The global diagnostic imaging market was valued at USD 37.8 billion in 2021 and it is anticipated to grow up to USD 66.8 billion by 2031 at a CAGR of 5.9% during the forecast period.
The diagnostic health imaging technology has transformed healthcare and now allows for earlier diagnosis of medical conditions, reduces the need for needleless invasive exploratory processes, and creates better patient outcomes. It describes the various technique of viewing the inside of the body to help figure out the causes of an illness or injury and confirm a diagnosis.
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Market Trends and Driver
The growing geriatric population and the increasing prevalence of associated diseases are boosting the growth of the market. The risk of developing diseases increases respectively with age. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. Adding to these, the American Medical Association (AMA) estimates that at least 60% of individuals aged 65 and above will be living with more than one chronic condition by 2030. This growth in the aging population will drive the demand for improved healthcare facilities and advanced treatment options and medication. With the rising growth in the geriatric population across the globe, the prevalence of age-associated diseases like Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia, along with CVDs and cancer, is expected to rise.
Major Players in the Global Diagnostic Imaging Market
The key players studied in the global diagnostic imaging market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), FUJIFILM Holdings Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), Agfa-Gevaert N.V. (Belgium), Samsung Electronics (South Korea), Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (US), Shimadzu Corporation (Japan), Allengers Medical Systems (India), Neusoft Medical Systems (China), Konica Minolta, Inc. (Japan), NP, JSC Amico (Russia), Konica Minolta (Japan), SternMed (Germany), Allengers (India), Neusoft Medical Systems (China).
COVID-19 Impact:
The COVID-19 pandemic has positively and negatively impacted the market. Negative impacts comprise severely limited buying capacity of hospitals, especially small-scale hospitals, and imaging centers. The pandemic has also impacted the operation of manufacturing companies. Companies are functioning with a limited workforce. Additionally, the turnaround time for delivering products and services is affected owing to newer packaging protocols and lockdown measures imposed by countries. All these factors are negatively impacting the manufacturing and supply chain of diagnostic imaging systems. Given that hospitals had to free up capacity and resources for potential COVID-19 emergencies, the number of routines and elective procedures severely decreased. The market for diagnostic imaging is therefore negatively affected by the pandemic. Still, this decline is anticipated to have a short-term negative impact on the market, and there will be minimum or no change in the long-term fundamental drivers affecting the demand for diagnostic imaging devices.
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Global Diagnostic Imaging Market Segmentation
By Product
X-ray Imaging Systems
CT Scanners
Ultrasound Systems
MRI Systems
Nuclear Imaging Systems
Mammography System
By Application
Cardiology
Oncology
Neurology
Orthopedics
Gastroenterology
Gynecology
Others
By End Users
Hospitals
Diagnostic Imaging Centers
Others
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