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.
Market Restraints and Challenges
The key factor hindering the growth of the market is the technological limitations associated with standalone systems. Technological limitations related to standalone imaging modalities deter researchers from purchasing them, negatively affecting their market growth. For example, MRI takes longer to scan large volumes or high-resolution images, whereas PET has a lower spatial resolution. Ultrasound systems are heavily operator-dependent, require direct contact with the body, and have limited tissue depth penetration. SPECT has low detection sensitivity, and CT has poor soft-tissue contrast, providing minimal information about functional characteristics, and carries the risk of radiation exposure for both physicians and patients.
Global Diagnostic Imaging Market Segmentation
- X-ray Imaging Systems
- CT Scanners
- Ultrasound Systems
- MRI Systems
- Nuclear Imaging Systems
- Mammography System
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).
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