CAGR: 5.98%Current Market Size: USD 27.65 billionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2028Base Year: 2021
Global Diagnostic Imaging Market is expected to reach USD 41.52 billion by 2028, at a CAGR of 5.98% from 2022 to 2028. The increasing demand for the diagnosis of diseases at an early stage is the primary growth driver for the diagnostic imaging market. Further, the higher prevalence of chronic diseases and increasing scope of medical imaging have collectively contributed to the market growth. The early detection of the progression of such chronic diseases is beneficial for the patients as it helps to increase the chances of survival for them. Additionally, there are large investments in the diagnostic imaging market which is providing lucrative opportunities for growth.
Diagnostic imaging is used for imaging the body parts in the human body. The objective of diagnostic imaging is to find the indications of any health conditions. The machines and instruments used in diagnostic imaging produce a picture of the structure inside the body. These images help in tracking the disease progression of regular as well as chronic diseases. Many types of diagnostic imaging tests are non-invasive and are painless. The diagnostic imaging process is painless and thus is the most effective method for scanning body parts. With the help of diagnostic imaging, many professionals can easily check for the symptoms and can evaluate them on the basis of those symptoms. There are various techniques involved in diagnostic imaging which can be employed to find out the causes of illness.
The use of diagnostic imaging is also done for tracking the response of treatment to the illness. MRI, X-ray, computed tomography, etc. are the most common types of diagnostic imaging. The diagnostic imaging can be easily done and is quick which results in early detection of any disease. The imaging of internal structure is important for accurate diagnosis and the only effective option is diagnostic imaging. The diagnostic imaging can be used for multiple applications such as cardiology, oncology, gynecology, urology, radiology, vascular, etc.
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Market Dynamics
Drivers:
The increase in geriatric population share has led to the high use of diagnostic imaging. Diagnostic imaging is the best option used for such population demographics as it is non-painful and causes no side effects. The geriatric population has a high risk of specific diseases due to their increasing age. There are various studies that prove that the elderly population suffers from many chronic diseases. Thus, these chronic diseases can be fatal if not diagnosed at an early stage. This has led to an increase in the use of diagnostic imaging, especially for the geriatric population.
The demand for early detection has increased owing to the rise in numerous chronic diseases. The evaluation of disease progression is necessary for finding the cure for the diseases. The prevalence of chronic diseases has increased drastically over the past decade. This has increased the need for early detection as most of these diseases become fatal at a later stage. Chronic diseases such as cancer, arthritis, Parkinson’s disease, dementia, etc. should be diagnosed at an early stage. Diagnostic imaging can be used to scan the affected internal organs which can provide detailed information regarding the disease progression.
Restraints:
Diagnostic imaging systems and instruments are too costly to install, and many middle and small-scale healthcare industries are unable to afford them. There are numerous diagnostic imaging systems used in different applications, however, the capital cost of most of them is too high. These diagnostic imaging systems and instruments have many advanced features, which makes them more expensive. In addition, the cost of upkeep is factored into the total cost.
Opportunities:
The increasing incidence of chronic diseases has led to an increase in the use of diagnostic imaging in developing as well as developed regions. The healthcare industry is receiving tremendous investment from the government and private players. The development of advanced technology is necessary in order to receive accurate results from medical imaging. The previous imaging modalities had certain technological limitations. The innovative diagnostic imaging scans easily and larger volumes with high-resolution images.
Challenges:
Diagnostic imaging requires the passing of stringent regulations in order to be launched in the market. Diagnostic imaging should be completely safe in order to provide efficient results. These imaging instruments come in direct contact with the patient’s body. Thus, the approval of diagnostic imaging systems and instruments requires the passing of several stages in order to be proved safe for the required applications.
Segmentation Analysis
The global diagnostic imaging market has been segmented based on type, application, end-users, and regions.
By Type
The type segment includes an ultrasound (by technology and by portability), magnetic resonance imaging (by field strength and by architecture), x-ray imaging (by product, by modality, and by portability), computed tomography (by technology and by field strength), mammography and nuclear imaging (by-product). The ultrasound segment led the diagnostic imaging market with a market share of around 33.91% in 2021. The application of ultrasound imaging is increasing tremendously owing to the rising number of diseases. The easy availability of ultrasound imaging and the non-invasiveness nature of it makes it high in demand among the patient population.
By Application
The application segment includes ultrasound systems (cardiology, urology, vascular, radiology, gynecology, and musculoskeletal), magnetic resonance imaging systems (vascular MRI, breast MRI, brain and neurological MRI, cardiac MRI, pelvic and abdominal MRI, spine and musculoskeletal MRI, and others), x-ray imaging systems (general radiography, fluoroscopy, dental, cardiology, and others) computed tomography systems (neurology, oncology, cardiology, vascular, musculoskeletal and others) mammography systems and nuclear imaging systems (cardiology, oncology, neurology, and others)]. The ultrasound systems cardiology, urology, vascular, radiology, gynecology, and musculoskeletal) the segment led the diagnostic imaging market with a market share of around 36.20% in 2021. Ultrasound systems have wide applications in neurology, cardiology, oncology, etc. The high demand for accurate and early diagnosis has led to the increased use of ultrasound systems. Ultrasound systems can be used in multiple applications owing to the development of technological advancement.
By End-user
The end-user segment includes hospitals, diagnostic centers, specialty clinics, and others. The hospital’s segment led the diagnostic imaging market with a market share of around 38.27% in 2021. Hospitals have a high number of patients visiting every day and thus diagnostic imaging is used dominantly in such facilities. The hospitals install such instruments in order to use them in multiple applications.
Regional Analysis
The regions analyzed for the diagnostic Imaging market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. North America region dominated the automated and closed-cell therapy processing market and held the 36.97% share of the market revenue in 2021.
Key Industry Players Analysis
Key market players are focusing on innovations to improve their market position
To increase their market position in the global diagnostic imaging business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, and partnerships, joint ventures, etc.
Latest Development
In 2021, the major giant, Philips N.V. launched the Spectral Computed Topography with the spectral detector along with 7500 solutions for precision diagnostics.
In January 2020, a well-known company, Allengers, launched a 32 slices CT scanner which is completely manufactured in India. The system was developed with the collaboration of Canon Medical Systems.
In 2021, Germany-based Siemens Healthineers had received clearance from FDA for the Biograph Vision Quadra which is a CT/PET scanner.
Scope of the Report
Global Diagnostic Imaging Market by Type:
Global Diagnostic Imaging Market by Application:
Global Diagnostic Imaging Market by End-user:
Global Diagnostic Imaging Market by Region:
Global diagnostic imaging market is expected to reach USD 41.52 billion by 2028, at a CAGR of 5.98% from 2022 to 2028.
The regions analyzed for the diagnostic imaging market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
The global diagnostic imaging market has been segmented based on type, application, end-user, and regions.
Leading market players active in the global diagnostic imaging market are Bruker, GE Healthcare, Siemens Healthcare, Koninklijke Philips N.V., Mediso Ltd., MILabs Ltd., MR Solutions, Cubresa Inc., FUJIFILM VisualSonics Inc., PerkinElmer Inc., Canon Medical Systems Corporation, TriFoil Imaging, Agfa-Gevaert N.V., Hologic Inc., Esaote S.P.A, Samsung Electronics, CurveBeam LLC, Mindray Medical International, Planmed Oy, Shimadzu Corporation, Carestream Health Inc., Hitachi Ltd., among others.
Rising demand for early detection of diseases and thus effective scanning of the organs are primarily driving the growth of the diagnostic imaging market. The rising growth of the geriatric population coupled with the high prevalence of chronic diseases will drive the growth of the market.
The pandemic has significantly affected several industries and has caused a worldwide economic slowdown. In order to stop the spread of the virus, the development of vaccines was the need of the hour. The diagnostic imaging market has decreased in the recent times, owing to the numerous factors such as delayed supply, limited workforce, and disturbed income patterns. The routine imaging was also reduced due to the virus phobia and thus the market witnessed significant loss.
Manufacturers in the diagnostic imaging market are using advanced production technologies to incorporate better results, installation, and performance of the whole process. In addition, the rising number of investments will contribute to demand the for diagnostic imaging.
Based on the sales revenue, product offering, and regional presence, the companies are selected.
Political- Diagnostic imaging requires the passing of stringent regulations in order to be launched in the market. Diagnostic imaging should be completely safe in order to provide efficient results. These imaging instruments come in direct contact with the patient’s body. Thus, the approval of diagnostic imaging systems and instruments requires the passing of several stages in order to be proved safe for the required applications.
Economic- Diagnostic imaging systems and instruments are too costly to install, and many middle and small-scale healthcare industries are unable to afford them. There are numerous diagnostic imaging systems used in different applications, however, the capital cost of most of them is too high. These diagnostic imaging systems and instruments have many advanced features, which makes them more expensive. In addition, the cost of upkeep is factored into the total cost.
Social- The presence of an established healthcare system and increasing investments by the public and private players is some of the primary reasons for the development of diagnostic imaging. The manufacturers present in the region, are investing hugely in diagnostic imaging and the development of advanced technology modalities. There is a larger number of geriatric populations that suffer from one of the other chronic diseases. The region is investing in advanced high imaging instruments propelling new growth opportunities for the market.
Technological- The increasing incidence of chronic diseases has led to an increase in the use of diagnostic imaging in developing as well as developed regions. The healthcare industry is receiving tremendous investment from the government and private players. The development of advanced technology is necessary in order to receive accurate results from medical imaging. The previous imaging modalities had certain technological limitations. The innovative diagnostic imaging scans easily and larger volumes with high-resolution images.
Environmental- Changing lifestyle and increasing pollution is causing several diseases among humans. Among them, some are curable while some need more research for the treatment. Hospitals have a high number of patients visiting every day and thus diagnostic imaging is used dominantly in such facilities. The hospitals install such instruments in order to use them in multiple applications. The application of ultrasound imaging is increasing tremendously owing to the rising number of diseases. The easy availability of ultrasound imaging and the non-invasiveness nature of it makes it high in demand among the patient population.
Legal- Germany-based Siemens Healthineers had received clearance from FDA for the Biograph Vision Quadra which is a CT/PET scanner. The United States Food and Drug Administration (FDA) approved the product ''single-source Nanox.ARC digital x-ray technology'' developed by NANO-X IMAGING. Siemens Healthineers received clearance from the FDA for the Ysio Max digital radiography system which includes new detectors and usability features that improve imaging and quicken exams.
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