Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global diagnostic imaging market was valued at US$ 30.11 billion in 2022 and is expected to register a revenue CAGR of 5.5% to reach US$ 48.75 billion by 2031.
Diagnostic Imaging Market Fundamentals
Diagnostic imaging involves using various techniques and technologies to create visual representations or images of the internal structures and functions of the body. The primary purpose of diagnostic imaging is to aid in the diagnosis, treatment planning, and monitoring of diseases, injuries, and other medical conditions. Diagnostic imaging techniques utilize different modalities to capture images of the body's organs, tissues, bones, and physiological processes. Some common modalities include X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, and nuclear medicine. These imaging modalities employ different principles and technologies to generate detailed images, allowing healthcare professionals to visualize and analyze anatomical structures, detect abnormalities, and make informed clinical decisions. The choice of modality depends on factors such as the suspected condition, the area of the body being examined, the specific clinical question, and the benefits and risks associated with each technique.
Diagnostic Imaging Market Dynamics
The rising incidence of chronic diseases such as cardiovascular disorders, cancer, and neurological conditions has led to a greater demand for diagnostic imaging procedures. These imaging techniques help in the early detection, diagnosis, and monitoring of these diseases, thereby facilitating timely treatment and improving patient outcomes. According to GLOBOCAN 2020 report, approximately 10 million deaths were cases by cancer in 2020. The continuous advancements in diagnostic imaging technologies have significantly enhanced the capabilities and accuracy of imaging modalities. Innovations such as high-resolution imaging, 3D and 4D imaging, contrast-enhanced imaging, and hybrid imaging techniques have improved diagnostic accuracy, allowing for better visualization and characterization of diseases. Technological advancements also contribute to shorter examination times, improved patient comfort, and reduced radiation exposure, increasing the diagnostic imaging market demand. The global population is aging, leading to a higher prevalence of age-related diseases such as cardiovascular conditions, cancer, and orthopedic disorders. Diagnostic imaging is vital in diagnosing and managing these conditions, driving the demand for imaging procedures. According to WHO, by 2030, one out of every six people in the world will be 60 or older. At this point, the population aged 60 and up will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 and up will have doubled (to 2.1 billion). Between 2020 and 2050, the number of persons aged 80 and more is expected to triple, reaching 426 million. There is a rising preference for minimally invasive procedures that reduce patient discomfort, complications, and recovery time. Diagnostic imaging techniques, such as ultrasound and MRI, are crucial in guiding minimally invasive interventions, including image-guided biopsies, ablation procedures, and endovascular interventions. Rising healthcare expenditure in developed and developing countries has led to greater investment in healthcare infrastructure, including diagnostic imaging facilities. Governments and private entities are allocating funds to procure advanced imaging equipment, driving diagnostic imaging market growth.
However, diagnostic imaging equipment, such as MRI machines, CT scanners, and PET/CT systems, are expensive to purchase, install, and maintain. The high cost of these technologies poses a significant financial burden for healthcare facilities, particularly in resource-constrained settings. Additionally, regular maintenance and upgrades require ongoing investments, which restricts the diagnostic imaging market growth. The operation and interpretation of diagnostic imaging modalities require skilled healthcare professionals, such as radiologists, radiologic technologists, and medical physicists. However, there is a growing shortage of qualified professionals in certain regions, which is also hindering the diagnostic imaging market growth.
Diagnostic Imaging Market Ecosystem
The global diagnostic imaging market is analyzed from four perspectives: product, application, end user, and region.
Diagnostic Imaging Market by Product
Based on the product, the global diagnostic imaging market is segmented into magnetic resonance imaging (MRI) systems, x-ray imaging systems, ultrasound systems, computed tomography (CT) scanners, nuclear imaging systems, and mammography systems.
The magnetic resonance imaging (MRI) systems segment accounted for the largest diagnostic imaging market revenue share in 2022. The MRI segment is further sub-segmented into closed MRI and open MRI. MRI systems offer a versatile imaging modality that can be used to visualize and evaluate a wide range of anatomical structures and tissues in the body. MRI is particularly well-suited for soft tissue imaging, including the brain, spinal cord, muscles, joints, and organs like the heart, liver, and kidneys. One of the significant advantages of MRI is that it is a non-invasive imaging modality that does not use ionizing radiation, unlike X-rays or CT scans. This makes MRI safer for patients, reducing their exposure to potentially harmful radiation. MRI technology has undergone significant advancements over the years, leading to improved image quality, faster scan times, and enhanced patient comfort. Innovations such as high-field magnets, multi-channel coil arrays, parallel imaging techniques, and advanced imaging sequences have contributed to the increasing popularity and growth of MRI systems in the market. There is a growing clinical demand for MRI imaging due to its effectiveness in diagnosing and monitoring various medical conditions. MRI is widely used in neurology, orthopedics, cardiology, oncology, and other medical specialties. It plays a crucial role in diagnosing brain and spinal cord disorders, evaluating musculoskeletal injuries, assessing cardiac function, and detecting tumors. According to WHO, around 1.71 billion people globally are affected by musculoskeletal conditions. Musculoskeletal conditions are the leading contributor to disability worldwide.
Diagnostic Imaging Market by Application
Based on the applications, the global diagnostic imaging market is segmented into oncology, neurology, orthopedics, cardiology, gastroenterology, gynecology, and others.
The cardiology segment accounts for the highest diagnostic imaging market share in 2022. Cardiovascular diseases, including heart diseases and conditions, are a leading cause of morbidity and mortality worldwide. The high prevalence of these conditions has resulted in a significant demand for diagnostic imaging services in cardiology. Diagnostic imaging plays a crucial role in evaluating, diagnosing, and managing cardiovascular diseases, including coronary artery disease, heart failure, valvular diseases, and congenital heart defects. According to WHO, Cardiovascular diseases are the leading cause of death globally, accounting for an estimated 17.9 million lives each year, i.e., an estimated 32% of all deaths worldwide. More the 75% of death occurs in countries with low income and middle incomes. Cardiology has witnessed a shift towards non-invasive imaging techniques, which provide detailed and accurate information about cardiac structure, function, and blood flow without the need for invasive procedures. Non-invasive imaging modalities, such as echocardiography, cardiac MRI, and nuclear cardiology, are widely used for assessing cardiac anatomy, evaluating myocardial function, measuring blood flow, and detecting abnormalities. Cardiology research and development efforts have led to the development of innovative imaging technologies and techniques specific to cardiovascular diseases. The continuous advancement in imaging technologies, such as 3D echocardiography, strain imaging, and molecular imaging, has expanded diagnostic capabilities and improved patient care in cardiology.
Diagnostic Imaging Market by End User
Based on the end users, the global diagnostic imaging market is segmented into hospitals, diagnostic centers, and others.
The hospital segment accounted for a significant revenue share of the diagnostic imaging market, with a 45% market share. Hospitals are comprehensive healthcare facilities that offer a wide range of diagnostic imaging services under one roof. They typically have dedicated imaging departments equipped with various imaging modalities, including X-ray, ultrasound, CT scans, MRI, and nuclear medicine. This allows hospitals to provide their patients with a comprehensive suite of diagnostic imaging services, making them a one-stop solution for imaging needs. Hospitals have an advantage in integrating diagnostic imaging services with other clinical services. Physicians, specialists, and surgeons within the hospital can easily access imaging reports and collaborate on patient care. This integration streamlines the diagnostic process, facilitates prompt treatment decisions, and enhances patient care coordination. Hospitals typically invest in advanced imaging equipment to meet the diverse diagnostic needs of patients. They often have state-of-the-art imaging technologies, such as high-field MRI scanners, multi-slice CT scanners, and advanced ultrasound machines.
Diagnostic Imaging Market by Region
Geographically, the global diagnostic imaging market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the largest diagnostic imaging market size in terms of revenue generation accounting for around 31.7% share of the market. North America is experiencing a significant rise in the prevalence of chronic diseases such as cardiovascular diseases, cancer, and musculoskeletal disorders. Diagnostic imaging plays a crucial role in the early detection, diagnosis, and monitoring of these conditions. The growing burden of chronic diseases drives the demand for diagnostic imaging services in the region. According to the American Cancer Society in the U.S., an estimated 1.9 million new cancer cases were diagnosed in 2022. North America has well-established healthcare systems with favorable reimbursement policies for diagnostic imaging procedures. Government and private insurance reimbursements for imaging services help to make them more accessible and affordable for patients. These reimbursement policies incentivize healthcare providers to invest in advanced diagnostic imaging technologies, driving diagnostic imaging market growth. There is a growing emphasis on early detection and prevention of diseases in North America. Diagnostic imaging is crucial in early disease detection, screening programs, and preventive care. North America is a hub for technological advancements in the healthcare industry, including diagnostic imaging. The region has witnessed the introduction of cutting-edge imaging technologies and modalities, such as high-field MRI scanners, multi-slice CT scanners, digital mammography, and molecular imaging systems.
Diagnostic Imaging Market Competitive Landscape
The prominent players operating in the global diagnostic imagingmarket are:
Diagnostic Imaging Market Strategic Developments
Diagnostic imaging involves using various techniques and technologies to create visual representations or images of the internal structures and functions of the body.
Market players invest in research and development activities to develop innovative diagnostic imaging technologies, equipment, and software. They focus on improving image quality, enhancing diagnostic capabilities, and introducing new modalities or techniques.
The prominent players operating in the global diagnostic imaging market are Koninklijke Philips N.V., Siemens Healthcare GmbH, GE Healthcare, Hitachi, Ltd., and Hologic, Inc.
The global diagnostic imaging market growth is estimated to grow at a revenue CAGR of 5.5% during the forecast period from 2023 to 2031.
The estimated size of the global diagnostic imaging market in 2031 is US$ 48.75 billion.
*Insights on financial performance are subject to the availability of information in the public domain