The global Diagnostic Imaging Market size was over USD 33.2 billion in 2022 and is anticipated to grow at a rate of approximately 4.5% during the study 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 techniques 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 Drivers
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.
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Diagnostic Imaging Market Segmental Overview
The report analyses the global diagnostic imaging market based on Product, Application, End User, Technology, and Region.
Diagnostic Imaging Market by Product
Based on the Product, the Diagnostic Imaging market is segmented into X-ray Imaging Systems, MRI Systems, Ultrasound Systems, CT Scanners, Nuclear Imaging Systems, and Mammography Systems. The CT scanners segment held the largest share of the global diagnostic imaging market. The key factors such as demand for early and accurate diagnosis, high adoption of CT scanners by hospitals and diagnostic centres across the globe. There has been a steady increase in the demand for CT scanners ever since the COVID-19 pandemic started. CT of the chest plays an essential role in the diagnosis of COVID-19; almost every patient needs a CT scan to monitor disease progression. Accordingly, the rising demand for disease treatment has favored the CT scanners market, even with the deferred procedures.
Diagnostic Imaging Market by Application
Based on Application, the market is segmented into Cardiology, Obstetrics/Gynecology, Oncology, Neurology, Orthopedics, Gastroenterology, and Others. The cardiology segment is likely to dominate the market during the forecast period. The key factors such as the growing geriatric population coupled with the rising prevalence of associated diseases are boosting the growth of the market.
Diagnostic Imaging Market by End User
On the basis of End User, the market is segmented into Hospitals, Diagnostic Imaging Centers, and Others. The hospital segment is likely to dominate the market during the forecast period. The key factors such as increasing demand for early diagnosis coupled with a widening scope of clinical application are boosting the growth of the market.
Geographical Analysis of Global Diagnostic Imaging Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America region is expected to dominate the market during the forecast period. The key factors such as rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and high adoption of technological advancements are boosting the growth of the market.
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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), and Neusoft Medical Systems (China) among others.
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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