Global Diagnostic Imaging Market - 2023-2030

Global Diagnostic Imaging Market - 2023-2030

The Global Diagnostic Imaging Market reached US$ 27.4 billion in 2022 and is expected to reach US$ 41.6 billion by 2030, exhibiting a CAGR of 5.5% during the forecast period (2023-2030). The rising number of people with chronic diseases and pathological diseases has raised the need for avant-garde medical imaging procedures.

The rising need for diagnostic devices that can detect conditions earlier has increased the market for progressive medical imaging devices. With the improvement in technology, the reporting period which is needed after the image has been reviewed has also decreased extensively. The precision and accuracy of imaging devices have even improved with the upgrade in technology.

Market Dynamics

Increasing Product Approvals Drive the Growth of the Diagnostic Imaging Market

The increasing market developments are expected to boost the global medical imaging market growth in the forecast period. For instance, in April 2022, Wipro GE Healthcare introduced the next-generation Revolution Aspire CT scanner. Revolution Aspire is an advanced imaging solution developed and fabricated end-to-end in India.

Moreover, in February 2023, FUJIFILM India, a frontier in healthcare imaging and information systems, expanded its product and solutions portfolio at the 75th National Conference of the Indian Radiological and Imaging Association (IRIA). The new range possesses ultrasound system Arietta 850 DeepInsight and Arietta 650 DeepInsight along with the new MRI machine APERTO Lucent Non-DICOM printer APEOS. Further, the corporation even presented “FUJIFILM Connect” a service & support mobile application.

The Increase in Research Funding is Expected to Present the Global Diagnostic Imaging Market with Growth Opportunities

The increasing research funding is expected to present the global diagnostic imaging market with prospective growth opportunities in the upcoming years. For instance, the assignment of the R&E Foundation is to fund the future of radiology by designing researchers and helping lifelong ingenious investigation and education. Since the Foundation’s beginning in 1984, it has granted more than 1,600 grants. That’s $70 million in funding for radiology investigation and enhancing patient care.

The Shortage of Skilled Personnel and Efficient Training Programs is Estimated to Hamper the Global Diagnostic Imaging Market During the Forecast Period

The shortage of trained personnel is a considerable challenge facing the diagnostic imaging industry. Diagnostic imaging is a highly specialized field requiring specialized training and expertise, and there is a growing shortage of skilled personnel.

One of the primary reasons for the shortage of skilled personnel is the lack of investment in education and training programs for diagnostic imaging. Many universities and colleges do not offer specialized programs in diagnostic imaging, and there is a limited number of training programs available for diagnostic imaging.

COVID-19 Impact Analysis

The financial health of companies across all industries has been impacted by the COVID-19 pandemic and lockdown in numerous nations throughout the world. Therefore, for the period of the COVID-19 public health emergency, the U.S. Food and Drug Administration (FDA) issued guidelines that include general considerations to aid sponsors and researchers, ensuring the safety of trial participants, adhering to good clinical practice (GCP), and minimizing risks to trial integrity.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict is thought to hold a moderate influence on the global diagnostic imaging market, as there is a lack of primary market players in this region. Though continuing to countenance invasions from Russian armies, Ukrainian clinics are forced by growing numbers of deaths and limited medical aid. There are shortages across all types of healthcare assistance. Again, the significance of the import and export of fundamental materials are expected to slightly impact the global diagnostic imaging market growth in the forecast period.

Segment Analysis

The global diagnostic imaging market is segmented based on product type, disease type, end-user, and region.

The Tomography Type of Diagnostic Imaging is Estimated to Dominate the Global Diagnostic Imaging Market

The tomography type of diagnostic imaging is expected to hold around 37.8% of the global market share owing to the increasing product introductions into the market. For instance, in May 2023, Royal Philips, a multinational leader in health technology, launched the Philips CT 3500, a new high-throughput CT system targeting the requirements of everyday radiology and high-volume screening schedules.

Powered by AI, the Philips CT 3500 includes a range of image-reconstruction and workflow-enhancing characteristics that aid to provide the consistency, rate, and first-time-right image grade ought for assured diagnoses by clinicians and improved recovery on investment in the highly selective, high-volume care environments.

Moreover, in March 2022, at the 74th National Conference, IRIA 2022, Bengaluru, Siemens Healthineers introduced its latest product MAGNETOM Free. Star and NAEOTOM Alpha in MRI and CT pipeline. These product takeoffs supported the corporation broaden its consumer ground by delivering state-of-the-art medical imaging technology.

Geographical Analysis

Europe is Estimated to Hold 28.6% of the Market Share Owing to the Increasing Chronic Diseases Prevalence in this Region

Owing to the increasing cases of chronic diseases in this region, Europe is estimated to dominate the global market holding around 28.6% of the market by 2030. For instnace, according to the European Heart Network AISBL, annually cardiovascular conditions (CVD) causes 3.9 million casualties in Europe and more than 1.8 million deaths in the European Union (EU), CVD makes up for over 45% of all deaths in Europe and 37% of all deaths in the EU.

CVD is the primary reason for death in males in all whereas 12 nations of Europe and is the primary reason for death in females in all but two countries. Death rates from both ischaemic heart disease (IHD) and stroke are typically more increased in Central and Eastern Europe compared to Northern, Southern, and Western Europe.

Competitive Landscape

The major global players in the diagnostic imaging market include GE Healthcare, Siemens Healthcare, Carestream Health Inc., Hitachi Medical Corporation, Canon Toshiba Medical Systems Corporation, Hologic Corporation, Philips Healthcare, Fujifilm Holdings Corporation, and Shimadzu Corporation, among others.

Why Purchase the Report?
• To visualize the global diagnostic imaging market segmentation based on type, application, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of diagnostic imaging market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available in excel consisting of key products of all the major players.

The global diagnostic imaging market report would provide approximately 53 tables, 54 figures, and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies