The Diagnostic Imaging market size is projected to reach US$ 60.17 billion by 2031 from US$ 39.93 billion in 2023. The market is expected to register a CAGR of 5.26% during 2023–2031. The growing utilization of artificial intelligence (AI) and analytics in diagnostic imaging equipment will likely remain key trends in the market.
Diagnostic imaging describes various techniques for the visual representation of different tissues and organs of the human body to identify the causes of an illness or injury, confirm a diagnosis, and monitor treatment response. Various machines and techniques such as X-ray, computed tomography (CT), positron emission tomography (PET), magnetic resonance imaging (MRI), single-photon emission computed tomography (SPECT), digital mammography, and diagnostic sonography can generate images of the structures and activities within the body. Many imaging tests are noninvasive, simple, and painless. However, some may require you to remain still inside the machine for an extended period, which can be somewhat uncomfortable. Additionally, certain tests involve a small amount of radiation exposure. Increasing prevalence of chronic diseases is a major growth driving factor for the market. Additionally, new developments in the field of medical diagnostics contribute to the market growth during the forecast period.
In 2023, Asia Pacific is expected to grow with the highest CAGR in the global diagnostic imaging market. The Asia Pacific diagnostic imaging market is expected to grow significantly owing to the developments in countries including China, Japan, and India. According to an article published in National Library of Medicine (NLM) in September 2023, the number of CT scanners per 100,000 population was the highest in Kochi Prefecture, while Tokyo Prefecture had the highest number of CT scanners in hospitals. Therefore, the market in Asia Pacific is driven by growing investments from international players in several Asian countries. Therefore, the region holds huge potential for the diagnostic imaging market players to grow during the forecast period.
As highlighted by the World Health Organization (WHO) diagnostic imaging has advanced rapidly and plays a vital role in healthcare by supporting the diagnosis and treatment of various diseases. Diagnostic imaging services include confirming, assessing, and documenting the course of many conditions for ultimately drawing the response to treatment. According to an article published by AdventHealth University in October 2021, in recent years, there have been many advancements in digital radiography. These include AI-aided X-ray interpretation, dual-energy imaging, computer-aided diagnosis, tomosynthesis, automatic image stitching, and digital mobile radiography. These advancements have improved image quality, ultimately enhanced patient care and supporting better patient outcomes. Furthermore, the use of digital radiography reduces the need for retakes, which lowers radiation exposure.
Such advancements in imaging technologies for disease diagnostics boosts the diagnostics imaging market growth.
Government plays a vital role in purchasing, pricing, and distributing medical devices worldwide. Governments undertake various initiatives for developing healthcare infrastructure, and focus on offering safe and cost-effective medical products through fundings for opening new healthcare facilities. For instance, in the UK, the National Health Service targets addressing patients' unmet medical needs through cost-effective ways to enhance the country's economic growth. Additionally, the Canadian government paid US$ 1,400 per scan per patient to hospitals, owing to a lack of private funding in the country in 2020.
Furthermore, non-profit regulatory bodies such as the WHO and United Nations International Children's Emergency Fund (UNICEF) collaborates with manufacturers to develop effective solutions targeting to improve diagnostic services in remote locations. Additionally, these organizations provide training programs on the use and management of imaging technologies, focusing more on patient safety. For example, in February 2022, Siemens Healthineers partnered with UNICEF for the support in improving access to healthcare in Sub-Saharan Africa for diagnostic techniques.
Such factors mentioned above are responsible for offering lucrative opportunities for boosting the growth of the diagnostic imaging market.
Key segments that contributed to the derivation of the Diagnostic Imaging market analysis are modality, application, and end user.
The geographic scope of the Diagnostic Imaging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds the largest market share of the next-generation sequencing market. The Diagnostic Imaging market in North America is analyzed based on the US, Canada, and Mexico. The US is estimated to dominate the North America Diagnostic Imaging market in 2023. The utilization of diagnostic imaging is high in the US due to innovative launches of imaging modalities and approvals by the regulatory bodies. For instance, in September 2021, FDA announced clearance for the first new significant technological advancement for computed tomography (CT) imaging. The device utilizes the emerging CT technology of photon-counting detectors to measure every individual X-ray passing through a patient's body. The FDA also reviewed a new diagnostic imaging device, "NAEOTOM Alpha," manufactured by Siemens in 2021. Such technological advancements in imaging modalities accelerate the uptake of diagnostic imaging in the US.
Additionally, as the US population ages, the demand for diagnostic imaging technologies is expected to rise at a high pace for diagnosing, detecting, and treating many chronic health conditions and diseases common in the aging population.
Therefore, the growth of the market in North America is due to growing demand of diagnostic imaging technologies in the region.
The regional trends and factors influencing the Diagnostic Imaging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Diagnostic Imaging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 39.93 Billion |
| Market Size by 2031 | US$ 60.17 Billion |
| Global CAGR (2023 - 2031) | 5.26% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Modality
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Diagnostic Imaging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Diagnostic Imaging Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Diagnostic Imaging market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the Diagnostic Imaging market are listed below:
The “Diagnostic Imaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the diagnostic imaging market in 2023.
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General Electric Company, Siemens Healthineers, Koninklijke Philips N.V., 13.4 KARL STORZ SE & Co. KG, FUJIFILM Holdings Corporation, Canon Inc, Hologic Inc, Carestream Health Inc., Stryker Corporation, Olympus Corporation are some leading players operating in the diagnostic imaging market.
The Diagnostic Imaging market is estimated to reach US$ 934.57 million by 2031.
The Diagnostic Imaging market is anticipated to grow at a CAGR of 11.20% during 2023-2031.