New York , Nov. 07, 2023 (GLOBE NEWSWIRE) -- The global diagnostic imaging market size is projected to grow at a CAGR of over 6% from 2024 to 2036. The market is expected to garner a revenue of USD 240 billion by the end of 2036, up from a revenue of USD 35 billion in the year 2023. The growth of the market is set to be influenced by a surge in number of accidents. For instance, worldwide, car incidents lead to about 30 to 50 million injuries annually. Hence, the prevalence of fractures is estimated to rise which is further boosting the demand for diagnostic imaging such as X-rays.
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Additionally, the cases of osteomyelitis are also surging among people. Osteomyelitis is more prevalent in smokers and those with long-term medical issues including diabetes or kidney failure. Therefore, with the growing prevalence of diabetes and kidney failures the market for diagnostic imaging is rising. According to the World Health Organization, worldwide, 422 million people suffer with diabetes, with the majority residing in low- and middle-income nations.
Diagnostic Imaging Market: Key Takeaways
- Market in North America to propel the highest growth
- CT scanners segment to garner the highest growth
- Market in Asia Pacific region to grow at a highest rate
Growing Geriatric Population to Boost the Growth of Global Diagnostic Imaging Market
According to the World Health Organization, one in six individuals on the planet will be 60 years of age or older by 2030. At this point, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 years of age or older is expected to double (to 2.1 billion) by 2050. This is estimated to influence the cases of diseases among them. A number of reasons make older persons more prone to infections. Comorbid diseases including diabetes, renal failure, and arthritis are more common in the elderly population. As a result, the market demand for diagnostic imaging.
Diagnostic Imaging Industry: Regional Overview
The global diagnostic imaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Consumption of Alcohol to Drive the Market Growth in North America
The North America market for diagnostic imaging is projected to capture the largest market share of approximately 35% over the coming years. This growth in the region’s market is set to be influenced by rise in consumption of alcohol which is further influencing prevalence of chronic disease. A total of 219.2 million Americans aged 12 and older (78.3% of this age group) reported drinking alcohol at some point in their lives, according to the 2021 National Survey on Drug Use and Health (NSDUH).
Rising Population to Influence the Market Expansion in Asia Pacific
The diagnostic imaging market in Asia Pacific is projected to have significant growth in the market over the forecast period. This could be on account of rising population in this region which is further demanding advance imaging solution. 60 percent of the global population, or over 4.3 billion people, reside in the Asia and Pacific region, which is home to China and India, the two most populous nations on earth.
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Diagnostic Imaging, Segmentation by Product
- X-Ray
- MRI
- Ultrasound
- CT Scanner
- Nuclear
The CT scanner segment is set to generate the highest share in the market of about 39% over the forecast period. The growth of the segment can be influenced on account of rising prevalence of heart disease. For instance, cardiovascular disorders continue to afflict almost half a billion people worldwide, and they were responsible for about 19 million deaths in 2021. Therefore, CT scanner makes it easy to analyses the heart condition. As a result, the market demand for diagnostic imaging is rising.
Diagnostic Imaging, Segmentation by Application
- Cardiology
- Urology
- Neurology
- Oncology
- Gynecology
The cardiology segment is expected to have notable growth in the market over the coming years. This could be owing to rising risk of heart attack occurring asymptomatically. For instance, heart attacks that go undetected are very often in India. Up to 44% of all cardiac instances, according to current study, may highly appear asymptomatic.
Diagnostic Imaging, Segmentation by End User
- Diagnostic Imaging Centers
- Hospitals
A few of the well-known market leaders in the global diagnostic imaging market that are profiled by Research Nester are CANONINC, Carestream Health, Inc, Esaote SpA, General Electric Company, Hologic Inc., Materialise NV, GE Healthcare, Seimens AG, Planmeca Oy, Mindray, and others.
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Recent Development in the Market
- Seimens Healthcare GmbH has introduced Somatom Xceed, an upgraded version of Somatom Xcite, which was originally made available in March 2019.
- Hitachi Ltd. introduced two new permanent magnetic resonance imaging systems called APERTO. The AIRIS Vento Plus is a 0.3T in Europe, Congess of Radiology, and the Lucient Plus is a permanent open 0.4T MRI.
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