Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global diagnostic imaging market was valued at US$ 27.05 billion in 2020 and is expected to register a revenue CAGR of 5.3% to reach US$ 47.76 billion by 2031.

Diagnostic Imaging Market Fundamentals

Correct 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. Over the years, diagnostic imaging has helped significantly in disease diagnosis and treatment planning. Growing digitalization of imaging techniques is likely to bring an unprecedented transformation in inpatient care in the coming years.

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Diagnostic Imaging Market Dynamics

The global diagnostic imaging market is 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 driving the revenue growth of the diagnostic imaging market.

However, high cost of imaging systems, increasing regulatory concerns, and lack of skilled professionals to operate advanced imaging systems are likely to restrain the market revenue growth in the next few years.

Diagnostic Imaging Market Ecosystem

The global diagnostic imaging market is analyzed based on three parameters: product, end user, and region.

Diagnostic Imaging Market by Product

Based on the product type, the 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 MRI systems segment dominated the diagnostic imaging market in 2020. This can be attributed to increasing preference for minimally invasive diagnostic imaging procedures and 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 the end user, the market is segmented into hospitals, diagnostic imaging centers, ambulatory surgical centers (ASCs), and other end users.

The hospitals segment accounted for the largest revenue share in the diagnostic imaging market. This is ascribed to significant number of diagnostic procedures performed and rise in the adoption of technologically advanced imaging systems in hospitals.

Diagnostic Imaging Market by Region

Based on the region, the global diagnostic imaging market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

North America accounted for the largest revenue share in the global diagnostic imaging market. Factors attributing to the revenue growth in this region include advanced healthcare infrastructure, rising geriatric population, increasing prevalence of chronic diseases, and higher awareness regarding early diagnosis of a disease.

Diagnostic Imaging Market Competitive Landscape

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
• Curvebeam

Diagnostic Imaging Market 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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