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 Market Analysis
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.
Diagnostic Imaging Market Overview
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.
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Diagnostic Imaging Market: Strategic Insights
Market Size Value in US$ 38,034.56 million in 2022 Market Size Value by US$ 53,410.59 million by 2028 Growth rate CAGR of 5.8% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
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Diagnostic Imaging Market: Strategic Insights
| Market Size Value in | US$ 38,034.56 million in 2022 |
| Market Size Value by | US$ 53,410.59 million by 2028 |
| Growth rate | CAGR of 5.8% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Diagnostic Imaging Market Drivers and Opportunities
Advancements in Diagnostic Imaging Technologies to Favor Market
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 Initiatives Brings Growth Opportunities
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.
Diagnostic Imaging Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Diagnostic Imaging market analysis are modality, application, and end user.
- The diagnostic imaging market is segmented based on modality into X-Ray, CT, endoscopy, ultrasound, MRI, nuclear imaging, mammography, and others. The ELISA tests segment held the largest market share in 2023.
- By application, the market is segmented into cardiology, oncology, neurology, orthopaedics, gastroenterology, obstetrics and gynaecology, and others. The avian influenza segment held the largest market share in 2023.
- The market is segmented based on end user into hospital and clinics, diagnostic imaging centres, ambulatory surgical centres, and others. The hospital and clinics segment held the largest market share in 2023.
Diagnostic Imaging Market Share Analysis by Geography
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.
Diagnostic Imaging Market Report Scope
Diagnostic Imaging Market News and Recent Developments
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:
- Wipro GE Healthcare announced the launch of its next-generation Revolution Aspire CT (Computed Tomography) scanner. Revolution Aspire is an advanced imaging solution designed and manufactured end-to-end in India, at the newly launched Wipro GE Medical Devices Manufacturing plant, in line with ‘Atmanirbhar Bharat’ initiative. The CT system is equipped with higher imaging intelligence to improve clinical confidence when diagnosing diseases and anomalies. (Source: GE HealthCare, Press Release, 2022)
- Zionexa, a leading innovator of in-vivo oncology and neurology biomarkers that help enable more personalized healthcare, has been acquired by GE Healthcare. Cerianna (fluoroestradiol F-18), an FDA-approved PET imaging agent used as an adjunct to biopsy for the detection of oestrogen receptor (ER) positive lesions to help inform treatment selection for patients with recurrent or metastatic breast cancer, is being scaled up by the company. (Source: GE HealthCare, Press Release, 2021)
Diagnostic Imaging Market Report Coverage and Deliverables
The “Diagnostic Imaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Diagnostic Imaging market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Diagnostic Imaging market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Diagnostic Imaging market analysis covering key market trends, global and regional framework, significant players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Diagnostic Imaging market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Modality, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the diagnostic imaging market in 2023.
Factors rising zoonotic disease cases and technological advancements in diagnostics are driving the Diagnostic Imaging market growth.
Adoption of farm-side diagnostic poultry platform is a future trend in the market.
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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