Diagnostic Imaging Market - On-going Demand, Opportunities, Segmentation, and Forecast till 2028

Posted by Savni on January 12th, 2023

The diagnostic imaging market is projected to reach US$ 53,410.59 million by 2028 from US$ 38,034.56 million in 2022; it is expected to grow at a CAGR of 5.8% from 2022 to 2028.

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Technological advancements in diagnostic imaging equipment drive the market growth. According to the World Health Organization (WHO) report, diagnostic imaging has developed rapidly and plays a central role in healthcare by supporting the diagnosis and treatment of diseases. Diagnostic imaging services include confirming, assessing, and documenting the course of many conditions for ultimately drawing the response to treatment. The WHO collaborates with partners and manufacturers to develop a technical solution for improving the diagnostic imaging services for patients’ safety. In March 2018, GE Healthcare announced launching a new diagnostic imaging product supported by AI technology and involved in quickly capturing data and reconstructing images as the product was fast approved by the FDA. The newly launched product is efficient for fast connectivity and advanced algorithm, ensuring 48 times more data throughput and ten times the processing power of the previous system.

The COVID-19 outbreak disrupted routine services in hospitals across the world. Hospitals in Europe and Asia Pacific also witnessed a huge reduction in the number of elective surgery procedures. Healthcare companies in the diagnostic imaging market have increased the supply of medical devices, such as diagnostic imaging equipment. They are expanding job opportunities for individuals to help meet increased product demand. Manufacturers are optimizing their production activities by making imaging equipment and other medical devices available round the clock. In-house medical teams of med-tech companies are proactively working with government, clinicians, and healthcare systems to understand the unique challenges created by the COVID-19 pandemic. Leading med-tech companies extend philanthropic support by providing financial support to frontline healthcare workers and communities. They are extending geographic-specific support to improve clinical outcomes.

Based on modality, the global diagnostic imaging market is segmented into endoscopy, X-ray, ultrasound, MRI, CT, nuclear imaging, mammography, and other. The X-ray segment holds the largest share of the market in 2022. However, the CT segment is anticipated to register the highest CAGR in the market from 2022 to 2028. X-ray or radiography is the oldest and most frequently used form of medical imaging. Some X-ray exams use an iodine-based contrast material or barium to improve the visibility of specific organs, blood vessels, tissues or bone. Continuous technological advancements and product developments, improved funding, and government investments, especially in countries, such as India and China, are expected to contribute to the market growth during the forecast period. For instance, In 2021, OMRON Corporation announced the development of a new VT-X750-V3 system, the world’s fastest CT-type X-ray inspection device to date. Also, in June 2021, the Government of India launched X-ray Setu, a free artificial intelligence (AI) based platform to aid doctors with early COVID-19 interventions.

The major factor driving the diagnostic imaging market for the X-ray segment is an increase in the demand for early-stage diagnosis of chronic diseases. Over the last few years, medical imaging has evolved drastically owing to digital radiology solutions. Diagnostic accuracy is at the healthcare industry’s core, and digital X-ray imaging plays a significant role in improving diagnostic accuracy. In addition, the integration of AI in these systems has contributed to the market growth. In August 2021, GE Healthcare announced a partnership with Amazon Web Services (AWS) to provide AI and cloud-based imaging solutions to hospitals and healthcare providers. Furthermore, major market players are engaged in developing advanced modalities, such as multimodal/hybrid imaging systems.

The factors mentioned above would drive the global diagnostic imaging market growth in the coming years.

General Electric Company; Siemens Healthneers; Koninklijke Philips N.V.; KARL STORZ LTD.; FUJIFILM Holdings Corporation; CANON; HOLOGIC, Inc.; Carestream Health, Inc.; Stryker Corporation; and Olympus Corporation are among the leading companies operating in the global diagnostic imaging market.

The report segments the global diagnostic imaging market as follows:

Based on modality, the global diagnostic imaging market is segmented into endoscopy, X-ray, ultrasound, MRI, CT, nuclear imaging, mammography, and other. Based on application, the market is segmented into cardiology, oncology, neurology, orthopedics, gastroenterology, obstetrics & gynecology, and others. Based on end user, the global diagnostic imaging market is segmented into hospitals and clinics, ambulatory surgical centers, diagnostic imaging centers, and others. By geography, the global diagnostic imaging market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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