The global diagnostic imaging market is projected to reach USD 35.0 billion by 2026 from USD 26.6 billion in 2020, at a CAGR of 5.7% from 2021 to 2026. The growth of this market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations. However, the high cost of diagnostic imaging systems, technological limitations associated with standalone systems, declining reimbursements and increasing regulatory burden in the US and the shortage of helium availability are expected to limit market growth to a certain extent.
“The CT Scanners market segment accounted for the largest share of the global diagnostic imaging market in 2020”
Based on product, the diagnostic imaging market is broadly segmented into six segments?X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The CT scanners segment held the largest share of the global diagnostic imaging market in 2020. The high growth of this product segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. There has been a steady increase in the demand for CT scanners ever since the COVID-19 pandemic started. CT of the chest plays an important role in diagnosing COVID-19; almost every patient needs a CT scan to monitor disease progression. Consequently, the rising demand for disease treatment has favored the CT scanners market, even with the deferred procedures.
“The general radiography application of X-ray systems accounted to be the fastest market during the forecast period”
Based on application, the diagnostic imaging market is segmented into the respective modalities viz., MRI systems, ultrasound systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems, and their respective applications. Among the applications, the largest share in 2020 was accounted by cardiology under CT scanners, and brain & neurological MRI under MRI systems; radiology/general imaging under ultrasound systems; General radiography applications under X-ray imaging systems; and oncology under nuclear imaging systems. General radiography applications under X-ray imaging systems application accounted for the largest market share among all application segments of diagnostic imaging market in 2020.
“Asia Pacific region expected to register the highest CAGR during the forecast period”
The diagnostic imaging market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region is expected to register the highest CAGR during the forecast period. The increasing incidence of chronic diseases, growing awareness about the benefits of early disease diagnosis, improvements in healthcare systems, the flourishing medical tourism market in APAC countries, increasing government initiatives for modernizing the healthcare infrastructure, and the growing number of ongoing research activities related to the development of advanced diagnostic imaging modalities are some of the major factors driving market growth in this region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 48%, Tier 2- 36%, and Tier 3- 16%
- By Designation: C-Level- 10%, Director Level- 14%, and Others- 76%
- By Region: North America - 40%, Europe - 32%, Asia Pacific - 20%, Lain America - 5%, Middle East & Africa – 3%
*Others include sales managers, engineers, and regional managers.
Note: Tier 1 Company?Revenue > USD 5 billion, Tier 2 Company?Revenue between USD 1 and USD 5 billion, and Tier 3 Company?Revenue < USD 1 billion
The major players in the market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert N.V. (Belgium), Canon Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics (South Korea), Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (US), Shimadzu Corporation (Japan) among others.
The report defines, describes, and forecasts the diagnostic imaging market, by product, application, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value and volume, and future trends in the diagnostic imaging market.
Why buy this report?
1. The report identifies and addresses the key markets for the diagnostic imaging market, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.