Diagnostic Imaging Market

Market Overview:

The global diagnostic imaging market size reached US$ 33.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 51.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.86% during 2024-2032. The rising prevalence of various chronic diseases, such as heart disease, stroke, cancer, diabetes, and respiratory diseases, increasing aging population, and the integration of advanced technologies are some of the major factors propelling the market.

Diagnostic imaging, also known as medical imaging, refers to a variety of non-invasive methods that allow doctors and medical professionals to visualize the interior of the body for diagnostic and therapeutic purposes. It involves the creation and interpretation of images derived from radiant energy, including X-rays, gamma rays from radioactive substances, nuclear magnetic resonance, ultrasonics, and radiofrequency waves. It allows for the early detection of diseases and aids in the planning and guidance of medical and surgical treatments. It helps in tracking the progression of a disease or condition and monitoring how the body responds to treatment. Besides this, it reduces the risks associated with invasive diagnostic procedures, such as infection or complications from anesthesia.

The increasing global geriatric population, which is highly prone to various health conditions, is favoring the market growth. Additionally, the growing emphasis on preventive healthcare and early diagnosis of diseases to improve patient outcomes and reduce healthcare costs is driving demand for imaging solutions. Apart from this, the development of radiology software eliminates the need for manual handling of films, reduces storage space, and enables easy access to images from multiple modalities. It also aids in managing patient data, scheduling procedures, tracking patient history, and billing. Furthermore, governments of various countries are focusing on improving healthcare infrastructure, which is propelling the market growth.

Diagnostic Imaging Market Trends/Drivers:

The integration of advanced technologies

The integration of advanced imaging modalities offers superior visualization and improves accuracy, scanning times, and patient comfort. Additionally, ongoing developments in technology are leading to the creation of high-resolution imaging devices, which offer superior image quality and detailed analysis. For instance, advancements in MRI technology are resulting in the development of high-field MRI systems, which provide clearer, more detailed images for accurate diagnoses. Moreover, the advent of 3D and 4D imaging is enabling healthcare providers to visualize complex anatomical structures more accurately. Besides this, the integration of imaging modalities, such as PET/CT and SPECT/CT, is another significant technological advancement. These hybrid systems combine the strengths of each individual modality, allowing for better disease detection, localization, and characterization.

The increasing prevalence of chronic disorders

There is a rise in the prevalence of various chronic diseases, such as heart disease, stroke, cancer, diabetes, and respiratory diseases, across the globe. The prevalence of these conditions is rising due to factors like unhealthy dietary patterns, sedimentary lifestyle, tobacco use, and harmful alcohol use. These diseases require multiple imaging tests for diagnosis, treatment planning, and disease management. The imaging tools assist in the initial detection of diseases, staging, gauging treatment effectiveness, and tracking disease progression over time. Apart from this, the increasing number of cases of road accidents and sports injuries is offering a favorable market outlook.

The expansion of healthcare infrastructure

The increasing construction activities of hospitals, clinics, and other healthcare settings are strengthening the market growth. Additionally, with the development and modernization of healthcare facilities worldwide, there is a significant increase in the availability and accessibility of diagnostic imaging services. Moreover, governing authorities and private sector entities are investing heavily in building and upgrading hospitals, clinics, and diagnostic centers, which invariably include state-of-the-art imaging departments. Apart from this, the rising number of healthcare facilities is driving the need for the installation of new diagnostic imaging systems. Furthermore, the expansion of telemedicine and digital health platforms is supporting remote diagnostic services.

Diagnostic Imaging Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global diagnostic imaging market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on modality, application, and end user.

Breakup by Modality:

• MRI
  • Low and Mid Field MRI Systems
  • High Field MRI Systems
  • Very High and Ultra High Field MRI Systems
• Computed Tomography
  • Low-end Scanners
  • Mid-range Scanners
  • High-end Scanners
• Ultrasound
  • 2D Ultrasound
  • 3D Ultrasound
  • Others
• X-Ray
  • Analog Systems
  • Digital Systems
• Nuclear Imaging
  • Positron Emission Tomography (PET)
  • Single Photon Emission Computed Tomography (SPECT)
• Others
   

Computed tomography dominates the market

The report has provided a detailed breakup and analysis of the market based on the modality. This includes MRI [{low and mid field MRI systems, high field MRI systems, very high and ultra high field MRI systems}; computed tomography {low-end scanners, mid-range scanners, high-end scanners}; ultrasound {2D ultrasound, 3D ultrasound, others}; X-ray {analog systems and digital systems}; nuclear imaging {positron emission tomography (PET), single photon emission computed tomography (SPECT)}; and others]. According to the report, computed tomography represented the largest segment.

Computed tomography (CT) is a diagnostic imaging technique that utilizes X-rays to create detailed cross-sectional images of the body. It finds numerous applications in medical fields, including the diagnosis of diseases, evaluation of injuries, and planning surgical procedures.

Low and mid field MRI systems are used for routine scans and procedures due to their relatively lower cost and higher availability. The increasing prevalence of various chronic diseases is catalyzing the demand for these systems.

High field MRI systems are advanced medical equipment capable of producing detailed images, useful in diagnosing complex conditions. They are commonly used in hospitals and diagnostic centers that cater to a wide range of cases, including those requiring high-resolution images for accurate diagnosis.

Very high and ultra high MRI systems are typically found in advanced medical and research facilities due to their high cost. They provide extremely detailed imaging and are beneficial for complex cases or research purposes.

2D ultrasound are the most common type of ultrasound machines, providing 2D images for quick and efficient diagnoses. The expansion of hospitals and healthcare settings is driving its demand across the globe.

3D ultrasound machines provide three-dimensional images that offer a comprehensive view of the anatomy, aiding in complex diagnoses and procedural guidance. The rising prevalence of various health disorders is catalyzing the need for these machines.

Analog X-ray systems are traditional x-ray machines that use film to capture images. They are widely used in places wherein digital technology is not readily available or affordable.

Digital X-ray systems offer better image quality, flexibility, and efficiency than analog systems. The increasing cases of road accidents and sports injuries are catalyzing the demand for these machines.

PET scans provide detailed images of the function of the body at the cellular level, which makes it an essential tool for diagnosing and monitoring various conditions, especially cancers. The rising prevalence of various types of cancer represents one of the key factors driving their demand worldwide.

SPECT scans are primarily used to observe blood flow in organs like the heart or brain, and to detect bone disorders. They are extensively used in the nuclear medicine departments as they provide optimal image quality.

Breakup by Application:

• Cardiology
• Oncology
• Neurology
• Orthopedics
• Gastroenterology
• Gynecology
• Others
   

Cardiology accounts for the largest market share

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes cardiology, oncology, neurology, orthopedics, gastroenterology, gynecology, and others. According to the report, cardiology accounts for the largest market share. The increasing utilization of advanced technologies like echocardiography, cardiac CT, MRI, and nuclear medicine imaging like PET and SPECT to assess heart function, detect blockages in the arteries, monitor heart valves, and identify heart defects among other conditions. The increasing prevalence of cardiovascular diseases globally is driving the demand for these imaging services in cardiology.

The growing prevalence of cancer across the globe is increasing the need for CT scans, MRIs, PET scans, ultrasounds, and mammography. Additionally, the increasing awareness among individuals about the benefits of early diagnosis and treatment of cancer is favoring the market growth.

Diagnostic imaging helps in the diagnosis and management of conditions affecting the brain and nervous system, such as stroke, dementia, tumors, and multiple sclerosis. Furthermore, the growing aging global population and rise in neurological disorders are driving the demand for imaging techniques.

The increasing incidence of orthopedic conditions due to aging, injuries, or lifestyle factors is catalyzing the demand for diagnostic imaging. Orthopedics requires imaging for the diagnosis of conditions related to the musculoskeletal system.

Diagnostic imaging in gastroenterology aids in diagnosing conditions affecting the gastrointestinal tract and liver. The rising prevalence of gastrointestinal disorders is driving the demand for various imaging techniques.

There is a rise in the utilization of diagnostic imaging in gynecology for prenatal care, and diagnosing conditions such as uterine fibroids, endometriosis, and ovarian cysts. The need for routine prenatal care and gynecological care in the health of women is favoring market growth.

Breakup by End User:

• Hospitals
• Diagnostic Centers
• Others
   

Hospitals hold the largest share in the market

A detailed breakup and analysis of the market based on the end user has also been provided in the report. This includes hospitals, diagnostic centers, and others. According to the report, hospitals accounted for the largest market share. Many hospitals have well-equipped radiology departments with advanced imaging technologies, which allow them to conduct a variety of imaging procedures in-house. This ensures patient convenience and enables quicker diagnosis and treatment, as the wait times are usually shorter compared to external diagnostic centers. Apart from this, hospitals offer emergency care, surgeries, and routine check-ups, which require diagnostic imaging.

Diagnostic imaging centers are facilities dedicated exclusively to performing diagnostic imaging procedures. They offer a wide range of imaging services, such as traditional X-rays and CT scans, and more specialized imaging like PET scans. Additionally, as these centers specialize in diagnostic imaging, they have a broad portfolio of imaging technologies and highly trained specialists, ensuring high-quality service.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others

Middle East and Africa

North America exhibits a clear dominance, accounting for the largest diagnostic imaging market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share. It is a home to many tech giants and renowned research institutions, which leads to technological advancements. This drives the rapid development and adoption of advanced diagnostic imaging technologies in the region. Additionally, the region has a highly developed healthcare system, with state-of-the-art medical facilities equipped with advanced diagnostic imaging devices. Apart from this, high investment in healthcare infrastructure ensures the regular updating of these devices. Furthermore, favorable insurance and reimbursement policies in countries like the U.S. make diagnostic imaging services more accessible and affordable for patients, driving the market growth. Moreover, the region has a strong focus on medical research and clinical trials, often requiring diagnostic imaging.

Competitive Landscape:

Leading companies are investing in research and development (R&D) activities to drive innovation. They are continually striving to develop new, more advanced imaging technologies that can provide clearer, more detailed images in less time. Additionally, several companies are focusing on creating more patient-friendly imaging equipment. They are working on designs that are more comfortable for patients and minimize their exposure to radiation. They are integrating advanced technologies into their diagnostic imaging devices to improve image analysis, reduce errors, and deliver faster results. Furthermore, many of the leading firms are actively seeking partnerships and collaborations. These alliances help them expand their technological capabilities, reach new markets, and access new customer bases.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Agfa-Gevaert N.V.
• Canon Medical Systems Corporation (Canon Inc.)
• Carestream Health, Inc
• CurveBeam AI, Ltd.
• Esaote S.p.A
• Fujifilm Holdings Corporation
• GE HealthCare Technologies Inc.
• Hologic, Inc.
• Koning Corporation
• Koninklijke Philips N.V.
• Samsung Group
• Shimadzu Corporation
• Siemens Healthineers AG (Siemens AG)

Diagnostic Imaging Market Report Scope:

Key Questions Answered in This Report:

• How has the global diagnostic imaging market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global diagnostic imaging market?
• What is the impact of each driver, restraint, and opportunity on the global diagnostic imaging market?
• What are the key regional markets?
• Which countries represent the most attractive diagnostic imaging market?
• What is the breakup of the market based on the modality?
• Which is the most attractive modality in the diagnostic imaging market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the diagnostic imaging market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the diagnostic imaging market?
• What is the competitive structure of the global diagnostic imaging market?
• Who are the key players/companies in the global diagnostic imaging market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the diagnostic imaging market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global diagnostic imaging market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the diagnostic imaging industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.