Diagnostic Imaging Market Forecast to Grow at 5.4% CAGR from 2024 to 2031 | SkyQuest Technology
Westford, USA, Sept. 20, 2024 (GLOBE NEWSWIRE) — Diagnostic Imaging Market Forecast to Grow at 5.4% CAGR from 2024 to 2031 | SkyQuest Technology
SkyQuest projects that the Global Diagnostic Imaging Market will reach a value of USD 42167.31 Million by 2031, with a CAGR of 5.4% during the forecast period (2024-2031).
It is projected that the growing elderly population, coupled with the rising incidence of chronic diseases and the need for early disease diagnosis and detection techniques, will propel market expansion. Due to rising investments by large players, new product innovations, and advancements in technology such as portable medical devices for diagnosis at patients’ places of residence or using AI-based approach for image processing techniques in radiology, the market is expected to experience more development.
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Diagnostic Imaging Market Segmental Analysis
Global Diagnostic Imaging market is segmented based on Type, Application, End-User, and region.
Based on the type, the Diagnostic Imaging market is segmented as Magnetic Resonance Imaging (Closed MRI and Open MRI), X-Ray Imaging (X-ray Digital Imaging Systems and X-ray Analog Imaging Systems), Ultrasound Imaging (2D Ultrasound, 3D and 4D Ultrasound, and Doppler Ultrasound), Computed Tomography, and Nuclear Imaging.
Based on the Application, the Diagnostic Imaging market is segmented as General Imaging, Cardiology, Gynecology, Oncology, Neurology, Orthopedics, and Other Applications. Whereas, based on the End-User, the Diagnostic Imaging market is segmented as Hospitals & Clinics, and Diagnostic Imaging Centers.
Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Diagnostic Imaging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 27685.42 Million |
| Estimated Value by 2031 | USD 42167.31 Million |
| Growth Rate | Poised to grow at a CAGR of 5.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End-User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Rise of AI-enhanced diagnostic equipment and its impact on healthcare innovation |
| Key Market Opportunities | Integration of imaging with electronic health records |
| Key Market Drivers | AI advances and aging populations are shaping the future of imaging equipment |
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Prominent Players in Diagnostic Imaging Market
- Shimadzu Corporation
- Samsung
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Canon Medical Systems
- Hitachi Medical Systems
- Fujifilm Holdings Corporation
- Hologic Inc.
- Carestream Health
- Toshiba Medical Systems Corporation
- Esaote SpA
- Koninklijke Philips N.V.
- Analogic Corporation
- Bracco Imaging S.p.A.
- Agfa-Gevaert N.V.
- Varian Medical Systems, Inc.
- Terarecon, Inc.
- Ziehm Imaging GmbH
- Mindray Medical International Limited
CT Scan to Hold Significant Growth Due to Providing Detailed Internal Images for Early Disease Detection
The present dominance of CT scans in this market is due to their capability of offering precise, detailed inside pictures that help in early disease recognition, especially with conditions such as cancer and heart ailments. This is further boosted by growing demand for rapid, non-invasive diagnosis; progress in AI-based imaging tools; and expanding healthcare facilities particularly within developing countries.
Diagnostic Imaging Centers to Lead Market Due to Offering Advanced, Cost-Effective Imaging Solutions
As a result of their specialized services and innovative yet cost-effective imaging solutions, diagnostic imaging centers are responsible for a significant slice of the market on global scale. The factors fueling growth include expanding outpatient services, demand for early disease detection together with increasing AI-driven machines and devices that improve accuracy in imaging. Rising accessibility as well as improved healthcare structures, especially in developing countries, have also contributed to their existence.
North America to Dominate Market Due to Significant investments in R&D Diagnostic Imaging
Due to its advanced healthcare system, fast acceptance of computerized diagnostic imaging applications as well as huge research and development costs, North America is now the global leader in diagnostic imaging. Key industry players, advantageous reimbursement policies and aging population that lead to increase in chronic diseases contribute to this supremacy.
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Diagnostic Imaging Market Insight
Drivers:
- Rising Prevalence of Chronic Diseases
- Growing Demand for Non-invasive Diagnostics
- Rising Awareness of Early Disease Detection
Restraints:
- Limited Access in Low-Income Countries
- Radiation Exposure Concerns
- Complex Regulatory Environment Delays Product Approvals
Key Questions Answered in Global Diagnostic Imaging Market Report
- What is the estimated market size for urinalysis worldwide by 2031?
- Which region is anticipated to lead the diagnostic imaging market as a result of large R&D and AI-powered imaging technology investments?
- Which major market factors will influence imaging equipment in the diagnostic imaging market going forward?
This report provides the following insights:
Analysis of key drivers (Neurological disorders demand early diagnosis, Increasing cases of cancer, innovations like AI-enabled imaging), restraints (Safety concerns related to radiation exposure, complex regulatory environment, lack of trained radiologists), opportunities (Rising demand for remote diagnostics, growing healthcare expenditure, point-of-care imaging solutions), and challenges (Significant upfront cost, compliance with data protection regulations) influencing the growth of diagnostic imaging market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the diagnostic imaging market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the diagnostic imaging market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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