

Medical image processing, particularly utilizing cutting-edge technologies like AI, machine learning, and deep learning, has played a crucial role in illness detection, treatment, and diagnosis during the COVID-19 pandemic. The increased demand for effective solutions to enhance patient outcomes positions diagnostic and research institutes as key end-users of image analysis solutions. However, since these institutes often outsource imaging services from hospitals, their initial revenue shares may be comparatively lower.

Global Diagnostic Imaging Market Recent Developments:

In May 2021, Koninklijke Philips N.V. introduced the Spectral CT 7500, the latest flagship CT scanner, designed to conduct spectral imaging as a routine part of medical procedures. In March 2021, at the European Congress of Radiology, Hitachi, Ltd. unveiled two new permanent MRI systems: the APERTO Lucent Plus, a 0.4T permanent open MRI, and the AIRIS Vento Plus, a 0.3T MRI. In July 2020, FUJIFILM Sonosite, Inc. launched the Sonosite PX ultrasound system, representing the next generation in Sonosite POCUS, featuring the highest level of image clarity and advancement.

Global Diagnostic Imaging Market Segmentation: By Imaging Systems

MRI:

• Less than 1 Ton
• 1.5 – 3 Ton
• More than 3 Ton

Ultrasound:

• 2D Ultrasound
• 3D Ultrasound
• Others

CT Scanners:

• Low-End Scanners
• Mid-Range Scanners
• High-End Scanners

Nuclear Imaging Systems:

• Positron Emission Tomography (PET)
• Single Photon Emitted Computed Tomography (SPECT)

X-Rays:

• Analog Systems
• Digital Systems

Mammography Systems

As of 2023, the ultrasound segment commands a significant market share, approximately 30%. This is attributed to the healthcare sector's increasing adoption of ultrasound equipment, driven by its cost-effectiveness and advanced features such as rapid and precise results, safety, radiation-free imaging, and non-invasiveness. Ultrasound has become the predominant equipment in the market, gaining popularity in the Global Diagnostic Imaging Market. Conversely, the computed tomography (CT) segment is anticipated to expand during the forecast period, with the integration of high-end CT scanners and AI projected to boost its growth. In 2022, the CT segment experienced robust growth, primarily fueled by increased adoption in diagnosing COVID-19 patients.

Global Diagnostic Imaging Market Segmentation: By Application

• General Radiology
• Vascular Imaging
• Dental Care
• Fluoroscopy
• Cardiology
• Oncology
• Neurology
• Other Applications

In 2023, the oncology segment dominated the global diagnostic imaging market, holding the highest revenue share and is expected to maintain this dominance throughout the forecast period. This is attributed to the rising incidence of cancer, with lung cancer being the most prevalent type leading to the highest number of cancer-related deaths globally. The growing demand for oncology diagnostic imaging significantly contributes to this segment's growth. Additionally, the orthopedics segment is poised to be one of the fastest-growing segments, driven by the global aging population and an increase in road accident cases. The availability of technologically advanced diagnostic devices further facilitates market growth in this segment.

Global Diagnostic Imaging Market Segmentation: By End-User

• Hospitals/Clinics
• Home Care Settings
• Other End Users

In 2023, the hospital segment secured the largest market share, primarily due to the increased number of imaging procedures. Hospitals are increasingly adopting fully automated and digitalized technology, leading to greater acceptance of non-invasive procedures and improved workflow efficiency. The widespread presence of public and private hospitals globally significantly contributes to this segment's substantial growth. Furthermore, the growing adoption of advanced imaging modalities in hospital settings plays a pivotal role in driving market expansion in this segment.

Global Diagnostic Imaging Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

North America emerged as the leading market with the highest share in 2022, driven by the adoption of advanced technologies in the healthcare sector and the increasing demand for advanced diagnostic imaging solutions. Moreover, the Asia Pacific region is anticipated to experience significant growth during the forecast period, fueled by the growing number of private hospitals and diagnostic centers, coupled with increasing awareness among the population about advanced diagnostic systems.

Global Diagnostic Imaging Market Segmentation: Key Players

1. GE Healthcare
2. Koninklijke Philips N.V.
3. Hitachi Medical Corporation
4. Hologic, Inc.
5. Siemens Healthcare
6. Samsung Medison
7. Shimadzu Corporation
8. Toshiba Medical Systems Corporation
9. Esaote S.P.A
10. Fujifilm Corporation