The global diagnostic imaging market was valued at USD 47,132.7 Million in 2019 and is projected to reach USD 76,355.9 Million by 2027, expanding at a CAGR of 6.6% during the forecast period. Diagnostic imaging is the process of obtaining visual representations of the interior of a body for diagnostic and therapeutic reasons using various imaging modalities.
Diagnostic imaging has transformed from bedside monitoring to high-end digital scanning globally. Thus, the market is projected to expand at a rapid pace between the forecast period 2020 and 2027.
The growth of the diagnostic imaging market is expected to be boosted by technological advancements in diagnostic imaging devices, rising incidences of chronic diseases coupled with a rapidly aging population, increasing number of medical imaging procedures, and rising awareness for early diagnosis of clinical disorders.
Furthermore, market growth in developing regions such as Asia Pacific and Latin America is projected to propel at a rapid pace, owing to rising healthcare expenditure and increasing investments in healthcare infrastructure during the forecast period. Large undiagnosed patient populations, fast urbanization, rising disposable income, enhanced government support for chronic conditions, and growing knowledge about early disease identification are other factors contributing to the unprecedented growth of the market.
Acceptance of these high-cost medical imaging systems in countries such as India and China hinder the market growth for leading innovators in the diagnostic imaging market. Lack of helium, high cost of imaging modalities, and negative reimbursement situation in emerging nations are expected to hamper the diagnostic imaging market expansion.
Based on products, the diagnostic imaging market is broadly segmented into six segments, namely, X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The X-ray imaging systems segment held a major share of the global diagnostic imaging market in 2019. Growing demand for early and reliable diagnosis, widespread use of X-ray equipment by hospitals and diagnostic centres around the world, and technological advancements are factors contributing to the significant share of this segment.
Based on applications, the diagnostic imaging market is segmented into MRI systems, ultrasound systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems. Among the applications, significant share in 2019 was accounted by brain & neurological MRI under MRI systems, radiology/general imaging under ultrasound systems, general radiography applications under X-ray imaging systems, cardiology under CT scanners, and oncology under nuclear imaging systems.
Based on end-users, the diagnostic imaging market is segmented into hospitals, diagnostic imaging centres, and other end-users. In 2019, the hospitals segment accounted for a major share of the diagnostic imaging market. Rising number of diagnostic imaging procedures performed in hospitals, increasing inclination of hospitals toward automation and digitization of radiology patient workflow, growing adoption of minimally invasive procedures (including diagnostic imaging systems) by hospitals to improve the quality of patient care, and rising adoption of telemedicine are attributed to the significant share of this segment.
Based on regions, the global diagnostic imaging market is fragmented into North America, Europe, Latin America, and Middle East & Africa. North America is estimated to hold a considerable proportion of the diagnostic imaging market and is projected to follow a similar pattern during the forecast period with few variations.
The US holds a significant proportion of the diagnostic imaging market, owing to rising technical advancements, high population affordability, and an annual increase in the number of diagnostic operations. The field of MRI diagnostics is expanding, both in terms of the number of scanners installed and the number of scans performed. According to OECD data, the US is one of the key countries in terms of availability and utilisation of diagnostic imaging followed by Japan.
The market is projected to expand during the forecast period, owing to the presence of well-established healthcare facilities, rising demand for improved healthcare systems among the ageing population, and rising prevalence of chronic diseases.
Key players in the market include Bruker, CANON MEDICAL SYSTEMS CORPORATION, Carestream Health, Cubresa Inc., ESAOTE SPA, FUJIFILM Visualsonics, Inc., GENERAL ELECTRIC COMPANY, Hitachi Healthcare Americas, Koninklijke Philips N.V., Mediso Ltd., MILabs B.V., MR Solutions, PerkinElmer Inc., Shimadzu Corporation, and Siemens Healthineers AG.
These players are considered as key manufacturers of the market based on different varieties of products, product availability, regional presence, efficient supply chain management system, and increasing demand for the products. Players are adopting key strategies such as product development, geographical expansion, mergers and acquisitions, and many other strategies to increase the demand for global diagnostic imaging market.
Key players in the market include Bruker, CANON MEDICAL SYSTEMS CORPORATION, Carestream Health, Cubresa Inc., ESAOTE SPA, FUJIFILM Visualsonics, Inc., GENERAL ELECTRIC COMPANY, Hitachi Healthcare Americas, Koninklijke Philips N.V., Mediso Ltd., MILabs B.V., MR Solutions, PerkinElmer Inc., Shimadzu Corporation, and Siemens Healthineers AG.
These players are considered as key manufacturers of the market based on different varieties of products, product availability, regional presence, efficient supply chain management system, and increasing demand for the products. Players are adopting key strategies such as product development, geographical expansion, mergers and acquisitions, and many other strategies to increase the demand for global diagnostic imaging market.
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Additional company profiles are provided on request.
According to the Growth Market Reports, report, the market for global diagnostic imaging market is expected to register a CAGR of 6.6% during 2020-2027, with an anticipated valuation of USD 76,355.9 Mn by the end of 2027.
In addition to market size (in USD Million) and company market share (in % for base year 2019), other data such macro-economic factors and COVID-19 impact on the global diagnostic imaging market is available in the final report.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The global diagnostic imaging market is anticipated to grow significantly during the forecast period, due to increasing demand for early disease diagnosis, growing number of patients with diabetic and cardiovascular disorders, and rising adoption of diagnostic imaging for treatment.
The base year considered for the global diagnostic imaging market report is 2019. The complete analysis period is 2017 to 2027, wherein 2017 & 2018 are the historic years, 2020 is an estimated year, and the forecast is provided from 2020 to 2027.
The market is expected to grow at a fast pace with increase in terms of demand during 2019-2020, owing to the positive impact of COVID-19 pandemic on the global diagnostic imaging market.
Hospitals, diagnostic imaging centers, and others are few of the key end-use industries driving the market.
Major manufactures include Bruker, CANON MEDICAL SYSTEMS CORPORATION, Carestream Health, Cubresa Inc., ESAOTE SPA, FUJIFILM Visualsonics, Inc., GENERAL ELECTRIC COMPANY, Hitachi Healthcare Americas, Koninklijke Philips N.V., Mediso Ltd., MILabs B.V., MR Solutions, PerkinElmer Inc., Shimadzu Corporation, and Siemens Healthineers AG.
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