Diagnostic Imaging Market Forecasts to 2028 – Global Analysis By Product (Ultrasound Systems, X-ray Imaging Systems and Other Products), Application (General Radiography, Gastroenterology, Cardiology and Other Applications), End User and Geography

Diagnostic Imaging Market Forecasts to 2028 – Global Analysis By Product (Ultrasound Systems, X-ray Imaging Systems and Other Products), Application (General Radiography, Gastroenterology, Cardiology and Other Applications), End User and Geography

According to Stratistics MRC, the Global Diagnostic Imaging Market is accounted for $28.03 billion in 2022 and is expected to reach $43.02 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Diagnostic imaging refers to a group of methods used to examine inside the body to establish the cause of a disease or injury and confirm a diagnosis. It is also used by medical professionals to gauge how effectively a patient's body responds to fracture or illness treatment. Diagnostic imaging enables medical professionals to peer into the body to check for any indications of a health issue. Images of your body's activities and structures can be produced by several tools and methods. The body component being evaluated and the symptoms will help the doctor decide whether imaging tests are necessary. An MRI scan produces a precise cross-sectional image of inside organs and structures by utilising a strong magnet, radio waves, and a computer.

According to the Centers for Disease Control and Prevention (CDC) the leading chronic diseases accounted for almost US$ 4.1 trillion in annual healthcare costs in America in 2020. Additionally, diagnostic imaging is widely adopted for chronic conditions of the geriatric population as the population is more vulnerable to the above chronic indications. For instance, JMIR Publications revealed that the population aged >60 is expected to rise to 2 billion by 2050 worldwide.

Market Dynamics:

Driver:

Growing geriatric population and the rising prevalence of associated diseases

The chance of acquiring illnesses rises proportionally with age. The Centers for Disease Control and Prevention (CDC) estimate that approximately 80% of older Americans have at least one chronic illness. The American Medical Association (AMA) also predicts that by 2030, at least 60% of those 65 and older would have more than one chronic illness. The demand for better healthcare facilities, cutting-edge treatment choices, and new medications will be driven by this rise in the elderly population. The incidence of age-associated disorders such Alzheimer's disease, Parkinson's disease arthritis, and dementia, along with CVDs and cancer, is anticipated to rise as the world geriatric population expands quickly.

Restraint:

Technological limitations associated with standalone systems

The market expansion of independent imaging modalities is significantly impacted by the technological constraints attached to them. For instance, MRI requires more time to scan big areas or provide pictures with high resolution, but PET has a lesser level of spatial resolution. Ultrasound systems have limited tissue depth penetration, a high operator dependence rate, and call for physical touch with the subject. Both SPECT and CT have limited detection sensitivity, which gives them less information on functional qualities and puts both doctors and patients at danger of radiation exposure.

Opportunity:

Growth opportunities in emerging countries

For leading participants in the diagnostic imaging market, emerging markets like India, China, Brazil, South Korea, Turkey, Russia, and South Africa have strong growth prospects. These emerging nations' high population densities—particularly in India and China—provide a long-term market for diagnostic imaging equipment notwithstanding the cost issue. These nations' higher death rates and increased frequency of chronic illnesses including cancer, stroke, neurological and cardiovascular disorders demonstrate the need of early diagnosis. For instance, according to GLOBOCAN 2020 data, developing areas are home to nearly 50% of the world's cancer patients. The major market players are implementing a variety of growth tactics to solidify their position in this area.

Threat:

Hospital budget cuts

Several healthcare providers have allied themselves with group buying organisations (GPOs), integrated health networks (IHNs), and integrated delivery networks in response to growing government pressure to lower healthcare costs (IDNs). In order to negotiate a fair price with the suppliers and makers of medical devices, these groups pool the purchasing power of their members. GPOs, IHNs, and IDNs engage in intense haggling when making large purchases of diagnostic imaging equipment. The hospital budgets have been considerably cut due to the growing cost of prescription pharmaceuticals and a dramatic decrease in the anticipated budget allocations for Health and Human Services in the US.

Covid-19 Impact

The Global Diagnostic Imaging Market has been significantly impacted by the COVID-19 pandemic. CT scanners, on the other hand, are one of the most crucial diagnostic tools for COVID-19 patients. The development of a high-precision CT scanner through the incorporation of artificial intelligence and improved visualisation systems, as well as the rising demand for point-of-care CT equipment, are driving this market sector.

The Computed Tomography (CT) Scanners segment is expected to be the largest during the forecast period

The Computed Tomography (CT) Scanners segment is estimated to have a lucrative growth, due to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. Since the COVID-19 outbreak began, the demand for CT scanners has been steadily rising. A CT scan of the chest is nearly always required to track the course of the disease and is crucial in the diagnosis of COVID-19. As a result, even with the postponed operations, the market for CT scanners has benefited from the increased need for illness treatment.

The hospitals segment is expected to have the highest CAGR during the forecast period

The hospitals segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increased awareness regarding health and an increased number of patients with chronic diseases coming for treatment to the hospital. Also, this segment's growth is attributed to the widespread use of both public and private hospitals across the world. Rising investments in the construction of modern, technologically sophisticated hospitals outfitted with cutting-edge diagnostic imaging technology will further contribute to the segment's growth.

Region with highest share:

North America is projected to hold the largest market share during the forecast period, due to the growing elderly population and diseases that go along with it, the availability of inexpensive diagnostic imaging techniques, and the widespread use of technological innovations. The increase in the use of low-dose automated CT scanners is responsible for the market expansion in the area. Due to the high incidence of chronic illnesses in the nation, the U.S. is anticipated to control the market in North America in the near future.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the rise in geriatric population, rise in the prevalence of chronic diseases, and rise in demand for improved imaging technology. Private hospitals and medical facilities are becoming more prevalent throughout Asia Pacific. Also, rising public awareness of the availability of modern diagnostic imaging technologies is likely to fuel market expansion over the forecast period.

Key players in the market

Some of the key players profiled in the Diagnostic Imaging Market include Koninklijke Philips N.V., Fujifilm Holdings Corporation, Samsung Medison, Shimadzu Corporation, Siemens Group, Hitachi Medical Systems, Carestream Health Inc., General Electric Company, Boston Scientific, EsaoteSpA, Canon Inc., GE Healthcare, Allengers, Neusoft Medical Systems, CurveBeam LLC

Key Developments:

In October 2021, Koninklijke Philips N.V. (Netherlands) launched the spectral detector-based Spectral Computed Tomography (CT) 7500 solution for precision diagnosis.

In May 2021, Royal Philips introduced the Spectrum Computed Tomography (CT) 7500, a spectral detector-based CT scanner. This new intelligent technology consistently produces high-quality spectral images for every patient on every scan, helping to enhance disease characterization and reduce rescans and follow-ups while using the same dosage levels as traditional scans.

In March 2021, GE Healthcare (US launched Venue Fit, a streamlined and compact POCUS system, alongside an industry-first AI offering for cardiology.

In March 2021, Siemens Healthineers (Germany), received FDA clearance for the Biograph Vision Quadra, a PET/CT scanner for clinical use and translational research.

Products Covered:
• Ultrasound Systems
• X-ray Imaging Systems
• Computed Tomography (CT) Scanners
• Magnetic Resonance Imaging (MRI) Systems
• Nuclear Imaging
• Fluoroscopy
• Mammography

Applications Covered:
• General Radiography
• Gastroenterology
• Cardiology
• Gynecology
• Oncology
• Orthopedics
• Neurology
• Other Applications

End Users Covered:
• Diagnostic Centers
• Hospitals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements