Diagnostic Imaging Market

Market Size

The diagnostic imaging market size is estimated to be worth USD 40.9 billion in 2024 and is anticipated to reach USD 68.55 billion by 2032 with a CAGR of 6.67% during the forecast period.

Market Drivers

The rise in chronic diseases worldwide is enhancing the demand for the most efficient and accurate diagnosis equipment is the primary factor contributing to the expansion of the global diagnostic imaging market. The increasing cancer cases worldwide along with other diseases is driving the adoption of imaging tools leading to substantial market growth. For Instance, according to British Heart Foundation in 2022, the most common heart conditions affected worldwide are coronary heart disease, stroke and atrial fibrillation. The growing number of product launches due to continuous focus of the market players on development of innovative equipment is proliferating the market growth opportunities. The developing economies in the emerging countries such as China, India, Brazil, South Korea and others owing consistent rise in population and disease prevalence is creating growth opportunities for diagnostic imaging market in emerging countries.

Market Restraints

The high costs associated with the diagnostic imaging systems is the significant factor restraining the market growth. Most of the middle-income people find difficulty in affordability and various small and mid-organizations face challenges in incorporating imaging technologies in their organizations due to premium costs of the equipment is hampering the global market growth. The equipment involves maintenance costs, and the increasing adoption of refurbished medical devices is impacting negatively on the market expansion. The shortage of skilled professionals worldwide is another factor restricting the market growth and the stringent regulations regarding the product approvals owing to complexity is impeding the market growth rate.  

Market Segmentation

Global Diagnostic Imaging Market Analysis – By Type

The ultrasound segment held the most significant share in the global diagnostic imaging market and is anticipated to record notable growth in the coming years. The ultrasound is most widely used imaging technique for pregnancy, heart, blood flow, abdominal organs and for specific cancers is promoting the segment revenue growth. The extensive utilisation of ultrasound for monitoring the growth and development of fetus is the major factor propelling the segment growth.

The echocardiography segment is predicted to have substantial growth during the forecast period. The echocardiography is extensively used for the cardiac disorders and the prevalence of the cardiac disorders is fueling the segment growth rate. This helps in monitoring heart structure and analyze blood flow through heart and blood vessels along with pumping chambers is enhancing its adoption in the healthcare industry leading to substantial market growth.

Global Diagnostic Imaging Market Analysis – By Application

The cardiology segment dominated the global diagnostic imaging market with prominent share during the forecast period. The rising prevalence of various cardiac disorders among the people worldwide is enhancing the demand for efficient diagnostic equipment which is influencing positively on the segment growth. The increased adoption of novel equipment which helps in precise targeting internal organs supporting the real-time imaging procedure is augmenting the segment revenue growth.

The oncology segment is projected to register substantial growth during the forecast period. The rising incidence of cancer across the globe and escalation in chronic diseases is enhancing the adoption of medical imaging techniques for accuracy in diagnosis is contributing to the segment expansion.  

Regional Analysis

The North American region accounted with the most prominent share in the global diagnostic imaging market and is expected to maintain the dominance during the forecast period. The presence of well-established healthcare infrastructure, major market players, favorable government policies along with rising prevalence of chronic diseases across the region is fueling the regional market growth. The rising aging population which are highly prone to consistent diseases and the rapid adoption of advanced technologies is propelling the regional market share growth.

The Asia Pacific region is estimated to have fastest growth during the forecast period owing to rising incidence of chronic disease conditions. The increasing investments in R&D sector for development of efficient and innovative equipment for better results is enhancing the market growth opportunities in the region. The growing product launches and the increasing healthcare expenditure, growing population and presence of major market players is promoting the market growth in the coming years.  

Recent Market Developments

·        In 2022, Siemens Healthineers announced the launch of new MRI system known as Magnetom Viato.Mobile for mobile use. This system is equipped with advanced features which allows flexibility in utilisation.

·        In July 2022, Canon Medical launched the Vantage Fortain MRI System at ECR 2022, which is incorporated with innovative workflow solutions, image enhancements with accelerated scan technology.