WASHINGTON, April 11, 2023 (GLOBE NEWSWIRE) -- The Global Diagnostic Imaging Market is valued at USD 27685.42 Million in 2022 and is projected to reach a value of USD 42167.31 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 5.40% over the forecast period 2023-2030.
Market Overview
Diagnostic Imaging is a medical field that utilizes non-invasive procedures to create images of different body parts for both diagnostic and therapeutic purposes. These procedures enable doctors to diagnose injuries and diseases without being intrusive. The growing prevalence of chronic conditions, such as cardiovascular and neurological problems, has led to an increased emphasis on early diagnosis.
Several factors are driving the growth of the Diagnostic Imaging market. The rising prevalence of lifestyle-related diseases and demand for early detection tools have fueled market expansion. Technological advancements, such as improved turnaround time and the development of Artificial Intelligence (AI)-based tools, are also contributing to market growth. Government investments and reimbursement initiatives, as well as the expansion of new facilities by market players in developing countries, are expected to further drive market growth.
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For instance, the Indian government launched X-Ray Setu, a free AI-based tool that assists doctors in early COVID-19 therapies, in June 2021. Additionally, Siemens Healthineers opened a new CT scanner production line in India in 2022 to meet the growing demand for CT scanners and bolster its market position.
In conclusion, the Diagnostic Imaging market is growing due to several factors, including the rising prevalence of chronic diseases, demand for early detection tools, technological advancements, government investments, and expansions by market players. These developments provide patients with non-invasive diagnostic procedures and enable doctors to make more accurate diagnoses, leading to better patient outcomes.
Diagnostic Imaging Market Dynamics
Diagnostic Imaging is an essential tool for the early detection of diseases. The prevalence of chronic conditions and the growing geriatric population are the primary drivers of the global Diagnostic Imaging market. Various diseases, including cancer, cardiovascular diseases (CVDs), and diabetes, are on the rise globally. According to the World Health Organization, around 1.5 million deaths were directly linked to diabetes in 2019. The International Diabetes Federation estimates that around 700 million people globally will have diabetes by 2045. Additionally, the International Agency for Research on Cancer reported approximately 19.3 million new cancer cases and 10 million cancer deaths worldwide in 2020. The global cancer cases are projected to grow by 47% from 2020 to 2040, with an estimated 28.4 million cases in 2040.
Moreover, the rising demand for diagnostic imaging is due to the growing elderly population, which is more susceptible to various diseases and requires frequent monitoring. According to the United Nations, there were approximately 382 million people aged 60 years or above globally in 2017, and this number is expected to reach 2.1 billion by 2050.
Technological advancements and investments in the diagnostic imaging industry are fueling market growth. Increased awareness among the population regarding advanced diagnostic devices and rising healthcare expenditure are boosting the adoption of diagnostic imaging across global markets. Additionally, government investments in the development of sophisticated healthcare infrastructure are expected to drive demand for diagnostic imaging in developing countries. The integration of Artificial Intelligence (AI) in diagnostic imaging devices is expected to enhance patient care and drive market growth over the forecast period.
In conclusion, Diagnostic Imaging is a vital tool for the early detection of diseases. The market is driven by several factors, including the increasing prevalence of chronic conditions, growing elderly population, technological advancements, rising healthcare expenditure, and government investments. The adoption of advanced diagnostic devices, including those integrated with AI, is expected to improve patient care and further drive market growth.
Top Players in Global Diagnostic Imaging Market
- GE Healthcare (US)
- Koninklijke Philips N.V. (Netherlands)
- Canon Medical Systems Corporation (Japan)
- Siemens Healthineers (Germany)
- FUJIFILM Holdings Corporation (Japan)
- Hitachi Ltd. (Japan)
- Hologic Inc. (US)
- Agfa-Gevaert N.V. (Belgium)
- Carestream Health Inc. (US)
- Esaote S.p.A (Italy)
- Samsung Electronics (South Korea)
- Mindray Medical International (China)
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Key Challenges Facing the Diagnostic Imaging Market:
One of the biggest challenges facing the diagnostic imaging market is the high cost of equipment and maintenance. Imaging technologies are often expensive to purchase and maintain, making it difficult for smaller healthcare providers to invest in the latest imaging modalities. Additionally, the cost of healthcare services is a significant concern for patients, with many individuals facing high out-of-pocket expenses.
Another significant challenge in the diagnostic imaging market is the shortage of skilled professionals. There is a growing demand for medical professionals with specialized training in imaging technologies, but a shortage of skilled personnel to operate and maintain the equipment. This shortage of trained professionals can lead to longer wait times for imaging services and a decrease in the quality of patient care.
Diagnostic Imaging Market Opportunities
One of the most significant opportunities in the diagnostic imaging market is the increasing demand for imaging services. As the global population grows and ages, the demand for imaging services is expected to increase, leading to significant growth in the industry. Additionally, the growing prevalence of chronic diseases, such as cancer and cardiovascular disease, is driving the demand for imaging technologies that can aid in the early detection and treatment of these conditions.
Another significant opportunity in the diagnostic imaging market is the development of new imaging modalities. Advances in technology have led to the development of new imaging modalities, such as 3D mammography, MRI-guided focused ultrasound, and PET-CT scanning. These new modalities offer improved diagnostic accuracy and more patient-friendly imaging experiences, driving their adoption in the industry.
Top Report Findings
- The global diagnostic imaging market is expected to reach $ 42167.31 Million by 2030, growing at a CAGR of 5.40% from 2023 to 2030.
- The increasing occurrence of chronic diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased investment & reimbursement initiatives undertaken by the government, and expansions of new facilities by market players in developing nations are some of the key factors driving the growth of the market.
- The MRI systems segment is expected to hold the largest share of the market for diagnostic imaging during the forecast period. This is attributed to the increasing use of MRI systems for the diagnosis of various conditions, such as cancer, cardiovascular disorders, and neurological disorders.
- The cardiology segment is expected to hold the largest share of the market during the forecast period. This is attributed to the increasing use of diagnostic imaging in the diagnosis of cardiovascular diseases, such as heart attack, stroke, and arrhythmia.
- The hospitals segment is expected to hold the largest share of the market over the forecast period. This is attributed to the increasing number of hospitals in developing and developed countries.
- North America is expected to hold the largest share of the market by the forecast period. This is attributed to the presence of a large number of hospitals and diagnostic centers in the region.
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Top Trends in Diagnostic Imaging Market
- One that Vantage Market Research (VMR) expects to see in the diagnostic imaging market is the increasing adoption of digital imaging technologies. Digital imaging has revolutionized the way medical professionals diagnose and treat diseases, with digital images providing better quality and improved diagnostic accuracy compared to traditional film-based imaging. Furthermore, digital imaging technologies allow for faster image transfer and storage, which has improved the efficiency of healthcare delivery.
- Another significant trend VMR predicts in the diagnostic imaging market is the increasing demand for minimally invasive procedures. As patients become more aware of the potential risks associated with invasive procedures, they are opting for minimally invasive alternatives whenever possible. This has led to the development of new imaging modalities such as MRI-guided focused ultrasound, which allows for non-invasive treatment of various medical conditions.
Emerging Economies Considers as the Trend Factor for Market:
The market for these devices is rapidly growing due to the rising incidence of chronic diseases like cancer, stroke, and neurological and cardiovascular diseases. Developing economies like India, China, Brazil, South Korea, Turkey, Russia, and South Africa are emerging as major players in this market and offer significant growth opportunities for established players. These countries are focusing on cost-effective solutions to cater to their large population base and create a sustainable market for diagnostic imaging devices. Early detection of diseases is crucial, especially in these regions, where the death rates are higher than in developed countries. For instance, Globocan 2021 data indicates that over 60% of the worldwide cancer population belongs to developing regions.
To strengthen their foothold in these markets, major players are adopting various growth strategies. Siemens Healthineers, a key player in the diagnostic imaging market, has reported that China is one of their biggest markets and a significant incremental growth driver. In addition, Siemens Healthineers recently opened a manufacturing facility in India in 2020 with two production lines, one for surgery for its mobile C-arm called the Syoss Fit and its CT system based on the Go platform, as part of its India expansion plan. As a person interested in Diagnostic Imaging, it is crucial to understand how the market is evolving and how key players are expanding their presence in emerging economies to cater to the growing demand for diagnostic imaging devices.
Increasing demand for advanced imaging methods by teaching universities and hospitals to provide training for advanced technology:
The prevalence of cardiac disease is driving the growth of the diagnostic imaging market. This technology is crucial for accurate diagnosis and enhancing patient care, and hospitals are increasingly adopting imaging systems like radionuclide imaging, ultrasound, optical imaging, and CT scan for cardiac disorder diagnosis. The World Health Organization (WHO) reported that cardiovascular diseases (CVDs) were the leading cause of death globally in 2021, highlighting the need for accurate and timely diagnosis.
The medical imaging market is further boosted by the increasing number of hospitals and diagnostic centers, and the initiatives taken by government and private organizations to develop the medical sector. In addition, the rise in research and development activities in imaging technology and an increase in the number of product approvals further drives the growth of the medical/diagnostic imaging industry. For example, Canon Medical Systems USA, Inc. received U.S. FDA approval in April 2021 for One-Beat Spectral Cardiac CT, a product used for cardiovascular imaging. As someone interested in Diagnostic Imaging, it is important to note that technological advancements and product approvals are driving the growth of the industry, which ultimately benefits patients and enhances the accuracy of diagnoses.
Global Diagnostic Imaging Market Segmentation
By Product
- X-ray Imaging Systems
- Magnetic Resonance Imaging (MRI) Systems
- Computed Tomography (CT) Scanners
- Hybrid PET Systems
- Ultrasound Systems
- Nuclear Imaging Systems
- SPECT Systems
- Mammography Systems
By Application
- MRI Systems
- X-ray Imaging Systems
- Ultrasound Systems
- CT Scanners
- Mammography Systems
- Nuclear Imaging Systems
By End User
- Diagnostic Imaging Centers
- Hospitals
- Other
Recent Development in Diagnostic Imaging Market:
- March 2022, Siemens Healthineers, a leading provider of medical technology, showcased its latest products and technologies at the 74th National Conference, IRIA 2022, in Bengaluru, India. One of the solutions introduced was the MAGNETOM Free Star, a new approach to MRI that simplifies access to high-value care. The NAEOTOM Alpha, on the other hand, is the first photon-counting CT that provides high-resolution images with minimal dose, spectral information in every scan, and improved contrast at lower noise.
- March 2022 Intelerad Medical Systems, a provider of medical imaging software solutions, has launched its Enterprise Imaging and Informatics Suite at the 2022 Healthcare Information and Management Systems Society (HIMSS) Global Health Conference and Exhibition in Orlando, Fla. This suite offers a range of innovative features, including advanced visualization tools, an enterprise viewer, and a powerful informatics engine.
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Key Questions Answered in Diagnostic Imaging Market Report
- What is the current size and growth rate of the diagnostic imaging market?
- What are the key drivers of market growth, both now and in the future?
- What are the most significant challenges facing the diagnostic imaging market and how are they being addressed?
- Which imaging modalities are currently the most popular and why?
- What are the key applications of diagnostic imaging, and which application areas are expected to grow the fastest?
- Which regions are experiencing the highest demand for diagnostic imaging technologies?
- What is the competitive landscape of the diagnostic imaging market, and who are the key players in the industry?
- How are advancements in technology, such as artificial intelligence and machine learning, impacting the diagnostic imaging market?
- What regulatory and legal frameworks impact the diagnostic imaging market, and how are they evolving?
- What are the potential opportunities for growth and innovation in the diagnostic imaging market, and how can industry players capitalize on them?
Regional Analysis
The Diagnostic Imaging market is constantly evolving, with North America currently holding the largest share due to the increased number of patients receiving imaging treatments. Europe is predicted to grow at a high CAGR, driven by the rising need for cutting-edge healthcare systems among the ageing population. The United States has the second-highest number of installed MRI systems globally, indicating the country's strong focus on healthcare technology.
In the projected period of 2022-2028, Asia Pacific is anticipated to grow at the fastest CAGR due to the rising prevalence of chronic diseases and the increasing demand for better diagnostic tools. The region's large and outdated installed base of imaging equipment is providing market competitors with a profitable potential, driving the demand for new diagnostic imaging equipment. This is especially true in countries like China and India, where there is a fast-increasing healthcare and hospital infrastructure.
The European diagnostic imaging market is also being driven by other factors such as increasing elderly population and associated diseases, accessibility of diagnostic imaging methods and high adoption of technological advances. These factors are primarily due to the significant per capita annual healthcare expenditure by the government, which has made it possible for the market to grow rapidly.
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