Diagnostic Imaging Market

Report Overview

The global diagnostic imaging market was pegged at US$ 27.05 billion in 2020 and is expected to witness a CAGR of 5.3% during the forecast period.

Market Fundamentals

Accurate diagnosis of disease plays a critical role in both curative and palliative care. Diagnostic imaging encompasses different imaging modalities that help healthcare professionals look inside the patient's body for diagnostic and treatment purposes. Different types of diagnostic imaging include x-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, nuclear medicine, and bone density scans, among others. Over the years, diagnostic imaging has greatly helped in disease diagnosis and treatment planning. Now, with the growing digitalization of imaging techniques across the globe, they are likely to bring an unprecedented transformation in inpatient care in the coming years.

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Market Dynamics

The global diagnostic imaging market is mainly driven by the rising geriatric population and associated disorders, increasing demand for early disease diagnosis, and the growing prevalence of chronic diseases. Moreover, the integration of artificial intelligence (AI) in healthcare, technological advancements, and the launch of technologically advanced imaging modalities are some other key factors driving the growth of the diagnostic imaging market. However, factors such as the high cost of imaging systems, increasing regulatory burden, and the dearth of skilled professionals for handling the advanced imaging systems are likely to restrain the market growth.

Market Ecosystem

The global diagnostic imaging market has been analyzed from three perspectives: Product, End User, and Region.

Diagnostic Imaging Market by Product

Based on the product type, the diagnostic imaging market has been segmented into magnetic resonance imaging (MRI) systems, x-ray imaging systems, ultrasound systems, computed tomography (CT) scanners, nuclear imaging systems, and mammography systems. MRI systems dominated the diagnostic imaging market in 2020. The large share of this segment can be attributed to the increasing preference for minimally invasive diagnostic imaging procedures and the launch of technologically advanced products. Each of the above-mentioned imaging modalities is further sub-segmented based on the type and applications.

Diagnostic Imaging Market by End User       

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Based on end-user, the market has been segmented into hospitals, diagnostic imaging centers, ambulatory surgical centers (ASCs), and other end users. Hospitals held the largest market share in the diagnostic imaging market owing to factors such as the large number of diagnostic procedures being performed in hospitals and the rising adoption of technologically advanced imaging systems in the hospitals.

Diagnostic Imaging Market by Region

Based on the region, the global diagnostic imaging market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global diagnostic imaging market. Factors attributing to the growth in this region include highly developed healthcare infrastructure, rising geriatric population, increasing prevalence of chronic diseases, and higher awareness regarding early diagnosis of the disease.

Competitive Landscape

Some of the prominent players operating in the global diagnostic imaging market includes:-

• 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
• Curvebeam, among others

Strategic Developments

•  In Nov 2020, Siemens Healthcare introduced a new class of magnetic resonance imaging (MRI) systems called "High-V MRI." The company also launched Magnetom Free. Max, a compact and lightweight whole-body MRI.
• In Aug 2020, Canon Medical Systems launched the mobile digital X-ray system 'SOLTUS 500'. The system is FDA approved and has a compact design with greater efficiency and patient safety.
• In May 2020, Koninklijke Philips N.V. launched an ultrasound solution for pediatric applications. The new system provides highly detailed images and performance for an accurate diagnosis of pediatric patients.

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