Diagnostic Imaging Market by Product (Magnetic Resonance Imaging (MRI) Systems, X-ray Imaging Systems, Ultrasound Systems, Computed Tomography (CT) Scanners, Nuclear Imaging Systems, and Mammography Systems), End-User (Hospitals, Diagnostic Imaging Centers, and Ambulatory Surgical Centers (ASCs)) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global diagnostic imaging market was pegged at ~US$ 27.05 billion in 2020. The market is expected to witness a CAGR of ~5.3% from 2021 to 2031.
Factors attributing to the growth of the diagnostic imaging market include the rising adoption of artificial intelligence (AI) in diagnostic imaging, technological advancements in imaging systems, and new product launches. Moreover, growing awareness for early diagnosis of diseases, the increasing number of imaging-based procedures across the globe, and rising investments by public-private organizations are some of the other factors boosting the growth of the diagnostic imaging market. However, the high cost of imaging systems, increasing regulatory burden, and dearth of skilled professionals for handling advanced imaging systems are likely to hinder the market growth.
COVID-19 has spread across the world and affected many lives. As the rapid diagnosis of the disease is very important, several research organizations, institutes, and companies have turned to diagnostic imaging and analytic tools for faster and accurate detection of the virus. Studies conducted by the Chinese institutes have suggested higher sensitivity of chest CT compared to RT-PCR (98% vs. 71%) for COVID-19 screening. In August 2020, the New England Complex Systems Institute and Xprize Pandemic Alliance announced ‘COVID-19 CT scan collaborative’ – a joint effort to accelerate the use of CT scans to diagnose and treat COVID-19. Such initiatives are likely to contribute to the growth of the diagnostic imaging market.
The growing aging population and increasing incidence of heart diseases, cancer, and traumatic injuries & fractures across the globe are some of the major factors driving the growth of the diagnostic imaging market. According to WHO, cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for an estimated 17.9 million lives each year, i.e. an estimated 31% of all deaths worldwide. According to the CDC, one person dies every 36 seconds in the U.S. from cardiovascular disease. About 655,000 Americans die from heart disease each year—that’s 1 in every 4 deaths. As most CVDs can be prevented through regular monitoring and diagnosis, diagnostic imaging can save the life of patients with a high risk of CVDs.
To grow organically, the prominent players are focusing on launching technologically advanced products that have greater advantages compared to their predecessors. For instance, in July 2020, Hologic, Inc. launched SuperSonic MACH 40 ultrasound system in the U.S. This new system is a cart-based system that encompasses UltraFast imaging technology to provide greater frame rates of up to 20,000 images per second. Such advancements are helping improve patient experience and in turn help in boosting the adoption of diagnostic imaging systems.
However, low reimbursement rates in developing countries and unfavorable changes in the reimbursement policies in the developed markets are restraining the growth of the diagnostic imaging market. Recently, the Medicare Physician Fee Schedule for 2021 (MPFS) has proposed an average cut of 11% in radiology reimbursement in the U.S. Further, the higher cost of diagnostic imaging systems and dearth of skilled professionals is also hindering the market growth to a certain extent.
Regionally, the Asia-Pacific market is anticipated to grow at a higher CAGR during the forecast period. Factors such as the rapidly rising geriatric population and rising prevalence of diseases such as cancer, neurological conditions, and cardiovascular conditions are contributing to the growth of the diagnostic imaging market in this region. According to the Asian Development Bank (ADB), Asia’s population is aging rapidly and is projected to reach nearly 923 million by 2050. Such a large proportion of the aging population is likely to present a greater pool of patients for diagnostic imaging. Moreover, rising investment for the development of healthcare infrastructure and increasing awareness for early diagnosis of disease among the population is further anticipated to have a positive impact on the diagnostic imaging market growth in the Asia-Pacific region.
Some of the prominent players operating in the global diagnostic imaging market include Koninklijke Philips N.V., Siemens Healthcare Private Limited, General Electric Company, Hitachi, Ltd., Hologic, Inc., Canon Medical Systems Corporation, Shimadzu Corporation, FUJIFILM Holdings Corporation, Carestream Health, and Curvebeam, among others.