Diagnostic Imaging Market Size Worth USD 54.44 Billion in 2032 | Emergen Research

Factors such as growing prevalence of cancer and cardiac diseases and technological advancements are creating high demand for diagnostic imaging, thus is expected to drive Diagnostic Imaging Market revenue growth

Vancouver, Dec. 05, 2023 (GLOBE NEWSWIRE) — The global diagnostic imaging market is poised for robust growth, with a projected revenue Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period, according to the latest market research report. The market, valued at USD 29.00 Billion in 2022, is being propelled by factors such as the increasing prevalence of chronic diseases, technological advancements, and a growing demand for advanced diagnostic imaging.

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Key Market Drivers:

Rising Prevalence of Chronic Diseases:

The global burden of chronic diseases, especially among the aging population, is a significant driver of market growth. With over 80% of older individuals in the United States affected by at least one chronic ailment, the demand for diagnostic imaging, particularly in oncology, is on the rise.

Technological Advancements:

The integration of Artificial Intelligence (AI) and machine learning technologies into diagnostic imaging is revolutionizing the industry. Companies like Koninklijke Philips N.V. are leading the way with AI-powered diagnostic tools, improving workflow solutions and introducing intelligent diagnostic equipment, enhancing diagnostic speed and accuracy.

Market Challenges:

Cost Constraints:

The high cost of diagnostic imaging systems, coupled with the substantial capital investment required for installation, poses a challenge, particularly in developing countries. The financial constraints of healthcare facilities hinder the adoption of new systems, leading to increased demand for affordable alternatives.

Shortage of Trained Professionals:

A shortage of trained professionals in the healthcare sector is impeding market growth. The need for skilled individuals to operate diagnostic imaging equipment remains a limiting factor, affecting the effective utilization of advanced technologies.

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Trends and Innovations:

AI Integration in Radiology:

The integration of AI technologies into radiology is a growing trend, enhancing the precision and speed of radiographic interpretation. Philips, for instance, received FDA clearance for its AI-powered smart speed software, improving MRI efficiency threefold compared to traditional scanners.

Segment Insights:

Oncology Dominates: The oncology segment accounted for the largest revenue share in 2022, driven by the increasing incidence of cancer globally. Diagnostic imaging plays a crucial role in cancer care, aiding in the identification and staging of tumors.

Orthopedics on the Rise: The orthopedics segment is expected to experience the fastest revenue growth rate, attributed to advancements in diagnostic imaging technologies addressing joint injuries, degenerative bone issues, and fractures.

Ultrasound Leads in Product Type:

The ultrasound segment registered the fastest revenue growth rate in 2022 due to increased demand for advanced equipment. Innovations, such as portable ultrasound systems, are contributing to the segment’s growth.

End-Use Insights:

Diagnostic imaging centers are expected to register the fastest revenue growth rate, driven by the utilization of various imaging machines for planning and executing minimally invasive procedures.

Regional Insights:

North America Dominates:

North America accounted for the largest revenue share in 2022, driven by the rising number of imaging centers utilizing advanced technology. The region is expected to maintain its leadership position with approximately 18,861 imaging facilities in the United States by February 2023.

Asia Pacific Growth:

The Asia Pacific market is poised for significant revenue growth, fueled by the growing prevalence of chronic diseases. The region, with approximately 27.7 million Australians undergoing diagnostic imaging services, is expected to witness an upsurge in the occurrence of age-related conditions.

European Advancements:

The European market is expected to experience moderately fast revenue growth, attributed to the presence of well-established healthcare facilities and the launch of technologically advanced devices. The rise in chronic diseases is necessitating the use of improved diagnostic tools, driving market growth.

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Scope of Research

Major Companies and Competitive Landscape

The global diagnostic imaging market is highly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective diagnostic imaging solutions. Some major players included in the global diagnostic imaging market report are:

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthineers
• Canon Diagnostic Systems Corporation
• Mindray Diagnostic International
• Esaote
• Hologic, Inc.
• Samsung Medison Co., Ltd.
• Koning Corporation
• PerkinElmer Inc.
• FUJIFILM VisualSonics Inc.
• Cubresa Inc.
• Johnson & Johnson Services, Inc.
• Narang Diagnostic Limited
• ONRAD, Inc.
• Hitachi, Ltd.
• Carestream Health
• Shimadzu Corporation
• Akumin Inc.
• RamSoft, Inc.

Strategic Development

• In 2022, the Definium 656 HD represents GE Healthcare’s cutting-edge fixed X-ray system. As the most advanced version of the Overhead Tube Suspension (OTS) system in GE Healthcare’s range of fixed X-ray products, it ensures uniform, highly automated, and effective examinations. This technology instills clinical confidence, streamlines workflow, enhances uniformity, and minimizes errors, ultimately aiding in the efficient operation of radiology departments.
• In 2022, Siemens Healthineers unveiled MAGNETOM Viato.Mobile, its latest MRI scanner designed for mobile applications, features a patient bore of 70 cm. The aim is to provide top-notch innovations at 1.5 Tesla for mobile use through MAGNETOM Viato.Mobile. Housed in a trailer setup for enhanced flexibility in MR imaging deployment, the scanner can be easily relocated or remain at the customer’s site for prolonged usage.

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For the purpose of this report, Emergen Research has segmented the global diagnostic imaging market on the basis of application, product type, end-use, and region:

• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Cardiology
  • Oncology
  • Neurology
  • Orthopedics
  • Gynecology
  • Others
• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • X-ray Devices
    1. Digital X-Ray
       • Direct Radiography Systems
       • Computed Radiography Systems
    2. Analog X-Ray
    3. Stationary X-Ray
    4. Portable X-Ray
  • Magnetic Resonance Imaging (MRI)
    1. Closed MRI
    2. Open MRI
    3. High and Very High Field MRI
    4. Low-to-Mid-Field MRI
    5. Ultra-High-Field MRI
  • Ultrasound
    1. 2D Ultrasound
    2. 3D and 4D Ultrasound
    3. Doppler Ultrasound
    4. Contrast-Enhanced Ultrasound
    5. Trolley/Cart-Based Ultrasound
    6. Compact/Portable Ultrasound
    7. POC Ultrasound
  • CT scan
    1. Conventional CT Scan
       • High-Slice CT Scan
       • Mid-Slice CT Scan
       • Low-Slice CT Scan
    2. Cone Beam CT Scan
  • Nuclear Imaging
    1. PET System
       • Standalone PET Systems
       • Hybrid PET Systems
    2. SPECT Systems
       • Standalone SPECT Systems
       • Hybrid SPECT Systems
  • Mammography

•  End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Hospitals
  • Diagnostic Imaging Centers
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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