Diagnostic Imaging Market Size, Share & Industry Report, 2028

Diagnostic Imaging Market: Industry Perspective

The global diagnostic imaging market size was worth around USD 28.10 billion in 2021 and is predicted to grow to around USD 45.32 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.2% between 2022 and 2028.

The report analyzes the global diagnostic imaging market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the diagnostic imaging industry.

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Diagnostic Imaging Market: Overview

The second half-century of the twentieth century witnessed a paradigm shift in medical diagnostics methods with the emergence of major imaging devices such as X-ray imaging & emission tomography including PET and nuclear imaging. In addition to this, MRI and ultrasound were some of the other diagnostic imaging methods that were used in next half of the twentieth century. Furthermore, these diagnostic imaging techniques make use of the complete width of the electromagnetic spectrum from gamma rays to radio waves as well as sound waves. In recent years, diagnostic imaging has become a key part of the overall healthcare system. Radiographs were the only kind of diagnostic imaging for many decades. However, the need for improvements in diagnostic imaging techniques has resulted in the introduction of 2-dimensional diagnostic, 3-dimensional medical imaging, 4-dimensional imaging, molecular imaging, and functional imaging techniques in current times.

Diagnostic imaging is a technique and process of creating visual representations of the interior of a body for clinical analysis and medical intervention. Diagnostic imaging seeks to reveal internal structures covered below the skin and bones, as well as to diagnose and treat disease. Diagnostic imaging is part of biological imaging and incorporates radiology which uses the imaging technologies of X-ray radiography, magnetic resonance imaging, medical ultrasonography or ultrasound and others.

The market of global diagnostic imaging has been accelerated by the rising geriatric population and growing occurrences of chronic diseases across the globe. Another major driver is the growing pharmaceutical & biotechnology industries worldwide. Moreover, growth in the number of diagnostic imaging centers coupled with the growing prevalence of cancer is expected to fuel the growth of the global diagnostic imaging market. However, the high cost related to the machinery and its implementation is a major restraint that may limit the growth of the market. Nonetheless, advancement in technology is likely to disclose new avenues for the diagnostic imaging market soon.

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Diagnostic Imaging Market: Growth Dynamics

The surge in the occurrence of specific disease conditions has paved the way for a rise in demand for diagnostic imaging procedures. The increase in head & neck issues in young, adults, and the aging population has enhanced the preference of individuals for diagnostic imaging tests such as CT scans, MRI scans, ultrasonography, nuclear imaging, and digital volume tomography. This will articulate the progression of the diagnostic imaging market. Growing issues related to neurological disorders can be easily detected through MRI scans. Apart from this, orthopedics makes use of diagnostic imaging methods for detecting fractures as well as osteoarthritis and bone-related disorders in individuals. CT scans have proved beneficial during COVID-19 for detecting pneumonia in individuals.

Furthermore, the rise in chronic disorders including heart disorders will push the growth of the diagnostic imaging market in an upward direction. The introduction of diagnostic imaging equipment with new features will steer the expansion of the diagnostic imaging industry in the coming years. AI-driven medical imaging devices and the onset of IoT have assisted the diagnostic imaging industry in establishing a strong foothold in the healthcare business and taking huge strides toward progression along with revenue growth.

Diagnostic Imaging Market: Report Scope

Diagnostic Imaging Market: Segmentation

The global diagnostic imaging market is segmented on the basis of type, end-user, and region.

Based on type, the global diagnostic imaging market is segmented into X-ray, Computed Tomography, Ultrasound, MRI, and Nuclear Imaging. X-ray imaging systems have the largest share in the global diagnostic imaging market and it accounted for around 30% share of the total market in 2015 followed by CT scanners. MRI systems and ultrasound imaging systems are the important outlets that are expected to grow at an above-average rate within the forecast period owing to the improvement of the regulatory framework in emerging markets.

By end-user, the global diagnostic imaging market is divided into hospitals, ambulatory imaging units, and diagnostic imaging centers.

Diagnostic Imaging Market: Regional Landscape

North American Diagnostic Imaging Market To Register Highest CAGR Over Forecast Timeframe

The expansion of the diagnostic imaging market in North America over the assessment period is subject to the presence of a large number of giant medical diagnostic imaging equipment manufacturers in countries such as Canada and the U.S. In addition to this, the need for developing new medical imaging systems and products for effective healthcare & patient management has forced manufacturers to develop new medical imaging techniques & devices. This has benefitted the regional market surge.

The rise in the occurrence of cancer tumors in patients and the increase in tuberculosis & pneumonia symptoms in COVID patients has resulted in an upswing in the use of diagnostic imaging in North America, thereby making the growth curve of the North American diagnostic imaging market bend towards a positive direction.

Diagnostic Imaging Market: Competitive Landscape

The global diagnostic imaging market is dominated by players like:

• Koninklijke Philips N.V.
• Hologic, Inc.
• Esaote S.p.A
• Carestream Health, Inc.
• Hitachi Medical Corporation
• Siemens Healthcare GmBH
• Fujifilm Corporation
• Samsung Medison Company Limited
• GE Healthcare
• Toshiba Medical Systems Corporation
• Shimadzu Corporation.

The global Diagnostic Imaging Market is segmented as follows:

By Type

• X-ray
• Computed Tomography
• Ultrasound
• MRI
• Nuclear Imaging

By End-User

• Hospitals
• Ambulatory Imaging Units
• Diagnostic Imaging Centers

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa